Maharaja and Speedex IPO Day 4: Subscribed 30.25x; QIB surges to 43.90x; NII leads
- Maharaja and Speedex IPO subscribed 30.25x on Day 4, closing today.
- QIB demand surged to 43.90x, entering after being absent for three days.
- NII (bHNI) led category-wise demand with 45.04x subscription.
- Allotment scheduled for 2026-09-16, listing expected on 2026-09-18.
*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
On Day 4, the issue saw immediate traction. By 11:15 IST, the total subscription had already reached 2.71x. By 12:15 IST, it ticked up to 4.91x, driven by robust participation across all investor categories. By 13:15 IST, the total surged further to 7.11x. By 14:15 IST, the total jumped to 12.17x as QIB demand raced ahead. By 15:15 IST, the total closed at 19.00x. By 16:15 IST, the total closed at 30.25x.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.00x | 3.86x | 2.87x | 2.71x |
| 12:15 | 4.59x | 5.05x | 4.61x | 4.91x |
| 13:15 | 5.13x | 7.72x | 7.32x | 7.11x |
| 14:15 | 15.96x | 10.97x | 9.78x | 12.17x |
| 15:15 | 25.24x | 19.66x | 13.40x | 19.00x |
| 16:15 | 43.90x | 31.18x | 18.10x | 30.25x |
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.
How might the late surge in Qualified Institutional Buyer (QIB) participation on Day 4 impact the initial listing premium and trading volatility on September 18?
Given the significant increase in inventory turnover days from 62 to 150, what strategies will Maharaja & Speedex employ to manage working capital efficiency post-IPO?
Will the company's heavy reliance on offline distributors (90% of revenue) hinder its ability to capture the growing direct-to-consumer e-commerce drinkware market?
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