Maxwell Engineering Solutions
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 259.45×
- Big non-institutionalbNII · above ₹10 lakh
- 1024.23×
- Small non-institutionalsNII · ₹2–10 lakh
- 524.49×
- Retail individualRII · up to ₹2 lakh
- 556.09×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 9 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 04 Nov 2026 | ₹100 | — | ₹60,800 | ₹258 | ₹80,000 |
| 03 Nov 2026 | ₹80 | — | ₹48,600 | ₹238 | ₹64,000 |
| 02 Nov 2026 | ₹80 | — | ₹48,600 | ₹238 | ₹64,000 |
| 01 Nov 2026 | ₹70 | — | ₹42,600 | ₹228 | ₹56,000 |
| 31 Oct 2026 | ₹70 | — | ₹42,600 | ₹228 | ₹56,000 |
| 30 Oct 2026 | ₹70 | — | ₹42,600 | ₹228 | ₹56,000 |
| 29 Oct 2026 | ₹70 | — | ₹42,600 | ₹228 | ₹56,000 |
| 28 Oct 2026 | ₹43 | — | ₹26,100 | ₹201 | ₹34,400 |
| 27 Oct 2026 | ₹27 | — | ₹16,400 | ₹185 | ₹21,600 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 6,83,200 | 17,72,55,200 | ₹2,801 Cr | 259.45× |
| Non-institutional | 5,18,400 | 44,46,04,800 | ₹7,025 Cr | 857.65× |
| Big non-institutionalwithin NII | 3,45,600 | 35,39,72,800 | ₹5,593 Cr | 1024.23× |
| Small non-institutionalwithin NII | 1,72,800 | 9,06,32,000 | ₹1,432 Cr | 524.49× |
| Retail individual | 12,00,000 | 66,73,08,800 | ₹10,543 Cr | 556.09× |
| Total | 24,01,600 | 1,28,91,70,400 | ₹20,369 Cr | 536.80× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 03 Nov, 05:57 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 30 Oct 2026 – 03 Nov 2026
- Listing date
- 06 Nov 2026
- Face value
- ₹10 per share
- Price band
- ₹150 – ₹158
- Issue price
- ₹158 per share
- Lot size
- 800 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹57.64 Cr
- Fresh issue
- ₹54.12 Cr 34,25,600 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹216 Cr
- Promoter holding
- 97.26% → 71.36% pre-issue → post-issue
- ISIN
- INE1W3F01014
- CIN
- U29308GJ2022PLC135432
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- JDA Capital Services Ltd.
- Registered office
- Plot 939 & 940, Waghodia GIDC, Vaghodia, Vadodara-391760, Gujarat, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 6,83,200 | 28.45% | 26.04% |
| Anchor investor · within QIB | 10,24,000 | — | 39.02% |
| NII (HNI) | 5,18,400 | 21.59% | 19.76% |
| bNII > ₹10L · within NII | 3,45,600 | — | 13.17% |
| sNII < ₹10L · within NII | 1,72,800 | — | 6.59% |
| Retail (RII) | 12,00,000 | 49.97% | 45.73% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,22,400 | — | 8.48% |
| Total issue | 26,24,000 | — | 100.00% |
Net offer to the public of 24,01,600 shares, out of a total issue of 26,24,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 800 shares per lot, in multiples, at ₹158
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,26,400 |
| S-HNI (min) | 2 | 1,600 | ₹2,52,800 |
| S-HNI (max) | 7 | 5,600 | ₹8,84,800 |
| B-HNI (min) | 8 | 6,400 | ₹10,11,200 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 11.80 | 6.68 |
| P/E (×) | 13.39 | 23.65 |
| Price to book (×) | 6.39 | — |
| Market cap | — | ₹216 Cr |
Key performance indicators
- Return on net worth
- 47.70%
- ROCE
- 38.46%
- Debt / equity
- 0.67
- PAT margin
- 40.28%
- EBITDA margin
- 51.58%
- NAV per share
- ₹24.74
- Price to book
- 6.39
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 30.76 | 22.59 | 10.87 |
| Revenue from operations | 29.45 | 22.1 | 10.54 |
| Other income | 1.31 | 0.49 | 0.32 |
| Total expenses | 16.36 | 11.54 | 7.04 |
| Operating profit | 14.4 | 11.05 | 3.83 |
| Operating margin | 46.81% | 48.92% | 35.23% |
| Profit before tax | 14.4 | 11.06 | 3.83 |
| Profit after tax | 11.86 | 9.18 | 3.16 |
| PAT margin | 38.56% | 40.64% | 29.07% |
| Balance sheet | |||
| Total assets | 47.55 | 25.31 | 8.51 |
| Current assets | 18.31 | 15.58 | 5.47 |
| Current liabilities | 9.58 | 5.66 | 3.54 |
| Total liabilities | 22.68 | 12.3 | 5.17 |
| Net worth | 24.87 | 13.01 | 3.33 |
| Current ratio | 1.91× | 2.75× | 1.55× |
| Return on equity | 47.69% | 70.56% | 94.89% |
| Cash flow | |||
| Operating cash flow | 7.48 | 7.37 | 3.58 |
| Investing cash flow | -13.58 | -12.38 | -3.72 |
| Financing cash flow | 7.06 | 5.57 | 0.75 |
| Net cash flow | 0.96 | 0.56 | 0.61 |
Objects of the issue
1 Capital expenditure ₹18 Cr
Financing the capital expenditure requirement towards Purchase of New Machineries, Lab Equipment & Other utilities for our Manufacturing Facility
2 Capital expenditure for Construction ₹6.50 Cr
