Seemax Resources
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 10 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 06 Jul 2026 | ₹0 | 0.00% | ₹0 | ₹141 | ₹0 |
| 05 Jul 2026 | ₹0 | 0.00% | ₹0 | ₹141 | ₹0 |
| 04 Jul 2026 | ₹0 | 0.00% | ₹0 | ₹141 | ₹0 |
| 03 Jul 2026 | ₹0 | 0.00% | ₹0 | ₹141 | ₹0 |
| 02 Jul 2026 | ₹0 | 0.00% | ₹0 | ₹141 | ₹0 |
| 01 Jul 2026 | ₹0 | 0.00% | ₹0 | ₹141 | ₹0 |
| 30 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹141 | ₹0 |
| 29 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹141 | ₹0 |
| 28 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹141 | ₹0 |
| 27 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹141 | ₹0 |
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.
Issue details
- IPO date
- 30 Jun 2026 – 02 Jul 2026
- Listing date
- 07 Jul 2026
- Face value
- ₹10 per share
- Price band
- ₹141
- Issue price
- ₹141 per share
- Lot size
- 1,000 shares
- Listing at
- BSE SME
- Total issue size
- ₹19.74 Cr
- Market cap at offer price
- ₹62.04 Cr
- Promoter holding
- 99.98% → 68.18% pre-issue → post-issue
- ISIN
- INE1EVO01017
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Wealth Mine Networks Pvt.Ltd.
- Registered office
- 403, Mayfair Corporate Park, Behind DPS School, Kalali, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 70,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹141
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,41,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,82,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,87,000 |
| B-HNI (min) | 8 | 8,000 | ₹11,28,000 |
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
₹141 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.46 | 6.80 |
| P/E (×) | 18.90 | 20.74 |
| Price to book (×) | 7.40 | — |
| Market cap | — | ₹62.04 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 39.13%
- ROCE
- 43.09%
- Debt / equity
- 1.69
- PAT margin
- 15.52%
- EBITDA margin
- 33.63%
- NAV per share
- ₹19.06
- Price to book
- 7.40
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Seemax Resources
Seemax Resources Limited, originally incorporated as 'Seemax Automotive Solutions Private Limited' on February 04, 2015, and subsequently renamed to 'Seemax Resources Limited' in November 2024, operates a business model centered on the rental and trading of Material Handling Equipment (MHE) including battery forklifts, diesel forklifts, hydra cranes, battery-operated pallet trucks, and reach trucks, along with consumables such as batteries and spare parts. The company serves clients across automotive, logistics, warehousing, and manufacturing sectors. For the rental segment, the company procures equipment from multiple third-party suppliers, while for the trading vertical, it operates under an authorised dealership arrangement with an internationally established original equipment manufacturer (OEM). The company's registered office is located in Vadodara, Gujarat.
Company Analysis
from RHPSeemax Resources Limited is a material handling equipment rental and trading company operating in the logistics, warehousing, and manufacturing sectors across India.
Seemax Resources Limited, originally incorporated as 'Seemax Automotive Solutions Private Limited' on February 04, 2015, and subsequently renamed to 'Seemax Resources Limited' in November 2024, operates a business model centered on the rental and trading of Material Handling Equipment (MHE) including battery forklifts, diesel forklifts, hydra cranes, battery-operated pallet trucks, and reach trucks, along with consumables such as batteries and spare parts. The company serves clients across automotive, logistics, warehousing, and manufacturing sectors. For the rental segment, the company procures equipment from multiple third-party suppliers, while for the trading vertical, it operates under an authorised dealership arrangement with an internationally established original equipment manufacturer (OEM). The company's registered office is located in Vadodara, Gujarat.
Objects of the Issue
- Funding Capital Expenditure towards Purchase of Material Handling Equipment ₹1000.00 Lakhs (up to) p.44
- Funding towards Repayment or prepayment, in full or in part, of borrowings availed by our Company from banks and financial institutions p.44
- General corporate purpose p.44
- Funding Capital Expenditure towards Purchase of Material Handling Equipment ₹1,000.00 lakhs p.94
- Funding towards Repayment or prepayment, in full or in part, of borrowings availed by our Company from banks and financial institutions ₹150.00 lakhs p.94
- Funding the Long-term working capital requirements of our Company ₹325.00 lakhs p.94
- General Corporate Purposes p.94
- Not explicitly stated in the document - Objects of the Issue section references page 90 which is not provided in this section p.312
Issue Structure
- Total Issue
- Up to ₹[●] Lakhs (upto 14,00,000 Equity Shares at Issue Price of Rs. [●] each)
- Fresh Issue
- Up to 14,00,000 Equity Shares of face value of ₹10 each at ₹[●] per Equity Share, aggregating up to ₹[●] Lakhs
- Offer for Sale
- Not Applicable as the entire issue constitutes fresh issue of equity shares
- Price Band
- Price band of a minimum price of ₹[●] per Equity Share (Floor Price) and the maximum price of ₹[●] per Equity Share (Cap Price)
- Lot Size
- 1000 Equity Shares (minimum bid lot size of two lots i.e. 2000 Equity Shares)
- Face Value
- ₹10.00 each
Business Model
The company operates through two distinct verticals: (1) Rental segment—sourcing Material Handling Equipment from multiple third-party suppliers and renting them to clients; (2) Trading segment—sourcing exclusively through an authorised dealership arrangement with an OEM and selling new MHE to clients. Revenue is derived from rental charges and the sale of equipment and related consumables.
