Ramesh from Ahmedabad applied for the Maxwell Engineering Solutions Limited IPO on Day 1. By the evening of Day 2, his broker app showed an NII subscription of 82x and a retail category already past 108x , and Day 3 had not even opened. His question, which thousands of retail investors are asking right now: with numbers this strong this early, what does Maxwell Engineering IPO subscription status today actually signal about allotment probability and listing outcome? This article covers the complete picture: verified day-wise data, category-wise breakdown, what the multiples mean, and the full post-close timeline through to listing on NSE SME.
Maxwell Engineering IPO at a Glance
| Parameter | Detail |
|---|---|
| Company Name | Maxwell Engineering Solutions Limited |
| IPO Type | NSE SME IPO (Emerge) |
| Issue Size | Rs 57.64 crore (100% fresh issue, 36.48 lakh shares) |
| Price Band | Rs 150 to Rs 158 per share |
| Lot Size | 800 shares; minimum retail: 2 lots (1,600 shares) |
| Minimum Retail Investment | Rs 2,52,800 at upper price band |
| IPO Open Date | October 30, 2026 |
| IPO Close Date | November 3, 2026 |
| Allotment Date | November 4, 2026 |
| Listing Date | November 6, 2026 |
| Listing Exchange | NSE SME (Emerge) |
| Registrar | KFin Technologies Ltd |
| GMP (as of Nov 3, 2026) | Rs 80 (approx. 50.6% above upper price band) |
| Total Subscription (Day 2 EOD) | 72.97x |
Maxwell Engineering IPO subscription status today updates on the NSE SME portal and KFin Technologies platform during market hours (10:00 AM to 5:00 PM). Day 3 closes November 3, 2026 at 5:00 PM.
Maxwell Engineering Solutions Limited: Business and IPO Basics
Maxwell Engineering Solutions Limited is an engineering solutions company operating in precision components and industrial equipment manufacturing. The Maxwell Engineering IPO marks the company’s entry into the public capital market via the NSE SME Emerge platform, raising Rs 57.64 crore entirely through a fresh issue of 36.48 lakh equity shares , there is no offer for sale component, meaning all proceeds flow directly to the company rather than to any existing shareholders exiting.
The objects of the issue are specific: Rs 18 crore for capital expenditure on new machinery, laboratory equipment, and utilities; Rs 6.5 crore for a new office building and manufacturing facility; Rs 4.3 crore for repayment of existing borrowings; and Rs 14 crore for working capital. This capital allocation toward expansion and debt reduction is the financial story behind the IPO.
Financially, Maxwell Engineering Solutions Limited posted revenue of Rs 30.76 crore in FY2026, up 36% from Rs 22.59 crore in FY2025. Profit after tax grew from Rs 9.18 crore to Rs 11.86 crore over the same period, a 29% improvement. The post-issue diluted EPS stands at Rs 6.68, placing the post-issue P/E at approximately 23.65x at the upper price band of Rs 158 , a moderate valuation for an SME IPO in the engineering manufacturing space.
The NSE SME Emerge platform typically carries lower daily trading liquidity than mainboard listings. Retail investors who receive allotment and plan to hold beyond listing day should factor in liquidity constraints that may widen bid-ask spreads in the first few weeks of trading.
Maxwell Engineering IPO Subscription Status Today: Live Category-Wise Data
Maxwell Engineering IPO subscription status today reflects strong demand across retail and NII categories, with Day 3 representing the final hours of bidding before the close.
Day-Wise Subscription Table
| Day | Date | QIB | NII | Retail (RII) | Total |
|---|---|---|---|---|---|
| Day 1 | Oct 30, 2026 | 0.00x | 3.00x | 7.27x | 4.17x |
| Day 2 | Nov 2, 2026 | 0.00x | 82.09x | 108.88x | 72.97x |
| Day 3 (Final) | Nov 3, 2026 | Live , updating | Live , updating | Live , updating | Live , updating |
Sources: IPOGuru (Day 1 and Day 2 figures as of Nov 2, 2026, 5:30 PM IST). Final Day 3 figures publish at NSE SME portal after 5:00 PM on November 3, 2026.
The trajectory from Day 1 to Day 2 is dramatic: total subscription moved from 4.17x to 72.97x, driven almost entirely by NII demand (82x) and retail (108x). This pattern is typical of strong SME IPOs where anchor applications and large HNI bids flood in on Day 2 as GMP builds. The QIB category shows 0.00x as of Day 2, which is not unusual for SME IPOs where QIB participation is uncommon or arrives only on the final day of subscription.
