Maharaja and Speedex IPO Day 1: Subscribed 0.28x; NII (bHNI) leads at 1.15x
- Maharaja and Speedex IPO subscription reached 0.28x on Day 1.
- Non-Institutional Buyers (bHNI) led demand with 1.15x subscription.
- Retail investors subscribed 0.20x, up 300% from morning levels.
- Qualified Institutional Buyers (QIBs) recorded zero bids.
- Issue remains open until September 15, 2026.
*this image is generated using AI for illustrative purposes only.
Maharaja and Speedex IPO is subscribed 30.25 times on Day 4. Qualified Institutional Buyers surged to 43.90x, while Non-Institutional Buyers (bHNI) led demand at 45.04x. The issue closes today.
Subscription Status
The Maharaja and Speedex IPO saw a sharp acceleration in demand on Day 4, 15-09-2026. The total subscription jumped from 0.52x on Day 3 to 30.25x by the end of Day 4 trading. This marks a significant turnaround after a sluggish start in the first three days.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 10-09-2026 | 0.00x | 0.27x | 1.15x | 0.20x | 0.28x |
| Day 2 | 11-09-2026 | 0.00x | 0.79x | 1.34x | 0.54x | 0.52x |
| Day 3 | 14-09-2026 | 0.00x | 0.79x | 1.34x | 0.54x | 0.52x |
| Day 4 | 15-09-2026 | 43.90x | 45.04x | 31.18x | 18.10x | 30.25x |
Intra-day Timeline
The intra-day progression highlights sharp increases in both NII and Retail categories during the afternoon 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 |
| 13:15 | 0.00x | 0.08x | 0.11x | 0.22x |
| 14:15 | 0.00x | 0.16x | 0.14x | 0.24x |
| 15:15 | 0.00x | 0.19x | 0.16x | 0.25x |
| 16:15 | 0.00x | 0.20x | 0.18x | 0.27x |
| 17:15 | 0.00x | 0.27x | 0.20x | 0.28x |
Momentum Highlights:
- NII (bHNI): Jumped +800.0% from 0.03x to 0.27x.
- Retail: Jumped +300.0% from 0.05x to 0.20x.
- Total: Surged +833.3% from 0.03x to 0.28x.
Category-wise Breakdown
Non-Institutional Buyers (bHNI) emerged as the strongest category, subscribing to the issue 45.04 times. Qualified Institutional Buyers, who remained absent for the first three days, entered on Day 4 with 43.90x subscription. Non-Institutional Buyers (sHNI) followed with 31.18x subscription. Retail investors showed strong interest with 18.10x subscription. Employee category received no bids.
Offer Details
- Company: Maharaja and Speedex
- Price band: ₹177.00000 - ₹186.00000
- Issue size: 212400 - 500000
- Min bid qty: 1200
- Open: 2026-09-10 10:00:00
- Close: 2026-09-15 16:00:00
What's Next
The IPO closes on 2026-09-15. Allotment is scheduled for 2026-09-16, and listing is expected on 2026-09-18.
About the Company
Maharaja & Speedex India Limited is a drinkware manufacturing and distribution company focused on stainless-steel bottles and allied drinkware products. Founded in 2006, it operates an integrated, asset-backed business model with in-house manufacturing capabilities through its subsidiary. The company produces 223 SKUs across drinkware product categories with an installed production capacity of approximately 45,24,000 units per annum.
Its operations are supported by a Pan-India distribution network comprising 101 distributors across 17 states and 2 Union Territories. The management team includes Rakesh Kumar Aggarwal (MD), Akash Aggarwal (CEO), and Ankit Bansal (CFO).
Financial Highlights
| Metric | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 122.65 | 93.51 | 61.32 |
| Total Profit (₹ crores) | 15.34 | 5.57 | 1.08 |
| Total Assets (₹ crores) | 81.98 | 47.67 | 26.94 |
The company reported revenue from operations of ₹122.65 crores in FY 2026, up from ₹93.51 crores in FY 2025. Total profit increased to ₹15.34 crores in FY 2026 compared to ₹5.57 crores in FY 2025.
Objects of the Issue
- Repayment and/or pre-payment of certain borrowings availed by the Company and its subsidiary from banks: ₹24.10 crores
- Funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of wholly-owned subsidiary: ₹21.42 crores
- General Corporate Purposes: Balance net proceeds
Risk Factors
- 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 revenue from offline sales in Fiscal 2026 came through its distributor network.
- Leased Premises Risk: The company operates entirely from leased properties.
- Inventory Management Risk: Inventory turnover days increased from 62 days in Fiscal 2024 to 150 days in Fiscal 2026.
Will Qualified Institutional Buyers (QIBs) enter the bidding in the remaining days to validate the retail-led demand, or will the IPO remain under-subscribed by institutional standards?
How might the significant increase in inventory turnover days from 62 to 150 impact the company's working capital efficiency post-listing?
Given that 87% of purchases come from the top 10 suppliers, what contingency plans does management have to mitigate supply chain disruptions?
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