Maxwell Engineering Solutions IPO

Incorporated in September 2022, Maxwell Engineering Solutions operates through three business segments: manufacturing, services and trading. The company commenced operations at its owned manufacturing facility at Waghodia GIDC, Vadodara, Gujarat, in July 2025, transitioning production from its earlier leased facility in Makarpura. Its manufacturing infrastructure includes VMC, CNC, milling, EDM, wire-cut, lathe and surface-grinding machines. Specialised processes such as heat treatment, hardening and coating are outsourced to job workers. The company serves customers in India and international markets including the USA, Germany, the Netherlands, Israel, Saudi Arabia, Japan, Australia and Italy. It holds ISO 9001:2015 certification and received ZED Bronze Certification in November 2025. As of September 30, 2026, it had 71 full-time employees, excluding directors.

IPO_DETAILS_LONG: Maxwell Engineering Solutions IPO is a NSE SME book-building issue comprising 36,48,000 fresh equity shares aggregating up to ₹57.64 Cr at the upper price band. The price band is ₹150 to ₹158 per share, with a face value of ₹10 per share. The IPO opens on October 30, 2026 and closes on November 3, 2026. The tentative allotment date is November 4, 2026, refund and demat credit are scheduled for November 5, 2026, and listing is expected on November 6, 2026. The issue includes a market maker reservation of 2,22,400 shares, leaving a net public issue of 34,25,600 shares. The minimum retail application is 1,600 shares, equivalent to two lots, requiring ₹2,52,800 at the upper price band. JDA Capital Services Ltd. is the book-running lead manager and KFin Technologies Ltd. is the registrar. The company plans to use the proceeds for machinery and laboratory equipment, construction of a new office and manufacturing facility, repayment of borrowings, working capital and general corporate purposes.