Maharaja & Speedex India IPO
Maharaja & Speedex India LtdSME
This IPO has listed.
- Open date
- 10 Sep 2026
- Close date
- 15 Sep 2026
- Min. Investment
- ₹2,23,200
- Lot Size
- -
- Fresh Issue
- ₹64.10 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers48.82x
- Non-Institutional Investors30.09x
- Retail-Individual Investors19.65x
- Total30.21x
Schedule
- Completed: IPO open date10 Sep 2026
- Completed: IPO close date15 Sep 2026
- Completed: Allotment date16 Sep 2026
- Completed: Funds unblock or debit17 Sep 2026
- Completed: Tentative listing date18 Sep 2026
About
Promoter shareholding in Maharaja & Speedex India Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Rakesh Kumar Aggarwal | 31,92,258 | 24.75% | 27,61,458 | 16.89% |
| Kusum Aggarwal | 5,95,696 | 4.62% | 5,95,696 | 3.64% |
| Akash Aggarwal | 21,27,326 | 16.49% | 16,96,526 | 10.38% |
| Ankit Bansal | 12,06,199 | 9.35% | 12,06,199 | 7.38% |
| Atul Tulsian | 5,60,867 | 4.35% | 5,60,867 | 3.43% |
| Rohit Garg | 16,92,630 | 13.12% | 16,92,630 | 10.36% |
| Gaurav Tulsian | 6,73,677 | 5.22% | 6,73,677 | 4.12% |
| Shikha Goel | 6,04,103 | 4.68% | 6,04,103 | 3.70% |
| Versha Aggarwal | 2,71,426 | 2.10% | 2,71,426 | 1.66% |
| Nikita Tulsian | 2,58,215 | 2.00% | 2,58,215 | 1.58% |
| Priyanka Bansal | 1,28,507 | 1.00% | 1,28,507 | 0.79% |
Financials of Maharaja & Speedex India IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 61.32 | 93.51 | 122.65 |
| Total Expenses | 59.97 | 86.11 | 103.56 |
| Profit Before Tax | - | - | - |
| Total Profit | 1.08 | 5.57 | 15.34 |
Maharaja & Speedex India IPO Strengths & Risks
- Long-standing relationships with suppliers and customers.
- Integrated Manufacturing and Distribution Capabilities.
- Diversified product portfolio across price segments.
- Seasoned Management Team with Complementary Expertise.
- Risks Relating to the Business: The company source a significant portion of its raw material requirements from a limited number of suppliers, and any disruption in supply or deterioration of the company's relationship with such supplier(s) could have a material adverse effect on its business, results of operations and financial condition.
- Risks Relating to the Business: The company is dependent on and derives a substantial portion of its revenue from certain key customers. Loss of relationship with any of these customers or delays or reductions in their orders may have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company is dependent on its distribution network in India to sell and distribute the company's products and any disruption in its distribution network could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Manufacturing products for third parties under OEM and private-label arrangements may create potential channel conflicts and competitive overlap with the company's branded products, which could adversely affect its brand positioning and growth strategy.
- Risks Relating to the Business: The company's revenue is concentrated in certain states, and any adverse developments in these regions could materially affect its business.
- Risks Relating to the Business: The Company does not own any of the premises from which its operates, and all such premises are leased. Disruption of the company's rights as lessee or termination of the agreement with its lessor may adversely impact the company operations and, consequently, its business, financial condition and results of operations.
- Risks Relating to the Business: The Company and certain of its Promoters, Directors, Key Managerial Personnel, Senior Management and Subsidiaries are involved in certain legal proceedings. Any adverse decision in such proceedings may render the company/them liable to liabilities/penalties and may adversely affect its business and results of operations.
- Risks Relating to the Business: The company is dependent on third party transportation and logistics service providers. Any increase in the charges of these entities could adversely affect its business, results of operations and financial condition.
- Risks Relating to the Business: Under-utilization of the company's manufacturing capacities may have an adverse effect on its business, future prospects and future financial performance. Moreover, information relating to capacity utilization of the company's production facility included in this Red Herring Prospectus is based on certain assumptions and future production and capacity utilization may vary.
