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Home › IPO › Maxwell Engineering Solutions Ltd
SME NSE • BSE Financial Services

Maxwell Engineering Solutions Ltd IPO

Tech-led NBFC delivering AI/ML driven retail credit across Tier-2 & Tier-3 India.

Listed
Price Band ₹158 per share per share
Lot Size 1600 Shares
Min. Investment ₹252800
Issue Size ₹57.64 Cr
Face Value ₹10
IPO Open 30 October 2026
IPO Close 03 November 2026
Allotment 04 Nov 2026
Listing 06 Nov 2026
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Live demand

Subscription status for Maxwell Engineering Solutions Ltd IPO

As of 11 Nov 26, 10:22 AM. Will get Updated in every 30 minutes

QIB -

Qualified Institutional Buyers

NII -

Non-Institutional Investors

Retail -

Retail Individual Investors

Total -

Across all investor categories

Key dates

IPO schedule for Maxwell Engineering Solutions Ltd

From the day bidding opens to listing — every milestone you need to track.

IPO Open 30 Oct 2026
IPO Close 03 Nov 2026
Allotment 04 Nov 2026
Refund / Unblock 05 Nov 2026
Listing 06 Nov 2026
About the company

Who is Maxwell Engineering Solutions Ltd ?

Maxwell Engineering Solutions Limited was originally incorporated as 'Maxwell Engineering Solutions Private Limited' as a Private Limited Company on September 13, 2022 issued by Asst. Registrar of Companies, Central Registration Centre, Manesar. Further, Company was converted to Public Limited company and the name was changed to 'Maxwell Engineering Solutions Limited' w.e.f. June 30, 2025 vide Certificate of incorporation issued by the Central Processing Centre.

The Company began its operations in year 2022 under the brand name 'Maxwell,' founded by the promoters, Mr. Rajkumar Chaudhary and Mr. Vinubhai Kanjibhai Chavda. The Company has gained experience in the compounding, masterbatches, recycling, petrochemicals, bioplastics, etc industries.

Maxwell Engineering is a precision engineering company engaged in the business of manufacturing, trading and servicing of critical components for underwater pelletizing systems. It mainly manufactures pelletizing die plates, pelletizing blades/knives, blade holders/cutter hub, tapped driving bush for underwater pelletizing systems and other spare items.

The product includes the die plates for various applications like white, black, filler, additives, color masterbatches, cable compounds like HFFR,

semiconductive, PVC, XLPE, HDPE blends, fluoropolymers like PFA, FEP, and PVDF, engineering compounds like BS, PA, PBT,PC, and PE, TPR, TPU, TPV, PET/PA resin productions, post-consumer and post-industrial recycling of ET, PP, PE, PVC, and many more applications.

Apart from this, the Company offer key services, including refurbishing & repair services, intermediary support & management consulting. It also engages in selective trading of components such as blades/knives, driving bush, blade holders, and related items. The Company set up a new manufacturing facility at Vadodara, Gujarat, to expand the production capacity and gradually shifts all operations to the owned site, which is operating from a leased unit.

Company is planning the Initial Public Offer of 36,50,000 equity shares having the face value of Rs 10 each through fresh issue.

Financial track record

Financials at a glance

Three-year trajectory of revenue, profit and assets — restated as per the RHP.

Revenue PAT Total Assets
FY 2025
FY 2024
FY 2023
Metric (₹ Cr)FY 2025FY 2024FY 2023
Total Income22.5910.870.82
EBITDA12.264.570.37
PAT9.183.160.16
AUM25.378.512.84

Strengths & Risks

A balanced look at what works in the company's favour and what investors should watch.

Strengths

  • Experienced Promoter and Management Team.
  • Existing client relationship.
  • Quality Service
  • Well established systems and procedures.
  • Revenue from multiple geographies.
  • Customized Product Offering.
  • In-house research and development capabilities.

