Seemax Resources Limited

Seemax Resources Limited was incorporated in February 2015 and operates from Vadodara, Gujarat, providing end-to-end material handling equipment solutions including rental, trading, preventive maintenance, annual maintenance contracts and skilled manpower support.

The company owned and operated a fleet of 97 material handling equipment units as of December 2025, serving industries including automotive, steel, glass, cement, textiles, warehousing, retail, e-commerce, ports, construction, aviation and railways. As of March 31, 2026, the company had 179 employees. Promoters Mr. Amit Naldev Trivedi and Mrs. Seema Trivedi hold 99.98% pre-IPO stake, reducing to 68.18% post-IPO.

The issue is entirely a fresh issue of 14,00,000 equity shares aggregating to ₹19.74 Cr at a price band of ₹134 to ₹141 per share, implying a pre-issue market cap of ₹62.04 Cr, listing on BSE SME on July 7, 2026.

Proceeds will fund purchase of material handling equipment (₹10 Cr), debt repayment (₹1.50 Cr) and working capital (₹3.25 Cr). At the upper band, the IPO is valued at a post-issue P/E of 20.74x FY25 earnings. Key strengths include a high-margin rental-driven business model (rental contributing 94.71% of FY25 revenue), strong EBITDA margins above 30% and an asset-light recurring revenue profile; key risks include high debt-to-equity of 1.65x, tiny fleet size of 97 units, poor merchant banker track record and rich valuation relative to comparable listed peers.