- Risks Relating to the Business: The company's inability to accurately forecast demand for its products and manage the company's inventory may have an adverse effect on its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: There have been certain instances of procedural non-compliances and delays in filings under the Companies Act, 2013 by the Company in the past, which may expose its and the company's directors to regulatory actions, penalties and reputational risks.
- Risks Relating to the Business: The Company experienced negative cash flows from investing activities during financial years ended March 31, 2026, 2025 and 2024. Sustained negative cash flow could adversely impact its business, financial condition and results of operations.
- Risks Relating to the Business: Acquisitions undertaken based on book value without independent valuation reports of Dewdrop Bottles Private Limited and Speedex Online Private Limited may give rise to questions regarding compliance with applicable regulations and the appropriateness of the consideration paid.
- Risks Relating to the Business: The company's Promoters and member of promoter group have sold a portion of their shareholding in the Company subsequent to the filing of the Draft Red Herring Prospectus, and any further sale or disinvestment of Equity Shares by the company's Promoters may adversely affect the market price and liquidity of its Equity Shares.
- Risks Relating to the Business: The company is exposed to counterparty credit risk and any delay in receiving payments or non-receipt of payments may adversely impact its results of operations.
- Risks Relating to the Business: The company operates in highly competitive markets, and the scale and resources of some of its competitors may allow them to compete more effectively than the company can, which could result in a loss of its market share and a decrease in the company net revenues and profitability.
- Risks Relating to the Business: Disclosures made in the chapter "Promoter and Promoter Group" are limited to the information available in public domain.
- Risks Relating to the Business: The company's business is subject to changes in consumer preferences and market trends in the household kitchenware segment.
- Risks Relating to the Business: The company operations are subject to various operational hazards, environmental, health and safety laws and other government regulations, which could expose it to the risk of loss of revenues and increased expenses or material liabilities.
- Risks Relating to the Business: As the company continue to grow, its may not be able to effectively manage the company's growth and the increased complexity of its business, which could negatively impact the company's brand and financial performance.
- Risks Relating to the Business: The company's manufacturing operations are subject to risks, including equipment failures, accidents, and natural disasters, which could disrupt production.
- Risks Relating to the Business: The launch of new products and range of products that prove to be unsuccessful could affect the company's growth plans which could adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's ability to sustain growth and remain competitive depends on its ability to effectively manage the company operating costs.
- Risks Relating to the Business: The company is dependent upon the experience and skill of its Promoters, Key Managerial Personnel and Senior Management for conducting the company's business and undertaking its day-to-day operations. The loss of or the company's inability to retain, such persons could materially and adversely affect its business performance. In addition, excess rate of attrition amongst the personnel engaged by the Company may have an adverse impact on its business operations.
- Risks Relating to the Business: The company has incurred indebtedness and an inability to comply with repayment and other covenants in its financing agreements could adversely affect the company's business and financial condition.
- Risks Relating to the Business: The company's business may be adversely impacted by sale of counterfeit products and passing-off which may reduce its sales and harm the company's brands, adversely affecting its results of operations, financial condition and cash flows.
- Risks Relating to the Business: Its may be unable to sufficiently obtain, maintain, protect, or enforce the company's intellectual property and other proprietary rights.
- Risks Relating to the Business: The company's insurance coverage may not be sufficient or adequate to protect it against all material hazards, which may adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company has in the past entered into related party transactions and may continue to do so in the future.
- Risks Relating to the Business: The company funding requirements and proposed deployment of the Net Proceeds of the Offer have not been appraised by a bank or a financial institution, and the proposed utilization of Net Proceeds is based on, amongst others, its current business plan and management estimates, and if there are any delays or cost overruns, the company's business, cash flows, financial condition and results of operations may be adversely affected.
- Risks Relating to the Business: The Company is yet to place orders for the machineries and equipment for its proposed object, as specified in the Objects of the Offer. Any delay in placing orders, procurement of machineries and equipment may delay the company's implementation schedule and may also lead to increase in price of these machineries and equipment, further affecting its revenue and profitability.