Risks

  • We are primarily dependent upon few key suppliers for procurement of raw materials & other items. Any disruption in the supply of the raw materials & other items could have a material adverse effect on our business operations. Further, any failure by our suppliers to provide raw materials & other items to us on time or at all, or as per our specifications and quality standards could have an adverse impact on our ability to meet our manufacturing and delivery schedules.
  • A significant portion of our raw material requirement, particularly Carbide and Brazing Filler, is met through imports, and any adverse fluctuation in foreign exchange rates, import duties, or disruption in cross-border supply could materially affect our cost of production and profitability.
  • Our Company is subject to export obligations under the EPCG Scheme. Any failure to fulfil such obligations may lead to financial liabilities.
  • We are exposed to foreign exchange fluctuation risks due to our significant export operations and procurement of certain raw materials and traded components from overseas markets, and we do not currently enter into any hedging arrangements or derivative contracts to manage such foreign currency exposure. Any adverse movement in foreign exchange rates could materially and adversely affect our business, financial condition, results of operations and cash flows.
  • Our business is working capital intensive and our working capital requirements have increased significantly over the last three Fiscals. Any inability to obtain or maintain adequate working capital on commercially acceptable terms, or any material variation between our estimated and actual working capital requirements, may adversely affect our business, results of operations, financial condition and cash flows.
  • Our Company's applications for registration of its device marks are pending, including one application which is currently under opposition. Any delay or failure in obtaining registration may adversely affect our ability to protect our brand identity and enforce our intellectual property rights, which could materially and adversely affect our business, financial condition, results of operations and cash flows.
  • We are dependent on a few customers for a major part of our revenues. Further we do not enter into long-term arrangements with our customers and any failure to continue our existing arrangements or maintain our relationships with such customers could adversely affect our business and results of operations, financial condition and cash flows.
  • Our Promoter is engaged in a business through a Promoter Group entity that operates in a similar line of business as our Company. Any conflict of interest or competition arising from such business activities may adversely affect our business, financial condition, results of operations and cash flows.
  • We are significantly dependent on steel as a key raw material, and any adverse fluctuation in the price or availability of steel could have a material adverse effect on our business, profit margins and results of operations.
  • We had previously filed a draft red herring prospectus with BSE Limited, which was subsequently withdrawn due to nonfulfilment of the applicable eligibility criteria. Any delay, deferral or withdrawal of the present Issue may adversely affect our reputation and result in additional costs and utilisation of management resources.

Maxwell Engineering Solutions Ltd IPO — frequently asked questions

The Maxwell Engineering Solutions Ltd IPO opens on 30 October 2026 and closes on 03 November 2026. Bidding is accepted from 10:00 AM on the open date until 5:00 PM on the close date. The IPO is available to all eligible investors including retail individual investors, non-institutional investors, and qualified institutional buyers.
The price band for Maxwell Engineering Solutions Ltd IPO is Rs 158 to Rs 158 per share. The lot size is 1600 shares per lot, requiring a minimum investment of Rs 252800 at the upper price band. Investors must apply for a minimum of one lot and can apply for up to 1600 lots as per SEBI guidelines.
You can apply for the Maxwell Engineering Solutions Ltd IPO through the Chola Securities app or web platform using UPI or ASBA. Log in to your account, navigate to the IPO section, select Maxwell Engineering Solutions Ltd from the open IPOs list, enter your bid quantity and price within the price band, and submit your application. You need an active demat account, a linked bank account, and a valid PAN to apply. Bidding closes on 03 November 2026 at 5:00 PM.
Allotment for Maxwell Engineering Solutions Ltd IPO is scheduled on 04 Nov 2026. Refunds or unblocking of funds for unsuccessful applicants will be processed on 05 Nov 2026. The shares are expected to list on 06 Nov 2026. You can check your allotment status on the Chola Securities IPO page or through the registrar's website using your PAN.
Chola Securities' research team has reviewed the Maxwell Engineering Solutions Ltd IPO based on the company's financials, business model, valuation, and sector outlook. The recommendation is available on this page. Investors are advised to read the full IPO note along with the company's Red Herring Prospectus before making an investment decision.
Yes, you can revise or withdraw your Maxwell Engineering Solutions Ltd IPO bid before the subscription window closes on 03 November 2026 at 5:00 PM. Revisions can include changing the quantity or price within the allowed price band. To withdraw, cancel your application through the platform before the closing time. Once the subscription period ends, no further changes are permitted.
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