Seemax Resources IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 17.19x |
| NII | 4.08x |
| Retail (RII) | 1.52x |
| Total | 3.62x |
Bidding day 3 · final figures at close of bidding: 15 Jul 2026, 12:00 am IST
IPO Details
- Open Date
- 30 Jun 2026
- Close Date
- 2 Jul 2026
- Listing Date
- 7 Jul 2026
- Face Value
- ₹10
- Fresh Issue
- ₹18.75 Cr
- OFS
- ₹0 Cr
- Listing On
- BSE
- Registrar
- —
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | ₹2,82,000 |
| HNI (Min) | 3 | 3,000 | ₹4,23,000 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| QIB (ex-anchor) | 70,000 | 5.26% |
| NII | 6,60,000 | 49.62% |
| — sNII (< ₹10L) | 2,20,000 | 16.54% |
| — bNII (> ₹10L) | 4,40,000 | 33.08% |
| Retail | 6,00,000 | 45.11% |
| Total | 13,30,000 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2023 | 11.38 | 0.79 | 2.34 | 2.05 | 11.34 | 7.58 | — |
| FY 2024 | 11.41 | 1.43 | 3.78 | 3.48 | 16.66 | 10.94 | — |
| FY 2025 | 14.46 | 2.24 | 4.85 | 5.72 | 18.46 | 9.68 | — |
| Dec 2025 (interim) | 12.43 | 2.24 | 3.51 | 7.96 | 24.5 | 13.13 | 7.46 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 18.91x
- P/E (post-issue)
- 20.74x
- RoNW
- 28.18%
- RoE
- 32.8%
- RoCE
- 31.72%
- Debt / Equity
- 1.65
- EPS (pre-issue)
- ₹7.46
- EPS (post-issue)
- ₹6.8
- EBITDA Margin
- 30.55%
- PAT Margin
- 19.52%
- P/BV
- 5.31x
- NAV / share
- ₹26.53
- Market Cap
- ₹62.04 Cr
As of 31 Dec 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Funding Capital Expenditure towards Purchase of Material Handling Equipment | ₹10 Cr |
| Funding towards Repayment or prepayment, in full or in part, of borrowings availed by Company from banks and financial institutions | ₹1.5 Cr |
| Funding the long-term working capital requirements of the Company | ₹3.25 Cr |
| General Corporate Purposes | ₹2.96 Cr |
| Issue expenses | ₹2.03 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fees and commissions payable to the BRLM (including any underwriting commission, brokerage and selling commission) | ₹1.5 Cr |
| Fees Payable to Registrar to the Issue | ₹0.01 Cr |
| Fees payable to Legal Advisor | ₹0.03 Cr |
| Fees Payable Advertising, Marketing Expenses and Printing Expenses | ₹0.05 Cr |
| Fees Payable to Regulators including Stock Exchanges and other Intermediaries | ₹0.1 Cr |
| Fees payable to Peer Review Auditor | ₹0.06 Cr |
| Fees Payable to Market Maker | ₹0.05 Cr |
| Others (Fees payable for marketing & distributing expenses, selling commission, brokerage, processing fees and miscellaneous expenses.) | ₹0.23 Cr |
Promoters & Shareholding
Promoters: <p>Amit Naldev Trivedi, Seema Trivedi</p>
- Holding (pre-issue)
- 99.98%
- Holding (post-issue)
- 68.18%
- Dilution
- 31.8%
Documents
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Seemax Resources | 7.48 | 26.53 | — | 28.18% | — | Restated |
| Sanghvi Movers Ltd | 11.22 | 140.31 | 29.18x | 7.98% | 2.34x | Standalone |
Peer group as disclosed in the offer document, figures as of 31 Dec 2025. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Listing Performance
About the Seemax Resources IPO
The Seemax Resources SME IPO runs from 30 Jun 2026 to 2 Jul 2026, offered at a price band of ₹134–141 per share, and is set to list on BSE. The company is looking to raise ₹19.74 crore through the offer. Retail investors bid in lots of 1000 shares, a minimum application of ₹2,82,000.
Issue structure
The IPO is structured entirely as a fresh issue of ₹18.75 crore, so the full proceeds flow to the company to fund its stated objects of the issue.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding capital expenditure towards purchase of material handling equipment (₹10 crore), alongside funding the long-term working capital requirements of the company (₹3.25 crore). In all, 5 objects are disclosed — the full break-up is in the table above.