- Risks Relating to the Business: Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- Risks Relating to the Business: The company is required to obtain, renew or maintain certain material statutory and regulatory permits and approvals required to operates its business, and if the company fails to do so in a timely manner or at all, its may be unable to operates the company's business and its results of operations may be adversely affected.
- Risks Relating to the Business: The Company has recently adopted a new logo, and the continued presence of products bearing its erstwhile logo in the market may create brand transition risks, which could adversely affect the company's business and reputation.
- Risks Relating to the Business: The company has availed unsecured loans from Promoter that are recallable, at any time.
- Risks Relating to the Business: Delay/ default in payment of statutory dues may attract penalties and in turn have an adverse impact on the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: If the company fails to maintain an effective system of internal controls, its may not be able to successfully manage, or accurately report, the company's financial risks.
- Risks Relating to the Business: Major fraud, system failures, theft, employee negligence or similar incidents could adversely impact the Company's business.
- Risks Relating to the Business: Its may requires additional capital to support the growth of the company's business, which may not be available on terms favourable to the company or at all and may impose certain restrictive covenants that limit its operations or the company's ability to pay dividends, or in the case of an issuance of securities, dilute its shareholders.
- Risks Relating to the Business: The company's ability to pay any dividends will depends upon future earnings, financial condition, cash flows and working capital requirements.
- Risks Relating to the Business: The Promoter Selling Shareholders, will receive the entire proceeds from the Offer for Sale. The Company will not receive or benefit from any proceeds from the Offer for Sale.
- Risks Relating to the Business: Any negative publicity regarding the Company, brand or products, whether substantiated or not, could adversely affect its reputation, consumer confidence and business prospects.
- Risks Relating to the Business: Changing regulations in India could lead to new compliance requirements that are uncertain. The regulatory environment in which the company operates is evolving and is subject to change.
- Risks Relating to the Business: The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
- Risks Relating to the Business: The company's Promoters and members of the Promoter Group will continue jointly to retain majority control over the Company even after the Offer which will allow them to determine the outcome of matters submitted to shareholders for approval.
- Risks Relating to the Business: The company has issued Equity shares in the last one year from the date of this Red Herring Prospectus, which could have been issued at a price lower than the Offer price.
- Risks Relating to the Business: The company relies on certain key operating metrics and non-GAAP measures to evaluate the performance of its business, and real or perceived inaccuracies in such metrics may harm the company's reputation and negatively affect its business.
- Risks Relating to the Business: This Red Herring Prospectus contains information from third parties, including an industry report prepared by an independent third-party research agency, Dun & Bradstreet ("D&B"), which the company has commissioned and paid for purposes of confirming its understanding of the industry exclusively in connection with the Offer.
- Risks Relating to the Business: The Offer price of the company's Equity Shares may not be indicative of the market price of its Equity Shares after the Offer and the market price of the company's Equity Shares may decline below the Offer price and you may not be able to sell your Equity Shares at or above the Offer Price.
- Risks Relating to the Business: There is no guarantee that the Equity Shares issued pursuant to the Offer will be listed on exchange in a timely manner or at all.
- Risks Relating to the Business: The requirements of being a public listed company may strain its resources and impose additional requirements.
- Risks Relating to the Business: The investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Offer.
- Risks Relating to the Business: There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
- Risks Relating to the Business: Any future issuance of Equity Shares may dilute the investors' shareholdings or sales of the company's Equity Shares by its Promoters or Promoter Group may adversely affect the trading price of the company's Equity Shares.
- Risks Relating to the Business: The Investors may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- Risks Relating to the Business: Applicants to this Offer are not allowed to withdraw their Applications after the Offer Closing Date.
- Risks Relating to the Business: Foreign investors may be restricted in their ability to purchase or sell Equity Shares.
- Risks Relating to the Business: Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.
- Risks Relating to the Business: The investors may be restricted in their ability to exercise pre-emptive rights under Indian law and may be adversely affected by future dilution of their ownership position.
- Risks Relating to the Business: The company's Equity Shares are quoted in Indian Rupees in India, and therefore investors may be subject to potential losses arising out of exchange rate risk on the Indian Rupee and risks associated with the conversion of Indian Rupee proceeds into foreign currency.
