Maharaja & Speedex India, a manufacturer and distributor of stainless-steel bottles and allied drinkware products, plans to raise ₹80 crore through an initial public offering on the BSE SME platform.
They will offer 43.08 lakh equity shares in the price band of ₹177-₹186 a share. The issue will open for subscription on Thursday.
Net proceeds from the fresh issue will be used to repay a portion of debt, fund the purchase of plant and machinery at the existing manufacturing facility, and general corporate purposes.
Choice Capital Advisors will be the book-running lead manager, while Maashitla Securities has been appointed the registrar.
Rakesh Kumar Aggarwal, Chairman and Managing Director, Maharaja & Speedex India, said the company has developed a diversified portfolio of stainless-steel bottles and allied drinkware products, supported by the Speedex and Dewdrop brands, along with OEM and private-label capabilities.
With increasing consumer preference for durable, reusable and sustainable drinkware solutions, the company sees meaningful opportunities to further expand its market presence and product offerings, he said.
The company focuses on expanding its product portfolio, strengthening brands and distribution network and creating a scalable and sustainable business, he added.
Ratiraj Tibrewal, Director, Choice Capital Advisors, said Maharaja & Speedex India has established its manufacturing capabilities, broad product range and pan-India distribution network, providing a well-rounded platform to address opportunities across retail and institutional markets.
With 223 SKUs, established manufacturing infrastructure and a network of 101 distributors across 17 states and 2 Union Territories, the company has developed a scalable business platform with significant scope for further market penetration, he said.
The proposed IPO represents an important step in the company’s growth journey. The planned investment in plant and machinery is expected to strengthen manufacturing capabilities, enhance operational efficiencies and support the company’s ability to cater to growing demand, he added.