The retail category crossing 108x on Day 2 alone confirms that Maxwell Engineering IPO Day 3 subscription will push the RII multiple well above the 15x threshold that triggers pure lottery allotment. Retail applicants should plan for a draw-of-lots outcome rather than proportional allotment.
Maxwell Engineering IPO QIB, NII, and Retail Subscription: What Each Category Tells Investors
The three investor categories in an IPO subscription reveal different demand signals. Qualified institutional buyers (QIBs) , mutual funds, foreign institutional investors, insurance companies , subscribe through separate bidding windows and their participation signals institutional confidence in the business fundamentals. A zero QIB figure through Day 2 is not a red flag for SME IPOs; many SME issues see QIB participation only on Day 3, or none at all, because their allocation is smaller and SEBI categorisation rules for SME QIB portions differ from mainboard.
Non-institutional investors (NIIs) , high-net-worth individuals applying above Rs 2 lakh , showed 82x on Day 2. High NII oversubscription strongly correlates with elevated grey market premium: large applications from HNIs reflect conviction about a listing pop. At Rs 2,52,800 for the minimum retail lot, the line between NII and retail blurs for this IPO , Maxwell Engineering’s minimum retail investment of 1,600 shares at Rs 158 is above the Rs 2 lakh threshold that separates retail individual investors (RIIs) from NIIs in the SEBI categorisation. This is important: investors who applied for exactly 1 lot (800 shares at Rs 1,26,400) fall in the RII category; those who applied for 2 or more lots cross into NII territory.
What Maxwell Engineering IPO Total Subscription Numbers Mean for Allotment
The total subscription multiple is the most-watched figure in the Maxwell Engineering IPO total subscription data, but its meaning for individual applicants depends on which category they fall in.
When total subscription stays below 1x, the issue is undersubscribed , every applicant receives full allotment, and the listing typically opens at or below issue price. A subscription of 1x to 5x means the issue is fully covered to mildly oversubscribed, with reasonable allotment probability for retail. Once the RII category crosses 5x to 15x, allotment becomes a lottery rather than proportional. Above 15x in RII, SEBI regulations mandate one lot per applicant by draw of lots , applying for more lots does not improve the chance of receiving allotment. Above 50x total subscription, strong institutional and HNI demand usually translates into a listing premium, though post-listing correction risk also rises as flippers exit on Day 1.
Maxwell Engineering IPO final subscription status points clearly toward the above-50x total band. With total subscription at 72.97x as of Day 2 close and Day 3 still open, the final number will almost certainly exceed 80x to 100x. The retail (RII) category at 108x on Day 2 is already well past the 15x lottery threshold. Investors who applied for a single lot of 800 shares have the same probability as those who applied for 5 or 10 lots in the same category , the draw of lots determines allotment. Investors tracking IPO allotment timelines for upcoming issues can monitor the Upcoming IPOs in India 2026 calendar for batch planning.
Maxwell Engineering IPO vs Typical NSE SME IPO: Setting the Context
Maxwell Engineering IPO subscription status today places this issue in the upper tier of SME IPOs tracked in 2025 and 2026 by both subscription momentum and GMP trajectory.
| Parameter | Maxwell Engineering IPO | Typical NSE SME IPO (2025-2026 Avg) |
|---|---|---|
| Issue Size | Rs 57.64 crore | Rs 25-60 crore |
| Price Band | Rs 150-Rs 158 | Rs 50-Rs 200 |
| Lot Size | 800 shares | 1,000-2,000 shares |
| Minimum Retail Investment | Rs 2,52,800 (2 lots) | Rs 1-2 lakh |
| Post-Issue P/E | 23.65x | 15x-40x |
| Total Subscription (Day 2) | 72.97x (Day 3 still live) | 30x-150x (SME average final) |
| GMP (Nov 3, 2026) | Rs 80 (50.6% premium) | Variable |
| Registrar | KFin Technologies Ltd | KFin, Bigshare, Link Intime |
| Listing Exchange | NSE SME (Emerge) | NSE SME / BSE SME |
The post-issue P/E of 23.65x sits in the mid-range of the 15x to 40x band typical for SME IPOs, suggesting the pricing is not stretched relative to peers. The GMP of Rs 80 per share, implying a listing price near Rs 238, represents one of the stronger grey market readings among SME IPOs open in November 2026. The combination of moderate PE and a high GMP generally reflects market confidence that earnings justify the issue price without needing an excessive growth premium.
The minimum retail investment of Rs 2,52,800 is above the standard Rs 2 lakh threshold , a detail that may have reduced the absolute number of retail applicants but concentrated the application pool among investors who have deliberately committed capital at this level.
How to Check Maxwell Engineering IPO Live Subscription Status
Investors who want Maxwell Engineering IPO live subscription data in real time have three reliable sources during the subscription window.
