Maharaja and Speedex IPO Day 3: Subscribed 0.52x; QIB demand absent; NII leads
- Maharaja and Speedex IPO subscription stands at 0.52x on Day 3, unchanged from Day 2.
- Qualified Institutional Buyers (QIB) remain absent with 0.00x demand.
- Non-Institutional Investors (small) lead the subscription with 1.34x demand.
- Retail investors have subscribed 0.54x, while NII (large) stands at 0.79x.
- The IPO closes on September 15, 2026, with a price band of ₹177.00000 - ₹186.00000.
*this image is generated using AI for illustrative purposes only.
Maharaja and Speedex IPO subscription stands at 0.52x on Day 3, unchanged from the previous day. Qualified Institutional Buyers remain absent, while Non-Institutional Investors (small) lead with 1.34x demand. The issue closes on September 15, 2026.
Subscription Status
The Maharaja and Speedex IPO has seen no incremental subscription on Day 3. The total subscription multiple remains flat at 0.52x, identical to the end-of-day figure on Day 2. Demand from Qualified Institutional Buyers (QIB) continues to be zero, indicating a lack of institutional interest so far. The primary demand driver remains the Non-Institutional Investor (NII) category, specifically small HNI investors.
Subscription Progression
| 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 |
Category-wise Breakdown
Non-Institutional Buyers (small) are the strongest category, subscribing 1.34x. Non-Institutional Buyers (large) follow with 0.79x. Retail investors have subscribed 0.54x. Qualified Institutional Buyers and Employee categories show zero subscription.
Intra-day Timeline
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.79x | 0.54x | 0.52x |
| 12:15 | 0.00x | 0.79x | 0.54x | 0.52x |
Offer Details
- 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
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, producing 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
| Metric | 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 |
| Total Assets | 81.98 | 47.67 | 26.94 |
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 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 and Demand Forecasting Risk: Inventory turnover days increased from 62 days in Fiscal 2024 to 150 days in Fiscal 2026.
Will the complete absence of QIB interest on Day 3 signal a potential price revision or listing discount to attract institutional buyers before the September 15 closure?
How might the significant increase in inventory turnover days (from 62 to 150) impact investor confidence and future valuation multiples post-listing?
Given the high supplier concentration risk (87.38% from top 10 suppliers), what contingency plans does management have to mitigate supply chain disruptions that could affect FY 2027 margins?
15
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
