Bookbuilding IPO | ₹[.] Cr | Listing at BSE SME |
Maxwell Engineering Solutions Ltd. has withdrawn its Initial Public Offer (IPO) documents filed with the exchange on December 8, 2025.
Maxwell Engineering Solutions Ltd. IPO was a Book Build Issue consisting solely of fresh issue of upto 0.37 crore equity shares.
The equity shares were proposed to be listed on the BSE SME. Religo Capital Advisors Pvt. Ltd. was the book running lead manager and Kfin Technologies Ltd. was the registrar of the issue.
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | |
| Lot Size | |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 36,50,000 shares (agg. up to ₹[.] Cr) |
| Fresh Issue | 36,50,000 shares (agg. up to ₹[.] Cr) |
| Share Holding Pre Issue | 1,00,50,275 shares |
| Share Holding Post Issue | 1,37,00,275 shares |
| Description | Date |
|---|---|
| Filed with SEBI/Exchange | Tue, Sep 30, 2025 |
| Offer document withdrawn | Mon, Dec 8, 2025 |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII Shares Offered | Not more than 15% of the Net Issue |
Maxwell Engineering Solutions is a precision engineering company that manufactures, trades, and services critical components used in underwater pelletizing systems. The company specializes in various products, such as Pelletizing die plates, Pelletizing blades/knives, Blade holders/cutter hubs, Tapped driving bushes, and other spare parts for pelletizing systems.
Its die plates are used in various applications, including White, black & color masterbatches, Cable compounds (HFFR, XLPE, PVC, etc.), Engineering plastics (PA, PBT, PC, etc.), and Recycled resins (PET, PP, PE, etc.).
These products are widely used in industries like compounding, masterbatches, recycling, petrochemicals, and bioplastics. The company serves customers across India and internationally in countries like the USA, Germany, Japan, Australia, Saudi Arabia, and many more. In FY 2025, the company derived 82.43% of revenue from exports and remaining 17.57% from domestic sales.
Additionally, the company also offers various services, including Refurbishment & repair services, custom manufacturing solutions, white-label manufacturing, trading of select pelletizing components, marketing & intermediary services for CJTEK components, and management consulting for customer acquisition.
Manufacturing facility: Vadodara, Gujarat. The facility is well equipped with VMC, CNC, EDM, wire cut, milling, lathe, and other high-precision machines.
As of March 31, 2025, its workforce comprised 59 permanent employees.
Competitive Strengths:
Maxwell Engineering Solutions Ltd.'s revenue increased by 108% and profit after tax (PAT) rose by 190% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 25.37 | 8.51 | 2.84 |
| Total Income | 22.59 | 10.87 | 0.82 |
| Profit After Tax | 9.18 | 3.16 | 0.16 |
| EBITDA | 11.77 | 4.25 | 0.32 |
| NET Worth | 13.01 | 3.33 | 0.17 |
| Reserves and Surplus | 10.26 | 3.32 | 0.16 |
| Total Borrowing | 8.60 | 3.19 | 2.22 |
| Amount in ₹ Crore | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Financing the capital expenditure requirement towards Purchase of New Machineries & Other utilities for our Manufacturing Facility; | 5.50 |
| 2 | Financing the capital expenditure requirement for construction of New Office Building and Manufacturing facility; | 5.50 |
| 3 | Repayment / prepayment, in full or part, of certain outstanding borrowings availed by our Company | 8.00 |
| 4 | Funding working capital requirements of our Company | 12.00 |
| 5 | General Corporate Purposes |
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 112.35% |
| ROCE | 53.29% |
| Debt/Equity | 0.66 |
| RoNW | 70.56% |
| PAT Margin | 41.54% |
| EBITDA Margin | 53.24% |
| Pre IPO | Post IPO | |
|---|---|---|
| Promoter Holding | 100% |
Lead Manager Reports
Maxwell Engineering Solutions IPO is a SME IPO of 36,50,000 equity shares of the face value of ₹10 aggregating up to ₹[.] Crores. The issue is priced at To be declared. The minimum order quantity is .
The Maxwell Engineering Solutions IPO open and close dates are not available as of now.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in Maxwell Engineering Solutions IPO using UPI as a payment gateway. Zerodha customers can apply in Maxwell Engineering Solutions IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Maxwell Engineering Solutions IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Maxwell Engineering Solutions IPO dates are not announced. Please check back again after some time.
Maxwell Engineering Solutions IPO lot size and the minimum order quantity is not available at this time. Please check again later.
You can apply in Maxwell Engineering Solutions IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Maxwell Engineering Solutions IPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the Maxwell Engineering Solutions IPO allotment status.
The Maxwell Engineering Solutions IPO listing date is not yet announced. The tentative date of listing is .
