Maharaja & Speedex India Limited

Total Issue Size

₹80.13 Cr

43,08,000 shares

Fresh Issue

₹64.1 Cr

34,46,400 shares

Offer for Sale

₹16.03 Cr

8,61,600 shares

Face Value

₹10 per share

Issue Type

Book-built IPO

Listing At

BSE SME

Shares Pre-Issue

1,28,98,740

Shares Post-Issue

1,63,45,140

1. Offer opens

   10 Sept 2026

2. Offer closes

   15 Sept 2026

3. Allotment

   16 Sept 2026

4. Listing

   18 Sept 2026

• Anchor28.5%12,27,000 shares
• QIB19.0%8,18,400 shares
• HNI14.2%6,13,800 shares
• Retail33.3%14,32,800 shares
• MarketMaker5.0%2,16,000 shares

Final subscription figures for this issue are not available yet.

Incorporated in February 2006, Maharaja & Speedex India Limited is a drinkware manufacturing and distribution company engaged in the manufacturing, branding, marketing and distribution of stainless-steel bottles and allied drinkware products. The Company offers a diversified portfolio of drinkware products classified into Standard Products and Novelty Products. Standard Products primarily comprise stainless-steel bottles, while Novelty Products include tumblers, feeding bottles and gym shakers. Its products are offered across mass, premium and lifestyle price segments, catering to a broad range of retail consumers and institutional customers. In addition to branded products, the Company undertakes OEM and private-label manufacturing, providing customized drinkware solutions for corporate gifting programmes, institutional buyers and brand partners. The Company operates an integrated, asset-backed business model supported by in-house manufacturing capabilities primarily through its wholly owned subsidiary, Dewdrop Bottles Private Limited. As of the date of the Red Herring Prospectus, Dewdrop Bottles operates two manufacturing facilities in Sonipat, Haryana, with an installed production capacity of approximately 45.24 lakh units per annum across 223 SKUs. The manufacturing facilities are equipped with modern machinery and production lines that enable large-scale manufacturing and product customization across various drinkware categories. The Company also focuses on product innovation and the development of value-added drinkware products in line with changing consumer preferences. The Company has developed a Pan-India distribution network comprising 101 distributors across 17 states and 2 Union Territories, including Maharashtra, Uttar Pradesh, Rajasthan and Punjab. Its products are distributed through traditional retail channels, modern trade formats and online sales channels. The Company serves both B2C and B2B markets, while maintaining long-standing relationships with suppliers, distributors, retailers, institutional customers and brand partners. The Company has also expanded its group structure to strengthen its manufacturing and digital distribution capabilities. Dewdrop Bottles Private Limited became a wholly owned subsidiary in January 2025, consolidating the Group's stainless-steel drinkware manufacturing operations. In 2026, the Company acquired Gulika Apparel Private Limited, which was subsequently rebranded as Speedex Online Private Limited, with the objective of strengthening its online sales operations and digital distribution of branded products. As of March 31, 2026, the Company and its wholly owned subsidiary had 431 full-time employees. The Company's management team brings complementary expertise to its manufacturing, distribution and business operations. Competitive Strengths Pan-India distribution network. OEM and private-label manufacturing capabilities. Diversified product portfolio across price segments. Integrated manufacturing and distribution capabilities. Focus on product innovation and value-added drinkware. Long-standing relationships with suppliers and customers. Seasoned management team with complementary expertise.

• Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company and its subsidiary from banks. (₹24.10 Cr)
• Funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of the wholly-owned subsidiary (₹21.42 Cr)
• General Corporate Purposes (₹9.61 Cr)
• Issue Expense (₹11.21 Cr)

• <p>Rakesh Kumar Aggarwal
• Kusum Aggarwal
• Akash Aggarwal
• Ankit Bansal
• Atul Tulsian
• Rohit Garg</p>

Book running lead managers

• Choice Capital Advisors Pvt.Ltd.

Registered office

Kh. No. 53/27 GT Karnal Road,, Village Alipur,, Near Alipur Police Station,, Alipur, New Delhi, 110036

Market maker

Choice Equity Broking Pvt.Ltd.

• DRHPDraft Red Herring Prospectus
• RHPRed Herring Prospectus
• AnchorAnchor Investor List