The Maxwell Engineering Solutions IPO attracted bids worth ₹20,368.89 crore as the Vadodara-based precision engineering company witnessed an overwhelming response to its ₹57.64-crore SME public issue.
The IPO was subscribed 536.80 times when bidding closed on November 3, 2026. Investors applied for approximately 128.91 crore shares against the 24.01 lakh shares on offer, according to the final subscription data.
Non-institutional investors led the demand, subscribing to their reserved category 857.65 times. The individual investor category was subscribed 556.09 times, while qualified institutional buyers (QIBs), excluding anchor investors, subscribed 259.45 times.
Within the non-institutional investor category, applications above ₹10 lakh, classified as bNIIs, recorded subscription of 1,024.23 times. The sNII category, covering applications below ₹10 lakh, was subscribed 524.49 times.
The strong response has brought attention to the company's specialised business supplying components for underwater pelletising systems used in plastics and polymer manufacturing.
What Does Maxwell Engineering Solutions Do?
Incorporated in September 2022, Maxwell Engineering Solutions is headquartered in Vadodara, Gujarat. It manufactures, trades and services precision components used in underwater pelletising systems.
Its products include pelletising die plates, blades and knives, blade holders, cutter hubs, tapped driving bushes and other spare parts. These components serve industries such as polymer compounding, masterbatches, engineering plastics, cable compounds, specialty polymers and plastics recycling.
The company also offers customised manufacturing, white-label production, refurbishment and repair services for used die plates.
Its operations are divided into manufacturing, services and trading. In July 2025, it began operating from its own manufacturing facility at Waghodia GIDC in Vadodara, gradually shifting production from its earlier leased facility in Makarpura.
The facility uses precision machinery and testing equipment, including VMC, CNC, milling, EDM, wire-cut, lathe and surface-grinding machines. Certain specialised processes, such as heat treatment, hardening and coating, are outsourced.
International Presence and Certifications
Maxwell Engineering Solutions serves customers in India and overseas markets, including the US, Germany, the Netherlands, Israel, Saudi Arabia, Japan and Italy.
The company holds ISO 9001:2015 certification for manufacturing and supplying pelletising system components. It also received ZED Bronze Certification under the MSME Sustainable Certification Scheme in November 2025.
As of September 30, 2026, the company had 71 full-time employees, excluding directors, across production, quality testing, design, sales, finance and administration.
IPO Details, Listing Date and Use of Funds
The ₹57.64-crore IPO was entirely a fresh issue of 36.48 lakh shares. The bidding period opened on October 30 and closed on November 3, 2026.
The price band was fixed at ₹150–₹158 per share, with a lot size of 800 shares. The minimum retail application required 1,600 shares, translating into an investment of ₹2,52,800 at the upper price band.
The allotment was expected to be finalised on November 4, while listing on the NSE SME platform was scheduled for November 6.
The company plans to allocate ₹18 crore towards machinery, laboratory equipment and utilities. Another ₹6.5 crore is earmarked for constructing a new office building and manufacturing facility.
Additionally, ₹4.3 crore will be used for repayment or prepayment of borrowings, while ₹14 crore has been allocated for working capital requirements. The remaining proceeds will support general corporate purposes.
JDA Capital Services is the book-running lead manager, while KFin Technologies is the registrar to the issue.
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