Financing the capital expenditure requirement for construction of New Office Building and Manufacturing facility
3 Repayment & Prepayment ₹4.30 Cr
Repayment / prepayment, in full or part, of certain outstanding borrowings availed by our Company
4 Funding working capital requirements of our Company ₹14 Cr
Funding working capital requirements of our Company
5 General Corporate Purposes —
General Corporate Purposes
1 of 5 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Maxwell Engineering Solutions
Maxwell Engineering Solutions Limited manufactures precision-engineered wear components and spare parts for underwater pelletizing systems, including pelletizing die plates, pelletizing blades/knives, blade holders/cutter hubs, tapped driving bushes and other spare components. It also runs a trading operation in certain traded components. The company was incorporated as Maxwell Engineering Solutions Private Limited on September 13, 2022. It converted to a public limited company following an EGM on June 9, 2025, and received a fresh certificate of incorporation on June 30, 2025. It relocated its manufacturing facility to Waghodia GIDC in July 2025. Its main inputs are steel, carbide and brazing filler, with steel sourced domestically and carbide and brazing filler mostly imported. Most revenue comes from exports, which were 84.73% of revenue from operations in FY 2025-26. Revenue from operations was ₹1,054.33 lakhs in FY 2023-24, ₹2,209.98 lakhs in FY 2024-25, ₹2,944.83 lakhs in FY 2025-26, and ₹1,187.51 lakhs for the period ended July 31, 2026. The company had 73 permanent employees, including directors, as of July 31, 2026.
Management
Manmohan Chaudhary
Chairman & MD
Kanjibhai Chavda
Whole Time Director
Rajkumar Chaudhary
Non Executive Director
Jayantilal Ranchhodbhai Prajapati
Non Executive Independent Director
Sushil Ganeriwala
Independent Director
Strengths
As stated in the offer document
Experienced Promoters and Management Team
The company is guided by promoters with significant industry knowledge and experience, through which business strategies are formulated and implemented. Functional responsibilities are shared among the promoters, supported by experienced staff at different levels, enabling effective management of operations and the pursuit of current and future market opportunities.
Existing Client Relationships
Strong customer relationships have been developed through attention to specific customer requirements, timely order fulfilment and consistent product quality. Customer satisfaction is supported by comprehensive after-sales service, with product returns facilitated in the event of quality issues.
Quality Service
High standards of service quality and timely delivery are maintained through stringent systems designed to minimise errors and product rejections. Customer goodwill, retention, repeat orders and expansion of the customer base have been supported by consistent service delivery.
Well-Established Systems and Procedures
Established systems and procedures are used to coordinate machinery and manpower for achieving operational objectives. Production processes are designed to support efficiency and quality, while machinery is selected and maintained in line with industry standards to enhance productivity and minimise downtime. Workforce training is also provided to support proficient equipment operation.
"Revenue from Multiple Geographies
Revenue is generated from domestic markets across India and export markets spanning more than 20 countries, while products are marketed in over 25 countries. Export sales accounted for approximately 84.73%, 82.43% and 80.38% of revenue from operations in FY2026, FY2025 and FY2024, respectively. Domestic sales contributed approximately 15.27%, 17.57% and 19.62% during the same periods. Geographical diversification supports customer-base expansion, access to global technological developments and reduced dependence on individual markets.
Risk factors
As stated in the offer document
High Dependence on Export Markets
Approximately 80.38%–84.73% of revenue from operations during FY2024–FY2026 and the period ended July 31, 2026 was derived from exports. Adverse changes in international trade policies, tariffs, geopolitical conditions, foreign exchange rates or overseas demand could materially affect revenue, cash flows and financial performance.
