Mumbai, November 06: Shares of Maxwell Engineering Solutions made their debut on the NSE SME platform at ₹300.20 apiece on Friday, November 6, 2026. The listing price was ₹142.20, or 90%, above the IPO issue price of ₹158 per share.

After listing, the stock moved slightly lower. At 10:11 AM IST, shares were trading at ₹299, down ₹1.20, or 0.40%, from the listing price. The stock remained 89.24% above its IPO issue price.

Maxwell Engineering Solutions Shares Trade At ₹299 After Listing

The shares were quoted at ₹299 at 10:11 AM IST, according to the market snapshot. This represented a decline of 0.40% from the listing price of ₹300.20.

Compared with the IPO issue price of ₹158, the stock was trading 89.24% higher. The market snapshot recorded an open price of ₹300.20, a VWAP of ₹300.52 and a traded volume of 76,000 shares.

₹57.64 Crore IPO Was Entirely A Fresh Issue

Maxwell Engineering Solutions raised ₹57.64 crore through its book-built IPO. The issue comprised 36.48 lakh shares, including 34.256 lakh shares offered to the public after excluding the market-maker reservation of 2.224 lakh shares.

The IPO was entirely a fresh issue, meaning the company issued new shares to raise capital. The final issue price was fixed at ₹158 per share, at the upper end of the ₹150–₹158 price band.

IPO Received 536.80 Times Overall Subscription

The IPO received 536.80 times overall subscription during its three-day bidding period from October 30 to November 3, 2026.

The non-institutional investor (NII) category was subscribed 857.65 times, while the individual investor category received 556.09 times subscription. The qualified institutional buyer (QIB) portion, excluding anchor investors, was subscribed 259.45 times.

NII Category Led Subscription Demand

The NII category received bids for 44,46,04,800 shares against 5,18,400 shares offered. Within this category, applications above ₹10 lakh were subscribed 1,024.23 times, while those below ₹10 lakh received 524.49 times subscription.

Individual investors bid for 66,73,10,400 shares against 12,00,000 shares offered. The QIB category, excluding anchor investors, received bids for 17,72,55,200 shares against 6,83,200 shares offered.

IPO Price Was Fixed At ₹158 Per Share

Maxwell Engineering Solutions had set its IPO price band at ₹150–₹158 per share and fixed the final issue price at the upper end of the band.

The lot size was 800 shares, taking the minimum retail application amount to ₹1,26,400 at the final issue price. The shares were listed on the NSE SME platform on November 6, following the completion of allotment and credit of shares.

Maxwell Engineering Solutions Share Price Snapshot At 10:11 AM

At 10:11 AM IST on November 6, Maxwell Engineering Solutions shares were trading at ₹299 on the NSE SME platform.

The price was 0.40% below the listing price of ₹300.20 but remained 89.24% above the IPO issue price of ₹158. The market snapshot showed a VWAP of ₹300.52 and a traded volume of 76,000 shares.

Conclusion

Maxwell Engineering Solutions shares debuted at ₹300.20 on the NSE SME platform, marking a 90% premium over the IPO issue price of ₹158. By 10:11 AM IST, the stock had eased to ₹299, down 0.40% from its listing price. The ₹57.64 crore IPO received 536.80 times overall subscription, with the NII category recording the highest subscription at 857.65 times.

Source:

• https://www.nseindia.com/get-quote/equity/MAXENGS/Maxwell-Engineering-Solutions-Limited