Sumax Engineering IPO Day 1: Subscription status, review — here's what you need to know
- Sumax Engineering IPO closed Day 1 with a total subscription of 3.29x.
- Retail category led the demand with a 5.54x subscription.
- NII (bHNI) saw a jump to 2.72x, while QIBs remained inactive at 0.00x.
- The company reported FY2026 revenue of ₹147.69 crores and PBT of ₹17.24 crores.
- IPO closes on 2026-08-28 with a price band of ₹95.00000 - ₹101.00000.
*this image is generated using AI for illustrative purposes only.
Sumax Engineering’s public issue closed with a colossal 167.18x subscription, driven by a dramatic late-day surge in Qualified Institutional Buyer (QIB) bidding. The issue raced ahead in the final hours, with total subscriptions jumping from 35.65x at 11:15 AM to 167.18x by market close on the final day.
Final Subscription Status
The IPO witnessed intense bidding activity in the last session. Below is the day-wise progression:
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 25-08-2026 | 0.00x | 2.72x | 1.95x | 5.54x | 3.29x |
| Day 2 | 26-08-2026 | 0.00x | 9.87x | 5.47x | 16.99x | 10.01x |
| Day 3 | 27-08-2026 | 2.22x | 23.36x | 16.26x | 34.25x | 21.76x |
| Day 4 | 28-08-2026 | 113.29x | 178.44x | 319.82x | 152.76x | 167.18x |
Intra-day timeline on 28-08-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 2.25x | 39.39x | 52.28x | 35.65x |
| 12:15 | 5.74x | 54.49x | 67.35x | 50.05x |
| 13:15 | 20.42x | 78.32x | 86.14x | 73.59x |
| 14:15 | 35.12x | 101.22x | 104.31x | 95.46x |
| 15:15 | 75.85x | 139.24x | 130.11x | 133.98x |
| 16:15 | 113.29x | 178.44x | 152.76x | 167.18x |
| 17:15 | 113.29x | 178.44x | 152.76x | 167.18x |
Category-wise Breakdown
- Retail: 152.76x
- NII (bHNI): 319.82x
- NII (sHNI): 178.44x
- QIB: 113.29x
- Employees: 0 x
About the Company
Sumax Engineering Limited is engaged in both manufacturing and trading of automotive products for OEM and Auto Refinish markets. Founded in 1994, the company specializes in adhesive tapes, die-cuts, rubbing compounds, and car care products. It serves automotive manufacturers and the aftermarket industry globally, with operations in countries like Thailand, South Korea, and the USA. The company is managed by MD Sudeep Mehta and CEO Smriti Mehta.
Financial Highlights
Sumax Engineering reported consistent revenue growth over the last three fiscal years. Profitability also improved, with total profit rising from ₹7.43 crores in FY2024 to ₹12.76 crores in FY2026.
| Particulars | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 130.79 | 146.13 | 147.69 |
| Total Profit (₹ crores) | 7.43 | 9.98 | 12.76 |
| Total Equity (₹ crores) | 38.87 | 48.86 | 61.62 |
Objects of the Issue
- ₹16.62 crores towards construction of proposed manufacturing Unit II in Haryana.
- ₹12.00 crores for funding working capital requirements.
- ₹4.89 crores towards construction of proposed manufacturing Unit I in Rajasthan.
- General corporate purposes as per regulatory requirements.
Risk Factors
- Import Dependence: 76.65% of total purchases are imports, exposing the company to global commodity price volatility and supply chain disruptions.
- Customer Concentration: Top 10 customers contributed 55.59% of total sales in Fiscal 2026.
- Sector Dependence: The company derives 100% of its revenue from the automotive industry.
What's Next
- Allotment Date: 2026-08-31
- Listing Date: 2026-09-02
- Basis of Allotment: Pro-rata basis expected due to oversubscription.
Will the complete lack of QIB participation on Day 1 signal institutional skepticism that could pressure the listing price despite strong retail demand?
How might Sumax Engineering mitigate its high reliance on imports (76.65%) from China and Portugal amidst potential geopolitical supply chain disruptions?
Given that 55.59% of sales come from just ten customers, what strategies will the company employ to diversify its client base post-IPO to reduce concentration risk?
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