Maharaja and Speedex IPO Day 2: Subscribed 0.41x; Retail jumps 31.2% today
- Maharaja and Speedex IPO subscription rises to 0.41x on Day 2.
- Retail participation jumps 31.2% intraday to 0.42x.
- NII (bHNI) interest increases 17.1% to 0.41x.
- QIB segment remains unsubscribed at 0.00x.
- Issue closes on 2026-09-15.
*this image is generated using AI for illustrative purposes only.
Maharaja and Speedex IPO subscription ticks up to 0.41x on Day 2, with retail investors driving the momentum as Qualified Institutional Buyers remain absent from the bidding process.
Subscription Status
The Maharaja and Speedex IPO saw a marginal increase in overall subscription on the second day of bidding. The total subscription rose from 0.28x on Day 1 to 0.41x on Day 2. While the issue remains undersubscribed, there was visible activity in the retail and non-institutional segments.
| 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 | 0.41x | 1.22x | 0.42x | 0.41x |
Category-wise Breakdown
Qualified Institutional Buyers (QIB) have not participated in the issue so far, with subscription remaining at 0.00x. Non-Institutional Buyers in the high net-worth individual (bHNI) category have shown steady interest, rising from 0.27x to 0.41x. Small high net-worth individuals (sHNI) continue to lead the demand, with subscription at 1.22x. Retail investor participation has improved significantly, ticking up from 0.20x on Day 1 to 0.42x on Day 2.
Intra-day Timeline
On Day 2 (11-09-2026), the subscription figures picked up pace after midday. Retail jumped +31.2% today (from 0.32x to 0.42x), while NII (bHNI) jumped +17.1% today (from 0.35x to 0.41x).
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.35x | 0.32x | 0.35x |
| 12:15 | 0.00x | 0.37x | 0.38x | 0.39x |
| 13:15 | 0.00x | 0.41x | 0.42x | 0.41x |
Offer Details
- Company: Maharaja and Speedex
- Price Band: ₹177.00000 - ₹186.00000
- Issue Size: 212400 - 500000
- Min Bid Qty: 1200
- Open Date: 2026-09-10
- Close Date: 2026-09-15
About the Company
Maharaja & Speedex India Limited is a drinkware manufacturing and distribution company focused on stainless-steel bottles and allied drinkware products. It caters to both retail consumers and institutional customers across India. The company operates an integrated, asset-backed business model with in-house manufacturing capabilities through its subsidiary. It 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.
Financial Highlights
The company reported consolidated revenue from operations of ₹122.65 crores for the fiscal year ending 31/03/2026, compared to ₹93.51 crores in the previous year. Profit before tax stood at ₹19.19 crores for FY 2026.
| Particulars | FY 2026 (₹ crores) | FY 2025 (₹ crores) | FY 2024 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 122.65 | 93.51 | 61.32 |
| Profit Before Tax | 19.19 | 7.49 | 1.45 |
| Total Profit | 15.34 | 5.57 | 1.08 |
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 the continued absence of Qualified Institutional Buyers (QIBs) signal a lack of confidence in the company's long-term growth prospects or valuation?
How might the significant increase in inventory turnover days from 62 to 150 impact future liquidity and operational efficiency post-IPO?
Given that 87% of purchases come from just ten suppliers, what contingency plans does the company have to mitigate supply chain disruptions?
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