Maxwell Engineering Solutions IPO Subscription Status Day 3: Issue Subscribed 536.79 Times

Mumbai, November 03: The Maxwell Engineering Solutions IPO was subscribed 536.79 times overall as of 5:05:01 PM IST on November 3, 2026, the third and final day of bidding, according to the subscription figures provided. The non-institutional investor (NII) category recorded 857.64 times subscription, while individual investors registered 556.09 times. The qualified institutional buyers (QIB) segment, excluding anchor investors, stood at 259.45 times subscription at the reported snapshot time. The book-built issue is valued at approximately ₹57.64 crore and consists entirely of a fresh issue of 36.48 lakh equity shares. The IPO was offered at a price band of ₹150 to ₹158 per share, with the issue price fixed at ₹158. Subscription opened on October 30, 2026, and closed on November 3, 2026. The tentative allotment date is November 4, 2026. Refunds and credit of shares are scheduled for November 5, while the company’s equity shares are expected to list on the NSE SME platform on November 6, 2026.

Maxwell Engineering Solutions IPO Day 3 Subscription Status

As of 5:05:01 PM IST on November 3, 2026, the Maxwell Engineering Solutions IPO had received bids for approximately 128.92 crore equity shares against 24,01,600 shares available for public subscription, excluding the anchor investor and market maker portions. The NII segment recorded the highest subscription multiple among the public investor categories. Within this segment, big non-institutional investors (bNII) registered 1,024.23 times subscription, while small non-institutional investors (sNII) recorded 524.48 times. Individual investors also submitted bids substantially exceeding the shares reserved for their category. The QIB segment, which had not recorded any subscription during the first two reported bidding days, received bids on the closing day.

The category-wise subscription position at the reported snapshot time was as follows:

Investor Category	Shares Offered	Subscription (Times)
QIB (Ex Anchor)	6,83,200	259.45x
NII/HNI	5,18,400	857.64x
bNII (Above ₹10 lakh)	3,45,600	1,024.23x
sNII (Below ₹10 lakh)	1,72,800	524.48x
Individual Investors (Retail)	12,00,000	556.09x
Total	24,01,600	536.79x

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 concluded on November 3, 2026, covering three bidding days. The supplied subscription records show the progression of bids across investor categories during the offer period. The final day’s figures reflect the snapshot captured at 5:05:01 PM IST on November 3, 2026.

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)	0.00x	117.09x	110.21x	80.34x
November 3, 2026 (Day 3, 5:05:01 PM IST)	259.45x	857.64x	556.09x	536.79x

The IPO recorded an overall subscription of 4.67 times on its opening day, followed by 80.34 times on the second day. By the final day’s reported snapshot, the total had reached 536.79 times, with considerably higher subscription levels across the public investor categories. The NII segment registered the highest subscription multiple on the closing day. Within this category, big non-institutional investors recorded 1,024.23 times subscription, compared with 524.48 times among small non-institutional investors. Individual investor subscription increased from 7.47 times on Day 1 to 556.09 times on the final day. The QIB category, which had shown no recorded bids during the first two days, reached 259.45 times subscription by the closing-day snapshot.

Maxwell Engineering Solutions IPO Timeline

The Maxwell Engineering Solutions IPO closed for public subscription on November 3, 2026. The issue is scheduled to proceed through allotment and settlement, with a tentative listing date of November 6, 2026.

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, comprising entirely 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 were 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 was three lots or 2,400 shares, amounting to ₹3,79,200. Big non-institutional investors (bHNI) had 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. is also identified as the market maker in the supplied issue details. The IPO opened for subscription on October 30, 2026, and closed 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