₹57.64 crore SME IPO subscribed 536.89 times; shares open at ₹300.20 and close at ₹315.20 against an issue price of ₹158
Ahmedabad (Gujarat) [India], November 7: JDA Capital Services Limited, a SEBI-registered Category I Merchant Banker, today announced the successful listing of Maxwell Engineering Solutions Limited (NSE: MAXENGS) on the NSE Emerge platform. JDA Capital was the sole Book Running Lead Manager and the Market Maker to the issue.
Maxwell’s shares opened at ₹300.20 in today’s special pre-open session, ₹142.20 (90%) above the issue price of ₹158. The stock rose to a day’s high of ₹315.20, its upper price band, and closed there, 99.49% above the issue price. At the closing price, the company’s market capitalisation was ₹431.77 crore, against about ₹216 crore at the issue price.
The company marked its debut with a listing ceremony on 6 November 2026, attended by its leadership, employees and well-wishers. The ceremony was streamed live on NSE India’s YouTube channel (watch the recording).
JDA Capital presents a memento to the Maxwell Engineering Solutions team at the listing ceremony, 6 November 2026.
The issue at a glance
| Particulars | Details |
| Issue size | ₹57.64 crore; fresh issue of 36,48,000 equity shares (no offer for sale) |
| Price band / issue price | ₹150–₹158 / ₹158 per share (face value ₹10) |
| Bidding period | 30 October – 3 November 2026 |
| Anchor portion | 10,24,000 shares, allotted on 29 October 2026 |
| Listing | 6 November 2026, NSE Emerge (symbol MAXENGS) |
| Listing price (open) | ₹300.20, a premium of ₹142.20 (90%) |
| Closing price, 6 November 2026 | ₹315.20 (upper price band); 99.49% above the issue price |
Demand across every investor category
The issue closed on 3 November 2026 subscribed 536.89 times overall.
| Investor category | Times subscribed |
| Non-institutional investors | 858.08x |
| Individual investors | 556.10x |
| Qualified institutional buyers (excluding anchors) | 259.45x |
| Overall | 536.89x |
About the business
Maxwell Engineering Solutions, incorporated in September 2022, makes precision components for underwater pelletizing systems, including die plates, blades and cutter hubs. It also trades and services these parts from its facility at Waghodia GIDC, Vadodara, and serves customers in India and overseas.
Its restated total income rose to ₹30.76 crore in FY2026 (April 2025–March 2026), from ₹22.59 crore in FY2025. 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 from issue planning through listing, covering structure and pricing, due diligence, the offer document, the regulatory process with NSE, investor outreach and issue execution. As Market Maker, JDA Capital will provide two-way quotes in the stock on NSE Emerge, in line with exchange requirements.
Quotes
Mr. Deepak Sharma, Managing Director, JDA Capital Services Limited:
“Maxwell’s listing reflects a business that investors could understand: a focused engineering company with a clear plan for its capital. We thank the promoters for their trust, and every investor who took part. As Market Maker, we look forward to supporting Maxwell in its journey as a listed company.”
Mr. Rajkumar Chaudhary, Promoter, Maxwell Engineering Solutions Limited:
“Becoming a listed company is a milestone for everyone at Maxwell. The proceeds will help us add capacity and serve our customers in India and abroad. We thank JDA Capital for guiding us through every stage of the journey, and our new shareholders for their confidence.”
About Maxwell Engineering Solutions Limited
Maxwell Engineering Solutions Limited is a Vadodara-based precision engineering company working with the promise of “Precision Engineering for a Sustainable Tomorrow”. It makes, trades and services critical components for underwater pelletizing systems used in polymer processing, such as die plates, blades and cutter hubs, and offers white-label manufacturing. Its equity shares are listed on NSE Emerge (symbol MAXENGS). Website: maxwells.in
About JDA Capital Services Limited
JDA Capital Services Limited is a SEBI-registered Category I Merchant Banker (registration no. INM000012546) and stock broker headquartered in Ahmedabad. It advises companies on IPOs on the SME and Main Board platforms, capital raising, mergers and acquisitions, valuation and corporate advisory, and offers broking and securities services to investors. Website: jdacapital.in
Media contact
Mr. Abhishek Jain, Head – Merchant Banking
JDA Capital Services Limited
abhishek@jdacapital.in
Disclaimer
This press release is for information only. It is not an offer, invitation or recommendation to buy or sell any securities, and not investment advice. Past transactions and listings do not indicate future performance. Investments in securities markets are subject to market risks; read all related documents carefully before investing.
