
Capital Goods · NSE
Maxwell Engineering Solutions Limited, incorporated in September 2022, is a precision engineering company engaged in manufacturing, trading and servicing critical components for underwater pelletizing systems. Its product portfolio includes pelletizing die plates, pelletizing blades and knives, blade holders, cutter hubs, tapped driving bushes and other spare parts used in polymer compounding, masterbatches, engineering plastics, cable compounds, specialty polymers and plastics recycling industries. The company also offers customised manufacturing based on customer specifications and white-label manufacturing services, allowing customers to sell products under their own brands. Its business operates across three segments: manufacturing, services and trading. In July 2025, the company commenced operations at its company-owned manufacturing facility in Waghodia GIDC, Vadodara, Gujarat, gradually shifting production from its earlier leased facility in Makarpura, Vadodara. Its manufacturing infrastructure includes precision machining and testing equipment such as VMC, CNC, milling, EDM, wire-cut, lathe and surface-grinding machines, while specialised processes such as heat treatment, hardening and coating are outsourced to job workers. The company also provides refurbishment and repair services for used die plates, facilitates the marketing and supply of CJTEK components, and offers management consulting services to support customer relationship development. Maxwell Engineering Solutions serves customers across India and international markets, including the USA, Germany, the Netherlands, Israel, Saudi Arabia, Japan, Australia and Italy, among others. It holds ISO 9001:2015 certification for manufacturing and supplying pelletizing system components and received ZED Bronze Certification under the MSME Sustainable Certification Scheme in November 2025. Its operations are supported by an experienced promoter and management team, technical personnel, and dedicated sales and marketing capabilities. As of September 30, 2026, the company had 71 full-time employees, excluding directors, across production and operations, quality and testing, design, sales and marketing, finance, administration and other functions.
Price Band
₹150 – ₹158
Issue Size
₹57.64 Cr
Lot Size
800 shares
GMP
+37.3%
Est. Listing
₹217
at current GMP
Subscribed
5.00x
overall
Open
30 Oct 2026
Close
3 Nov 2026
Allotment
4 Nov 2026
Refund
5 Nov 2026
Demat Credit
6 Nov 2026
Listing
6 Nov 2026
Overall Subscription
5.00x
Total Demand
QIB Multiplier
0.00x
Institutions & Funds
NII / HNI
4.46x
High Net-Worth
Retail (RII)
8.07x
Individual Bidders
Live bidding breakdown by institutional, non-institutional, and retail investors
| Category | Shares Offered | Shares Applied / Bid | Times Subscribed |
|---|---|---|---|
| QIB | 683,200 | — | 0.00x |
| NIB | 518,400 | 2,314,400 | 4.46x |
| HNIs(10L +) | 345,600 | 1,242,400 | 3.59x |
| HNIs (2-10L) | 172,800 | 1,072,000 | 6.20x |
| RETAIL | 1,200,000 | 9,683,200 | 8.07x |
| Total | 2,920,000 | 14,312,000 | 5.00x |
Total unique applications received across retail and HNI tranches
| Category | Applications Reserved | Applications Received | Times Subscribed |
|---|---|---|---|
| RETAIL | 750 | 6,052 | 8.07x |
| HNIs(10L +) | 144 | 189 | 1.31x |
| HNIs (2-10L) | 72 | 410 | 5.69x |
| Total Applications | 966 | 6,651 | 6.89x |
Track continuous institutional and retail bidding order books for all active issues on the ipo live subscription feed.
Maxwell Engineering Solutions Limited is bringing an initial public offering (IPO) in the Capital Goods sector with an aggregate issue size of ₹57.64 Crores. The shares are offered at a price band of ₹150 to ₹158 per equity share on NSE. Currently, grey market participants and retail investors are watching the bidding trend, premium movement, and anchor book demand with keen interest.
Prospective investors can apply in the retail quota with a minimum of 1 lot comprising 800 shares (approx. ₹1,26,400 minimum investment). High net-worth individuals (HNI/NII) can bid in the sHNI (₹2 Lakh to ₹10 Lakh) or bHNI (above ₹10 Lakh) categories for enhanced quota allocation.
Allotment reconciliation will be managed by Kfin Technologies Limited. Eligible allottees will receive credit of equity shares into their Demat accounts by 2026-11-06, while un-allotted funds or UPI block mandates will be released on 2026-11-05.
The latest Grey Market Premium (GMP) for Maxwell Engineering Solutions Limited IPO is ₹59 per equity share. Based on the upper price band of ₹150 to ₹158 per equity share, the estimated listing price is ₹217 (+37.3% expected listing gain).
With a lot size of 800 shares and current GMP of ₹59, the expected profit per application lot is approx ₹47,200 (+37.3% gain). Minimum application cost is approx ₹1,26,400.
The Maxwell Engineering Solutions Limited IPO aggregate issue size is ₹57.64 Crores with an equity price band set at ₹150 to ₹158 per equity share. The retail lot size is 800 shares requiring a minimum capital outlay of approx. ₹1,26,400.
Live subscription figures are compiled real-time from the NSE and BSE bidding engines. Currently, overall subscription is 5.00x (Retail: 8.07x, QIB: 0.00x, NII: 4.46x). You can track live multiples directly on our dedicated subscription page.
The basis of allotment will be published on the official registrar portal (Kfin Technologies Limited) and the BSE status verification website on or around 2026-11-04. Investors can verify status using PAN card or application number.
Maxwell Engineering Solutions Limited shares are scheduled to list on NSE on 2026-11-06.