Maxwell Engineering Solutions IPO Subscription Status Day 2: Issue Subscribed 79.81 Times

Mumbai, November 02: The Maxwell Engineering Solutions IPO was subscribed 79.81 times overall as of 5:15:01 PM IST on November 2, 2026, the second day of bidding, according to the subscription figures provided. The non-institutional investor (NII) category recorded 116.93 times subscription, while individual investors registered 109.21 times. The qualified institutional buyers (QIB) category, excluding anchor investors, had not received any bids at the reported snapshot time. The book-built issue is valued at approximately ₹57.64 crore and comprises entirely a fresh issue of 36.48 lakh equity shares. The IPO price band was fixed at ₹150 to ₹158 per share, with the issue price at ₹158. Subscription opened on October 30, 2026, and is scheduled to close on November 3, 2026. The tentative allotment date is November 4, 2026. Refunds and credit of shares are scheduled for November 5, while Maxwell Engineering Solutions shares are expected to list on the NSE SME platform on November 6, 2026.

Maxwell Engineering Solutions IPO Day 2 Subscription Status

As of 5:15:01 PM IST on November 2, 2026, the Maxwell Engineering Solutions IPO had received bids for 19,16,75,200 equity shares against 24,01,600 shares available for public subscription, excluding the anchor investor and market maker portions. The NII segment received bids for 6,06,17,600 shares against an allocation of 5,18,400 shares. Within this category, big non-institutional investors (bNII) submitted bids for 4,48,57,600 shares against 3,45,600 shares offered, while small non-institutional investors (sNII) placed bids for 1,57,60,000 shares against their allocation of 1,72,800 shares. Individual investors submitted bids for 13,10,57,600 shares against 12,00,000 shares reserved for the category. Meanwhile, the QIB segment, excluding anchor investors, had received no bids against the 6,83,200 shares offered at the reported snapshot time.

The category-wise subscription position was as follows:

Investor Category	Shares Offered	Shares Bid For	Subscription (Times)
QIB (Ex Anchor)	6,83,200	0	0.00x
NII/HNI	5,18,400	6,06,17,600	116.93x
bNII (Above ₹10 lakh)	3,45,600	4,48,57,600	129.80x
sNII (Below ₹10 lakh)	1,72,800	1,57,60,000	91.20x
Individual Investors (Retail)	12,00,000	13,10,57,600	109.21x
Total	24,01,600	19,16,75,200	79.81x

The IPO also includes an anchor investor allocation of 10,24,000 shares and a market maker reservation of 2,22,400 shares. Both portions recorded bids covering their respective allocated quantities. These reservations are excluded from the overall public subscription calculation.

Maxwell Engineering Solutions IPO Day-wise Subscription Summary

The Maxwell Engineering Solutions IPO opened for public subscription on October 30, 2026, and is scheduled to close on November 3, 2026. The supplied subscription records cover the first two bidding days, including the Day 2 snapshot captured at 5:15:01 PM IST on November 2, 2026.

The day-wise subscription figures are presented below.

Date	QIB (Ex Anchor)	NII	Individual Investors	Total Subscription
October 30, 2026 (Day 1)	0.00x	4.35x	7.47x	4.67x
November 2, 2026 (Day 2, 5:15:01 PM IST)	0.00x	116.93x	109.21x	79.81x

The IPO recorded an overall subscription of 4.67 times on its opening day, supported by participation from individual and non-institutional investors. By the second day’s reported snapshot, the total had reached 79.81 times. The NII category recorded a substantial increase in subscription compared with Day 1, with both big and small non-institutional investors registering higher multiples. Retail subscription also rose, while the QIB segment continued to show no bids in the supplied records. The issue is scheduled to remain open for one more bidding day, with subscription closing on November 3, 2026.

Maxwell Engineering Solutions IPO Timeline

The Maxwell Engineering Solutions IPO opened for bidding on October 30, 2026, and is scheduled to close on November 3, 2026. The tentative timetable covers allotment, refunds, credit of shares and listing on the NSE SME platform.

IPO Event	Date
Issue Open Date	October 30, 2026
Issue Close Date	November 3, 2026
Allotment Date	November 4, 2026
Initiation of Refunds	November 5, 2026
Credit of Shares	November 5, 2026
Tentative Listing Date	November 6, 2026
Listing Platform	NSE SME

Brief Overview of the Maxwell Engineering Solutions IPO

Maxwell Engineering Solutions’ IPO is a book-built public issue aggregating approximately ₹57.64 crore, consisting entirely of a fresh issue of 36,48,000 equity shares. The offering does not include an offer-for-sale component. Of the total issue, 2,22,400 shares have been reserved for the market maker, leaving 34,25,600 shares for investors, including the anchor investor allocation. The QIB portion comprises 17,07,200 shares, representing approximately 49.84% of the net offer. This includes 10,24,000 shares allocated to anchor investors and 6,83,200 shares for other qualified institutional buyers. Non-institutional investors have been allocated 5,18,400 shares, while 12,00,000 shares are reserved for individual investors. The IPO price band was fixed at ₹150 to ₹158 per equity share, with a face value of ₹10 each. The issue price is ₹158 per share, and the lot size is 800 shares. Individual investors are required to apply for a minimum of two lots, equivalent to 1,600 shares, involving an investment of ₹2,52,800 at the issue price. For small non-institutional investors (sHNI), the minimum application size is three lots or 2,400 shares, amounting to ₹3,79,200. Big non-institutional investors (bHNI) have a minimum application requirement of eight lots, equivalent to 6,400 shares and an investment of ₹10,11,200. JDA Capital Services Ltd. is the book-running lead manager for the issue, while Kfin Technologies Ltd. serves as the registrar. Jda Capital Services Ltd. has also been named as the market maker. The IPO opened for subscription on October 30, 2026, and is scheduled to close on November 3, 2026. The Allotment is tentatively expected to be finalised on November 4, followed by refunds and credit of shares on November 5. Maxwell Engineering Solutions is expected to list on the NSE SME platform on November 6, 2026.

Source: 

• https://www.nseindia.com/market-data/issue-information?symbol=MAXENGS&series=SME&type=Active