Method 1 , NSE SME Portal (Official Source)
The NSE website is the authoritative source for SME IPO subscription data. Under the Equity menu, the IPO section shows current issues with real-time bid data updated throughout market hours. The data shows category-wise figures (QIB, NII, RII) and total bids against shares offered. The NSE portal is the feed that all third-party platforms ultimately source their numbers from.
Method 2 , KFin Technologies (Registrar)
KFin Technologies Ltd is the registrar for the Maxwell Engineering IPO. The KFin Technologies portal publishes allotment basis results after the subscription closes and allotment is processed. During the subscription period, some registrar portals also display aggregate bid data, though their primary function activates post-close. Allotment status checks on allotment date (November 4, 2026) use PAN or application number on this platform.
Method 3 , SEBI-Registered Broker Platforms
Zerodha, Groww, Angel One, and Upstox all display live IPO subscription figures in their IPO sections alongside the application interface. Broker data typically reflects the NSE feed with a 15 to 30 minute lag. The BSE SME platform provides cross-reference data where relevant. For ASBA process guidance, SEBI’s investor guidance covers application blocking and modification procedures.
After Day 3 Closes: Allotment, Refund, and Listing Timeline
The subscription window for Maxwell Engineering Solutions Limited closes at 5:00 PM on November 3, 2026. What follows next matters as much as the subscription data for applicants planning their next steps.
| Event | Date |
|---|---|
| IPO Subscription Close | November 3, 2026 |
| Basis of Allotment | November 4, 2026 |
| Refund / ASBA Unblock | November 5, 2026 |
| Demat Credit | November 5, 2026 |
| Listing on NSE SME (Emerge) | November 6, 2026 |
The basis of allotment, published by KFin Technologies on November 4, 2026, shows the exact ratio at which each category received shares. Given that RII subscription crossed 108x on Day 2 alone, the basis of allotment will show a draw-of-lots outcome in the retail category , meaning some applicants receive one lot and many receive nothing, determined entirely by random selection.
ASBA fund unblocking occurs on November 5, 2026 for non-allotted applicants , the bank releases the blocked amount automatically, and the funds become available the same day. Allotted applicants see shares credited to their demat account on November 5, 2026 as well, one day before listing.
On listing day, November 6, 2026, the NSE SME pre-open session runs from 9:00 AM to 9:45 AM, with regular trading beginning at 10:00 AM. GMP of Rs 80 (as of November 3, 2026) points to an indicative listing price near Rs 238 , a 50.6% premium over the issue price of Rs 158. GMP is unofficial and can shift materially between now and listing open. Investors planning their exit strategy can track the latest GMP movement at ipocontrol.in/ipo-gmp-today/.
Six Practical Tips for Maxwell Engineering IPO Applicants
1. Do not read Day 1 subscription as the final signal. Maxwell Engineering’s Day 1 total was 4.17x , modest enough to cause concern for some investors who checked early. By Day 2 close, the total had moved to 72.97x. SME IPO subscriptions build disproportionately on Day 2 and in the final hours of Day 3 as HNI block applications clear and market participants react to GMP momentum.
2. For RII category above 15x, one lot is the optimal application size. The RII subscription crossed 108x on Day 2. At that level, SEBI mandates allotment by draw of lots in the retail category , one lot per applicant, selected randomly. Applying for 2 lots blocks Rs 5,05,600 instead of Rs 2,52,800 at the upper band without improving the probability of receiving any shares. One application, one draw , capital efficiency matters here.
3. Track GMP movement alongside subscription, not in isolation. A GMP of Rs 80 against an issue price of Rs 158 represents a 50.6% implied listing premium. GMP rising from Day 1 to Day 3 alongside subscription is the bullish signal , it confirms secondary market participants believe the listing price will sustain above issue price. A GMP that peaks and starts falling before close, even with high subscription, can indicate flippers positioning for an exit rather than genuine long-term demand. Check the current reading at ipocontrol.in/ipo-gmp-today/.
4. Confirm bid before 5:00 PM on November 3, 2026 , no extensions. ASBA bids remain modifiable until the subscription closes. An investor who wants to add lots, change the price within the band, or withdraw entirely must complete that action before 5:00 PM today. The NSE SME close is firm , broker platforms typically stop accepting modifications 15 to 30 minutes before the official cutoff to allow processing time.
5. Do not rely on Day 2 QIB data to judge institutional interest. The QIB category showed 0.00x through Day 2 for Maxwell Engineering IPO. This is structurally common in SME IPOs: the QIB reservation is smaller (50% of the non-market-maker portion), and institutional bidding often concentrates on Day 3 or does not materialise at all for SME-scale issues. The absence of QIB subscription through Day 2 does not override what retail and NII figures are showing.
