Listing Overview
Maxwell Engineering Solutions Limited (NSE: MAXENGS) completed its SME IPO listing on the NSE Emerge platform on 6 November 2026, with JDA Capital Services Limited acting as the sole Book Running Lead Manager and Market Maker.
Issue Details
The issue size was ₹57.64 crore, comprising a fresh issue of 36,48,000 equity shares (no offer for sale) at an issue price of ₹158 per share (face value ₹10). The price band was set at ₹150–₹158. The bidding period ran from 30 October to 3 November 2026, and an anchor allocation of 10,24,000 shares was allotted on 29 October 2026.
Listing Price and Market Capitalisation
Shares opened at ₹300.20 in the special pre‑open session, representing a premium of ₹142.20 or 90% above the issue price. The stock rose to its upper price band of ₹315.20, closing at that level, which is 99.49% above the issue price. At the closing price, Maxwell’s market capitalisation was ₹431.77 crore, compared with approximately ₹216 crore based on the issue price.
Subscription Strength
The IPO was subscribed 536.89 times overall. Subscription multiples by investor category were: non‑institutional investors 858.08×, individual investors 556.10×, and qualified institutional buyers (excluding anchors) 259.45×.
Business Performance
Maxwell Engineering Solutions, incorporated in September 2022, manufactures precision components for underwater pelletising systems, including die plates, blades and cutter hubs, and provides trading and servicing of these parts from its facility at Waghodia GIDC, Vadodara, serving customers in India and overseas. The company’s restated total income for FY2026 (April 2025–March 2026) increased to ₹30.76 crore from ₹22.59 crore in FY2025, while profit after tax rose to ₹11.86 crore from ₹9.18 crore.
JDA Capital’s Role
As Book Running Lead Manager, JDA Capital advised the promoters throughout issue planning, pricing, due diligence, preparation of the offer document, regulatory liaison with NSE, investor outreach and execution. As Market Maker, JDA Capital will provide two‑way quotes in the stock on NSE Emerge in accordance with exchange requirements.
Management Quotes
Mr. Deepak Sharma, Managing Director of JDA Capital Services Limited, said the listing reflects a business that investors could understand, highlighting Maxwell’s focused engineering model and capital plan. Mr. Rajkumar Chaudhary, Promoter of Maxwell Engineering Solutions Limited, stated that becoming a listed company is a milestone and that the proceeds will be used to add capacity and serve customers in India and abroad.