Maharaja and Speedex IPO Day 4: Subscribed 4.91x; QIB surges 359% to 4.59x
- Maharaja and Speedex IPO subscribed 4.91x on Day 4.
- QIB demand surged 359% to 4.59x; Retail jumped 60.6% to 4.61x.
- NII (bHNI) led category-wise demand at 6.54x.
- Issue closes on 2026-09-15; listing expected on 2026-09-18.
*this image is generated using AI for illustrative purposes only.
Maharaja and Speedex IPO is subscribed 4.91 times on Day 4. Qualified Institutional Buyers surged to 4.59x, while Non-Institutional Buyers (bHNI) led demand at 6.54x. 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 4.91x 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 | 4.59x | 6.54x | 5.05x | 4.61x | 4.91x |
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.
| 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 |
Category-wise Breakdown
Non-Institutional Buyers (bHNI) emerged as the strongest category, subscribing to the issue 6.54 times. Non-Institutional Buyers (sHNI) followed with 5.05x subscription. Retail investors showed strong interest with 4.61x subscription. Qualified Institutional Buyers, who remained absent for the first three days, entered on Day 4 with 4.59x 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 entry of Qualified Institutional Buyers (QIBs) on Day 4 influence the listing premium and initial trading volatility on September 18?
Given the significant increase in inventory turnover days from 62 to 150, what operational strategies will Maharaja & Speedex implement to improve working capital efficiency post-IPO?
With 87% of purchases dependent on the top 10 suppliers, how does the company plan to mitigate supply chain risks and diversify its vendor base in the near future?
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