Dependence on Steel as a Key Raw Material
Steel accounted for 65.96% of raw material purchases for the period ended July 31, 2026, compared with 37.47% in FY2026. Price increases or supply disruptions could raise production costs and reduce profit margins, particularly where additional costs cannot be passed on to customers.
Promoter Group Conflict of Interest
A promoter group entity, Maxwell Dies & Moulds, operates in a similar line of business, and no non-compete agreement has been entered into with that entity. Potential competition, conflicts over customers or business opportunities, or diversion of management resources could weaken the company's market position and growth prospects.
Borrowings and Risk of Default Under Financing Agreements
Total borrowings stood at ₹1,539.34 lakhs as of July 31, 2026, comprising secured and unsecured loans. Failure to meet repayment obligations or financing covenants could result in facility cancellation, accelerated repayment, enforcement against secured assets or recovery proceedings, adversely affecting liquidity and operations.
Product Quality and Customer Contract Performance
Variations in raw-material quality or failures in quality-control processes could result in defective products, customer disputes, product returns and potential product-liability claims. Failure to meet customer-specific specifications or delivery requirements could also lead to lost orders, additional costs and reputational damage.
Company Analysis
from RHPMaxwell Engineering Solutions Limited manufactures precision-engineered wear components and spare parts for underwater pelletizing systems and also trades certain components, spanning precision engineering and pelletizing equipment spare parts.
Maxwell Engineering Solutions Limited manufactures precision-engineered wear components and spare parts for underwater pelletizing systems, including pelletizing die plates, pelletizing blades/knives, blade holders/cutter hubs, tapped driving bushes and other spare components. It also runs a trading operation in certain traded components. The company was incorporated as Maxwell Engineering Solutions Private Limited on September 13, 2022. It converted to a public limited company following an EGM on June 9, 2025, and received a fresh certificate of incorporation on June 30, 2025. It relocated its manufacturing facility to Waghodia GIDC in July 2025. Its main inputs are steel, carbide and brazing filler, with steel sourced domestically and carbide and brazing filler mostly imported. Most revenue comes from exports, which were 84.73% of revenue from operations in FY 2025-26. Revenue from operations was ₹1,054.33 lakhs in FY 2023-24, ₹2,209.98 lakhs in FY 2024-25, ₹2,944.83 lakhs in FY 2025-26, and ₹1,187.51 lakhs for the period ended July 31, 2026. The company had 73 permanent employees, including directors, as of July 31, 2026.
Objects of the Issue
- Purchase of new machineries, lab equipment and other utilities for the manufacturing facility p.42
- Construction of a new office building and manufacturing facility p.42
- Repayment or prepayment, in full or part, of certain outstanding borrowings p.42
- Funding working capital requirements ₹1,400.00 lakhs (₹1,100.00 lakhs in Fiscal 2027 and ₹300.00 lakhs in Fiscal 2028) p.30
- Financing the capital expenditure for purchase of new machineries, lab equipment and other utilities for the Manufacturing Facility Upto 1800.00 (₹ lakhs) p.98
- Financing the capital expenditure for construction of a new office building and manufacturing facility Upto 650.00 (₹ lakhs) p.98
- Repayment / prepayment, in full or part, of certain outstanding borrowings Upto 430.00 (₹ lakhs) p.98
- Funding working capital requirements Upto 1400.00 (₹ lakhs) p.98
- General Corporate Purposes p.98
Issue Structure
- Total Issue
- Up to 36,48,000 Equity Shares of ₹10/- each aggregating to ₹ [●] Lakhs
- Fresh Issue
- Up to 36,48,000 Equity Shares of ₹10/- each aggregating to ₹ [●] Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹154 (Floor Price) to ₹158 (Cap Price) per Equity Share, per the Price Band definition on page 13. The Floor Price definition on page 11 states ₹150, and the Cap Price definition requires at least 105% of the Floor Price, but ₹158 is about 102.6% of ₹154.
- Lot Size
- 800 Equity Shares, per the Lot Size definition on page 12. The Bid Lot definition on page 9 reads '4560 Lots of Equity Shares and in multiples of 800 Equity Shares thereafter', which appears to be a typo.
- Face Value
- ₹10/- per Equity Share
Business Model
The company manufactures and sells wear components and spare parts for underwater pelletizing systems, mostly to customers outside India, and invoices in foreign currencies for export sales. Sales are mainly made on purchase orders with no fixed volume commitment, and customers outside India are typically given credit periods of 60 to 90 days. The company has no long-term supply or customer contracts. It outsources some processes such as machining, welding and painting to job workers (job-work charges were ₹60.50 lakhs in FY 2025-26).