Financials
In FY2025, Seemax Resources reported revenue of ₹12.43 crore and a net profit of ₹2.24 crore. Revenue grew from ₹11.38 crore in FY2023 to ₹12.43 crore in FY2025 (+9.0%). Net worth stood at ₹7.96 crore at the end of FY2025. At the upper band, that puts the issue at roughly 18.9× FY2025 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 20.74× post-issue earnings and 5.31× book value, against a return on net worth of 28.18% and a debt-to-equity ratio of 1.65. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Amit Naldev Trivedi, Seema Trivedi</p>. Promoter holding stands at 99.98% before the issue and comes down to 68.18% after listing.
Grey market premium (GMP)
In the unofficial grey market, Seemax Resources shares are quoted at a premium of ₹0 implying an expected listing around ₹141, about +0.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Seemax Resources IPO was subscribed 3.62 times overall. The strongest demand came from qualified institutional buyers (QIB) at 17.19 times, with non-institutional investors (NII) at 4.08× and retail investors at 1.52×.
Listing performance
Seemax Resources listed on 7 Jul 2026 at ₹112.8, a discount of -20.0% over the issue price of ₹141.
What to weigh
When evaluating the Seemax Resources IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Seemax Resources
Seemax Resources Limited , incorporated in 2015, operates in the material handling equipment (MHE) industry through two primary business segments: equipment rental services and MHE trading . The company provides a wide range of rental solutions, including forklifts, cranes, pallet trucks, and other material handling equipment, supported by trained operators and maintenance services to ensure smooth operations for its customers. As of March 31, 2025, the company managed a fleet of 82 material handling equipment units under its rental business. In addition to rental services, Seemax Resources is engaged in the trading of material handling equipment sourced from reputed global manufacturers, enabling it to offer comprehensive solutions to its clients. The company caters to a diverse customer base across multiple industries, including automotive, steel, glass, cement, textiles, logistics, retail, ports, construction, aviation, and railways. By understanding the unique operational requirements of each sector, the company delivers customized material handling solutions aimed at enhancing efficiency, safety, and productivity. During Fiscal 2025, the rental business remained the company's primary revenue driver, contributing approximately 94.71% of total revenue, while the MHE trading segment accounted for the remaining 5.29% . Key Competitive Strengths Comprehensive material handling rental solutions supported by value-added services. Experienced and technically skilled workforce focused on operational excellence. Strong emphasis on quality assurance and equipment reliability. Promoters and senior management team with extensive industry experience and technical expertise. Established relationships with authorized dealers and leading equipment manufacturers.
Seemax Resources — Contact Details
- Registered office
- 403, Mayfair Corporate Park, Behind DPS School, Kalali, Vadodara, Gujarat, 390012
- Phone
- +91-99040 89444
- Website
- www.seemaxresources.com/
- Registrar (IPO queries)
- ipo@cameoindia.com
Frequently asked questions
- What is the Seemax Resources IPO price band?
- The Seemax Resources IPO price band is ₹134 to ₹141 per share, with a lot size of 1000 shares.
- What was the Seemax Resources IPO GMP before listing?
- The final grey market premium recorded before the Seemax Resources IPO listed was ₹0. The IPO listed on 7 Jul 2026 at ₹112.8, -20.0% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Seemax Resources IPO open and close?
- The Seemax Resources IPO opens on 30 Jun 2026 and closes on 2 Jul 2026.
- When is the Seemax Resources IPO allotment and listing date?
- Allotment is expected on 3 Jul 2026. The shares are scheduled to list on 7 Jul 2026 on BSE.
- How many times was the Seemax Resources IPO subscribed?
- The Seemax Resources IPO was subscribed 3.62 times in total across all investor categories.
- What is the reservation split in the Seemax Resources IPO?
- Of the total shares offered, retail investors get 45.11%, QIBs 5.26%, non-institutional investors 49.62%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Seemax Resources and what is their holding?
- The promoters are <p>Amit Naldev Trivedi, Seema Trivedi</p>. Promoter holding is 99.98% before the issue and 68.18% after listing.
- What is the P/E ratio of the Seemax Resources IPO?
- At the upper price band, the Seemax Resources IPO is valued at 18.91× pre-issue earnings and 20.74× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Seemax Resources IPO?
- The net proceeds go primarily toward funding capital expenditure towards purchase of material handling equipment, among 5 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Seemax Resources IPO?
- The book-running lead manager is Wealth Mine Networks Pvt.Ltd..
- Is Seemax Resources a Mainboard or SME IPO?
- Seemax Resources is an SME IPO, listing on BSE (SME platform).