Maharaja and Speedex IPO Day 1: Total hits 0.2x; NII (bHNI) leads at 1.08x
- Maharaja and Speedex IPO total subscription reached 0.2x on Day 1.
- NII (bHNI) category led demand with a subscription of 1.08x.
- Retail interest jumped 60% to 0.08x, up from 0.05x.
- QIBs recorded zero bids during the day.
- The issue remains open until September 15, 2026.
*this image is generated using AI for illustrative purposes only.
Maharaja and Speedex IPO subscription ticked up significantly on Day 1, reaching a total of 0.2x by midday. Non-Institutional Buyers (bHNI) emerged as the strongest category at 1.08x, while Retail demand jumped 60% to 0.08x. Qualified Institutional Buyers (QIBs) remained inactive with zero bids.
Subscription Status
The issue saw accelerated participation in the first half of the day. The total subscription surged from an opening snapshot of 0.03x to 0.2x by 12:15 IST. This represents a 566.7% increase in total demand within the first hour of trading. NII (bHNI) investors were the primary drivers, doubling their subscription from 0.03x to 0.06x in the early session before settling at the end-of-day figure of 1.08x in the latest data update provided for the day's progression context.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 10-09-2026 | 0.00x | 1.08x | 0.06x | 0.08x | 0.20x |
Intra-day Timeline
The intra-day momentum highlights show sharp increases in both NII and Retail categories during the morning session.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.03x | 0.05x | 0.03x |
| 12:15 | 0.00x | 0.06x | 0.08x | 0.20x |
Momentum Highlights:
- NII (bHNI): Jumped +100.0% from 0.03x to 0.06x.
- Retail: Jumped +60.0% from 0.05x to 0.08x.
- Total: Surged +566.7% from 0.03x to 0.20x.
Offer Details
Maharaja and Speedex has priced its IPO within a band of ₹177.00000 to ₹186.00000 per share. The minimum bid quantity is set at 1200 shares. The issue size ranges from 212400 to 500000. The IPO opened for subscription on September 10, 2026, and will remain open until September 15, 2026.
About the Company
Maharaja & Speedex India Limited is a drinkware manufacturing and distribution company focused on stainless-steel bottles and allied products. Founded in 2006, the company operates an integrated business model with in-house manufacturing capabilities through its subsidiary. It produces 223 SKUs across various drinkware categories with an installed production capacity of approximately 45,24,000 units per annum. The company serves both retail consumers and institutional customers through a Pan-India distribution network comprising 101 distributors across 17 states and 2 Union Territories.
Financial Highlights
The company reported consolidated financial results for the fiscal years ending March 31, 2024, 2025, and 2026. Revenue from operations grew from ₹61.32 crores in FY2024 to ₹122.65 crores in FY2026. Total profit increased significantly from ₹1.08 crores in FY2024 to ₹15.34 crores in FY2026.
| Metric | FY2024 (₹ crores) | FY2025 (₹ crores) | FY2026 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 61.32 | 93.51 | 122.65 |
| Total Profit | 1.08 | 5.57 | 15.34 |
| Total Assets | 26.94 | 47.67 | 81.98 |
Objects of the Issue
The net proceeds from the IPO are proposed to be utilized for:
- Repayment and/or pre-payment of certain borrowings availed by the Company and its subsidiary from banks (₹24.10 crores).
- Funding capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of wholly-owned subsidiary (₹21.42 crores).
- General Corporate Purposes including funding strategic initiatives, growth opportunities, working capital requirements, and other corporate contingencies.
Risk Factors
Investors should note several material risks associated with the company:
- Supplier Concentration Risk: Top 10 suppliers contributed 87.38% of total purchases in Fiscal 2026.
- Customer Concentration Risk: Top 10 customers contributed 48.70% of revenue in Fiscal 2026.
- Distribution Network Dependency: 90.09% of offline sales revenue in Fiscal 2026 came through a network of about 101 distributors.
- Leased Premises Risk: The company does not own any operational premises and operates entirely from leased properties.
- Inventory Management: Inventory turnover days increased from 62 days in Fiscal 2024 to 150 days in Fiscal 2026.
What's Next
The IPO closes for subscription on September 15, 2026. Allotment is scheduled for September 16, 2026, and listing is expected on September 18, 2026.
Will the complete absence of Qualified Institutional Buyer (QIB) interest on Day 1 signal potential listing price volatility or indicate a lack of confidence in the company's long-term growth metrics?
Given the sharp increase in inventory turnover days from 62 to 150, how might the proposed capital expenditure for new machinery impact working capital efficiency and future profit margins?
How significant is the risk of supplier concentration (87.38% from top 10 suppliers) to the company's supply chain stability, especially if global stainless-steel prices fluctuate?
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