Business Segments
SWOT Analysis
- • Management team has long industry experience and customer relationships(p.49)
- • No product liability losses in the stated period(p.49)
- • Business classified as essential, allowing operations during the 2020 lockdown(p.53)
- • Experienced promoter and management team(p.125)
- • Existing client relationships(p.125)
- • Revenue from multiple geographies(p.118)
- • ISO 9001:2015 quality certification(p.118)
- • ZED Bronze certification under the MSME Sustainable (ZED) scheme(p.118)
- • Customized manufacturing to customer specifications(p.118)
- • Track record of revenue growth and profitability(p.118)
- • Experienced promoters with industry knowledge driving growth(p.180)
- • Strong long-term client relationships(p.180)
- • Quality service earning customer goodwill and repeat orders(p.181)
- • Revenue spread across multiple geographies, with exports from more than 20 countries(p.181)
- • Customized product offering to customer specifications(p.181)
- • In-house R&D unit focused on product and process innovation(p.181)
- • Company states it has no direct competitors in India offering the same products(p.191)
- • ISO 9001:2015 quality management certification for core product lines(p.220)
- • Promoters bring more than 22 years combined experience in the same line of business(p.242)
- • Larger manufacturing unit after relocation, at about 2,000 sq. meters versus the prior 7,500 sq. ft.(p.220)
- • Non-compete agreement in place with Maxwell Dies and Moulds, a promoter group entity in the same line of business(p.222)
- • Revenue from operations grew from ₹1,054.33 lakh (FY2024) to ₹2,944.83 lakh (FY2026)(p.252)
- • Promoters bring over 22 years of combined industry experience(p.287)
- • ISO 9001:2015 certified for manufacturing and supply of core products(p.287)
- • Customer base across more than 25 countries(p.287)
- • Company-owned facility with modern machining and in-house testing(p.287)
- • Refurbishing service for used die plates lowers customer cost(p.287)
- • Repeat orders from improved customer retention(p.291)
- • Strong profitability, with PAT margin of 40.28% in FY2025-26(p.294)
- • Positive free cash flow to equity in the last 2 of 3 years(p.312)
- • No investor complaints received in the three years before the RHP date, and none pending(p.278)
- • No outstanding debentures, bonds, redeemable preference shares or other debt-like instruments(p.279)
- • Significant dependence on a few key customers for sales(p.48)
- • No long-term supply contracts or exclusivity; orders are purchase-order based(p.47)
- • Borrowings of ₹1,539.34 lakhs secured by hypothecation and mortgage(p.47)
- • Large capex with no assurance of returns; capex of ₹2,706.43 lakhs in FY2026(p.45)
- • Order-to-order operation with no finished-goods inventory and new-facility scale-up(p.48)
- • Single manufacturing facility exposed to disruption(p.51)
- • High employee attrition, with rates of 40.91% (FY2024) and 12.21% (FY2026)(p.49)
- • Dependence on promoters and senior management(p.49)
- • Variable raw material quality from domestic and international suppliers(p.49)
- • Promoters to hold 70.61% post-issue, limiting minority influence(p.50)
- • Majority of directors lack listed-company board experience(p.52)
- • Dependence on suppliers for raw material, with no purchase agreements or firm commitments (company SWOT table)(p.188)
- • Reliance on key managerial and senior managerial personnel (company SWOT table)(p.182)
- • High dependence on export revenue, at 84.73% of FY26 revenue(p.181)
- • Customer concentration: top 10 customers were 65.71% of FY26 revenue from operations(p.181)
- • Promoter group entity operates in the same business, creating conflict-of-interest and competition risk(p.241)
- • Change from WDV to SLM depreciation raised FY2026 profit before tax by ₹179.97 lakh(p.255)
- • Computer useful life of 4 years departs from the 3 years in Schedule II of the Companies Act, 2013(p.255)
- • Future dividend payments depend on earnings, cash flow and financing covenants, and none has been declared in the last three fiscals(p.246)
- • Dependence on key export customers; loss of a large customer would hurt results(p.297)
- • Finance costs rose sharply with new term loans(p.292)
- • Inventory turnover fell as stock was built up(p.285)
- • Receivables turnover fell on higher credit sales and year-end receivables(p.285)
- • Gratuity was not provided earlier; restated accounts required an adjustment(p.279)