6. Know the registrar and have the PAN ready for November 4. KFin Technologies publishes allotment results on November 4, 2026. The check requires PAN number plus either the application number from the broker confirmation SMS or the DP/Client ID from the demat account. Allotment results typically go live between 10:00 AM and 12:00 PM. Having these credentials confirmed before the morning avoids the scramble to locate application references when the dashboard opens.
Frequently Asked Questions , Maxwell Engineering IPO Subscription Status Today
Q1. What is Maxwell Engineering IPO subscription status today (Day 3)? Maxwell Engineering IPO subscription status today reflects Day 3 live bidding, which closes at 5:00 PM on November 3, 2026. As of Day 2 close (Nov 2, 2026), total subscription stood at 72.97x, with NII at 82.09x and retail at 108.88x. Day 3 final figures will be published on the NSE SME portal after 5:00 PM today. Check nseindia.com for real-time updates during market hours.
Q2. How many times did Maxwell Engineering IPO subscribed by Day 2? Maxwell Engineering IPO subscribed 72.97x overall by the end of Day 2 (Nov 2, 2026). NII category reached 82.09x and retail individual investors (RII) reached 108.88x. The QIB category showed 0.00x through Day 2, which is common for NSE SME issues. Day 3 figures will likely push the total well above 80x to 100x based on the demand trajectory seen in Days 1 and 2.
Q3. When does Maxwell Engineering IPO allotment happen? The Maxwell Engineering IPO allotment date is November 4, 2026. The basis of allotment will be published by KFin Technologies Ltd, the registrar, on that date. Applicants can check their allotment status on the KFin Technologies portal using PAN number or application number after 10:00 AM on November 4.
Q4. Does a high NII subscription mean retail investors will definitely get allotment? Not necessarily. NII and RII are separate categories with independent allocation pools. High NII subscription (82x) confirms HNI demand for the issue but does not affect the RII allotment process. The retail category’s own subscription multiple (108x through Day 2) determines retail allotment probability , at this level, allotment is purely by draw of lots in the RII bucket, independent of what the NII category does.
Q5. Can a Maxwell Engineering IPO applicant cancel the bid before Day 3 closes? Yes. ASBA-based IPO applications can be modified or cancelled through the investor’s bank or broker platform before 5:00 PM on November 3, 2026 (the close of Day 3). After the subscription window closes, no modifications are permitted. Withdrawal before close results in immediate release of the blocked ASBA funds. Investors who applied through a broker platform should use the broker’s IPO section to initiate withdrawal rather than calling the bank directly.
Disclaimer: This article is for educational and informational purposes only and does not constitute investment advice or a recommendation to buy, sell, or hold any securities. ipocontrol.in is not registered with SEBI as an investment advisor. Subscription data used in this article is sourced from third-party IPO tracking platforms and the NSE SME portal , verify all figures directly before making any application or investment decision. Readers should consult a SEBI-registered investment advisor before making any financial decision.
Maxwell Engineering IPO Subscription Status Today: Numbers Tell the Story
The data through Day 2 tells a clear story for Maxwell Engineering IPO subscription status today: institutional-scale NII demand at 82x and retail at 108x signal that the market has decisively priced this issue as worth applying for. The GMP of Rs 80 , a 50.6% premium to the Rs 158 upper band , runs in the same direction. Together, these numbers place Maxwell Engineering Solutions Limited in the upper tier of NSE SME IPOs by subscription momentum for the November 2026 window.
For retail applicants in the RII category, the practical implication is straightforward. With oversubscription above 100x in the retail bucket, allotment will be by draw of lots. The expected allotment ratio will appear in the basis of allotment published by KFin Technologies on November 4, 2026. Investors who do not receive allotment will see their ASBA funds unblocked on November 5, 2026 and shares credited to allotted demat accounts on the same date, ahead of the November 6, 2026 listing.
Subscription numbers are a demand signal, not a listing guarantee. Post-listing performance depends on market conditions on November 6, the overall SME market sentiment that week, and whether the GMP holds through listing. Strong subscription can co-exist with a flat or negative listing if the broader market corrects sharply between close and listing day. The GMP trajectory in the 48 hours before listing is the most reliable leading indicator of actual listing performance.
The complete action checklist: check Day 3 final subscription on NSE SME portal after 5:00 PM on November 3, check allotment on KFin Technologies portal on November 4, track demat credit and ASBA unblocking on November 5, and monitor pre-open GMP and listing price on NSE SME from 9:00 AM on November 6. Investors building their next IPO pipeline beyond Maxwell Engineering can track open and upcoming issues on Upcoming IPOs in India 2026.