Maxwell Engineering Solutions IPO officially closes for bidding today, November 3, 2026, capping off a phenomenal three-day bidding window marked by record-breaking subscription numbers. The NSE SME issue has witnessed massive institutional and retail demand, establishing itself as one of the most heavily subscribed SME public offers this season.
Key IPO Snapshot
| Metric | Details |
| Issue Dates | October 30, 2026 – November 3, 2026 |
| Price Band | ₹150 to ₹158 per share |
| Issue Size | ₹57.64 Crore (Fresh Issue: 36.48 Lakh Shares) |
| Lot Size | Minimum 2 Lots (1,600 shares) |
| Minimum Investment | ₹2,52,800 (Retail) |
| Listing Platform | NSE SME |
| Tentative Allotment Date | November 4, 2026 |
| Tentative Listing Date | November 6, 2026 |
| Registrar | KFin Technologies Limited |
Massive Subscription Demand: Category Breakdown
After ending Day 2 with an impressive 79.81x overall subscription, the issue saw a surge in bidding on Day 3, pushing the total subscription past 360+ times by late afternoon:
- Non-Institutional Investors (NII / HNI): High-net-worth investors showed intense appetite, oversubscribing their quota manifold as bids piled in from multiple HNI syndicates.
- Retail Individual Investors (RII): Strong demand from retail market participants drove the retail book well over the 150x mark.
- Qualified Institutional Buyers (QIB): Institutional participation intensified on the final day, reinforcing market confidence in the company’s business model.
Maxwell Engineering Solutions: Company Background & Use of Funds
Maxwell Engineering Solutions manufactures and exports precision engineering tools, carbide products, and critical components to clients across more than 25 countries.
The company plans to deploy the net proceeds of ₹57.64 crore toward:
- Setting up new manufacturing capacity and purchasing advanced machinery.
- Constructing an administrative office and expanding laboratory infrastructure.
- Prepayment or repayment of existing term loans.
- Meeting working capital requirements and general corporate needs.
What to Expect Next: Allotment & Listing Schedule
With the subscription window concluding at 5:00 PM IST today, attention shifts to the allotment process:
- Basis of Allotment: The basis of share allotment is expected to be finalized on Wednesday, November 4, 2026.
- Refunds & Demat Credit: Unblocking of ASBA funds and initiation of refunds will take place on November 5, 2026, with shares credited to demat accounts on the same day.
- Listing Date: Maxwell Engineering Solutions shares are scheduled to debut on the NSE SME platform on Friday, November 6, 2026.
How to Check Allotment Status Online
Investors can verify their allotment status online using their PAN, Demat Account (DP/Client ID), or Application Number via:
- Registrar Portal: Visit the KFin Technologies IPO status portal, select Maxwell Engineering Solutions Limited, enter your PAN/Application number, and submit.
- Exchange Portal: Check via the NSE India allotment verification portal using your PAN and application credentials.