- • Pending ESIC notice alleging non-compliance(p.302)
- • Earlier DRHP (Sept 2025) withdrawn because the company lacked the required three full financial years of track record(p.275)
- • In-house manufacturing of 1.6-meter die plates to meet customer demand(p.45)
- • Plan to expand into higher-growth, higher-profit product portfolio(p.46)
- • Shift business focus from trading to manufacturing(p.95)
- • Scale up production and launch large-sized dies for higher-throughput pelletizing lines(p.118)
- • International expansion into the US, Canada and Mexico(p.118)
- • Claimed first-mover advantage in 1.6-meter pelletizing die plates in India(p.102)
- • Expansion in India's manufacturing sector (PMI in expansion territory)(p.142)
- • Growing export opportunity for India(p.141)
- • Government Production Linked Incentive scheme boosting manufacturing(p.143)
- • Plan to manufacture 1.6-meter diameter die plates in-house, versus up to 0.5 meter today(p.181)
- • Capacity expansion through investment in advanced machinery to meet rising demand(p.182)
- • Penetrate existing export markets with growing demand(p.182)
- • Import substitution in high-precision graphite-polystyrene die plates(p.194)
- • Development of high-precision die plates aims to strengthen position in a niche, high-value import-substitution market(p.254)
- • EPCG scheme lets manufacturers import capital goods at 0% customs duty against an export obligation(p.214)
- • New facility to raise capacity, cut operating costs, and reduce reliance on trading(p.287)
- • White-label and customized manufacturing for customers(p.287)
- • Increased focus on refurbishing alongside manufacturing(p.289)
- • Management consulting to build new customer relationships(p.287)
- • Option to migrate from NSE Emerge to the NSE Main Board at a later date, subject to conditions(p.287)
- • Customer industry downturns can reduce orders and prices(p.45)
- • COVID-19 and future pandemics may force facility shutdowns(p.54)
- • Evolving and more stringent regulatory and compliance requirements(p.48)
- • Raw material price swings from demand, currency, tariffs and logistics(p.55)
- • Changing laws, labour codes and tax interpretations(p.55)
- • Changes in tax rates and slabs, including GST(p.56)
- • Export revenue exposed to geopolitical events and trade restrictions(p.57)
- • Regulatory challenges, government policies and tax procedures affecting margins (company SWOT table)(p.182)
- • Price volatility of raw material and logistics costs (company SWOT table)(p.182)
- • Entry of new competitors into the same business (company SWOT table)(p.182)
- • Exchange rate fluctuations (company SWOT table)(p.182)
- • Political instability and geo-political tensions in export markets (company SWOT table)(p.182)
- • Order flow tied to customers' polymer and recycling industry demand(p.288)
- • Raw material price volatility (steel, carbide, brazing fillers) affects margins(p.288)
- • Foreign exchange movements, given significant export sales(p.288)
- • Regulatory changes in the company's end-use and environmental areas(p.288)
- • Competition from domestic and international manufacturers(p.297)
- • Macroeconomic and geopolitical factors, including trade restrictions and supply chain disruptions(p.288)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rajkumar Chaudhary | Promoter | — | — |
| Vinubhai Kanjibhai Chavda | Promoter | — | — |
| Ria Rajkumar Chaudhary | Promoter | — | — |
| Rajkumar Chaudhary | Promoter | 46.63% | — |
| Vinubhai Kanjibhai Chavda | Promoter | 48.61% | — |
| Ria Rajkumar Chaudhary | Promoter | 1.00% | — |
| Mr. Rajkumar Chaudhary | Promoter | 46.63% | — |
| Mr. Vinubhai Kanjibhai Chavda | Promoter | 48.61% | — |
| Ms. Ria Rajkumar Chaudhary | Promoter | 1.00% | — |
| Rajkumar Chaudhary | Promoter | — | — |
| Vinubhai Kanjibhai Chavda | Promoter | — | — |
| Rajkumar Chaudhary | Promoter | 46.63% | — |
| Vinubhai Kanjibhai Chavda | Promoter | 48.61% | — |
| Ria Rajkumar Chaudhary | Promoter | 1.00% | — |
| Rajkumar Chaudhary | Promoter | 48.00% | — |
| Vinubhai Kanjibhai Chavda | Promoter | 49.98% | — |
| Ria Rajkumar Chaudhary | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Maxwell Engineering Solutions Ltd. THIS ISSUE | 11.80 | — | 23.65, computed at the offer price | 6.39, computed at the offer price | 47.70% |
| −0.70 | 127.92 | — | 5.34 | -0.54% | |
| 6.42 | 55.36 | 99.00 | 11.55 | 11.28% | |
| 10.53 | 112.10 | 100.65 | 9.46 | 10.80% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.