Business Segments
SWOT Analysis
- • Comprehensive rental solutions with integrated maintenance and operator support(p.135)
- • Skilled and dedicated workforce with structured training programs(p.135)
- • Experienced promoters with 30+ years in material handling industry(p.135)
- • Authorised dealership relationships with reputed international manufacturers(p.135)
- • Quality assurance through structured training and preventive maintenance(p.135)
- • Owned fleet of 97 material handling equipment units(p.129)
- • Experienced management with deep supply chain expertise(p.180)
- • Established operational infrastructure with significant fixed assets(p.211)
- • Growing revenue from operations with improving profitability(p.235)
- • Solid net worth position showing equity strength(p.235)
- • Diversified customer base across material handling sectors(p.275)
- • Integrated service model combining equipment, maintenance, and trained operators(p.275)
- • Strong profitability growth with improving margins(p.284)
- • Consistent operational excellence with high ROCE and ROE(p.276)
- • High dependence on external debt financing with secured charges over assets(p.33)
- • Severe supplier concentration with top 10 suppliers contributing 89-98% of purchases(p.32)
- • Significant customer concentration with top 10 clients contributing 71-85% of revenue(p.33)
- • Past statutory compliance failures including delays in ROC filings and section 185 violation(p.33)
- • Contravention of Section 185 of Companies Act regarding loan to related party(p.35)
- • Registered office and workshop are leased rather than owned(p.37)
- • No prior experience of directors in listed companies(p.41)
- • No dividends declared since incorporation through December 31, 2025(p.44)
- • High customer concentration - top customer represents 22.36% of revenue(p.130)
- • Significant supplier concentration - top supplier represents 33.51% of purchases(p.131)
- • Geographic concentration - 96.32% of revenue from Gujarat(p.129)
- • Limited operational presence - company operates only in Gujarat and Silvassa(p.129)
- • Small employee base of 179 employees concentrated in operations (173 staff)(p.137)
- • High leverage with debt-to-equity ratio of 1.65(p.237)
- • Dependence on promoter guarantees for majority of borrowings(p.203)
- • Concentration of promoter shareholding at 99.98%(p.180)
- • Non-compliance with Companies Act sections 185 and 186(p.191)
- • High debt service obligations relative to profitability(p.221)
- • Declining current ratio indicating working capital stress(p.221)
- • High customer concentration risk with top customer at 22.36% of revenue(p.276)
- • Dependence on a limited number of suppliers with top two suppliers representing 65.21% of purchases(p.292)
- • High debt levels with leverage ratio of 1.65:1(p.307)
- • Significant related party transactions and loans outstanding(p.289)
- • Contingent liability from GST proceedings(p.290)
- • FDI restrictions on beneficial ownership from countries sharing land borders with India(p.381)
- • OCBs cannot participate in the issue(p.381)
- • FPI holding limits restrict investor participation(p.381)
- • India MHE market projected to grow from USD 10.57B (2024) to USD 22.48B (2033) at 8.08% CAGR(p.122)
- • Expand into new geographies to increase market share(p.136)
- • Fleet expansion to serve larger client base and improve asset availability(p.136)
- • Growth driven by e-commerce logistics and warehouse automation demand(p.122)
- • Enhance value-added services and operational efficiency to sustain competitiveness(p.136)
- • Manufacturing sector GVA surge of 26.6% signals strong demand for MHE(p.123)
- • Expansion in Material Handling Equipment market through dealer relationships(p.217)
- • Diversification into services revenue which now represents 91.8% of total revenue(p.215)
- • Growth in export sales through SEZ operations(p.215)
- • Capacity to leverage IPO proceeds for debt reduction and business expansion(p.190)
- • Strategic shift from trading to higher-margin service business(p.281)
- • Growing demand for material handling equipment rental services(p.282)
- • Expansion potential with growing industrial demand across multiple sectors(p.277)
- • Fleet expansion capability supported by increasing access to credit(p.275)
- • High geographic revenue concentration with 96% from Gujarat state(p.34)
- • Business is heavily dependent on MHE rental segment which could be negatively impacted(p.32)
- • Restricted to exclusive dealership arrangement for trading operations(p.32)
- • Vulnerability to supply chain disruptions in OEM dealership model(p.36)
- • Rapidly evolving technology in material handling equipment could render fleet obsolete(p.37)
- • Changes in government regulations could disrupt operations(p.47)
- • Exposure to interest rate fluctuations and inflation risks(p.47)
- • Dependence on prevailing economic conditions in India(p.49)
- • Vulnerability to labor disputes and unionization(p.42)
- • Counterparty credit risk from concentrated client base(p.42)
- • Competition from regional and small to mid-sized operators in rental sector(p.137)
- • Price competition remains decisive factor in client selection(p.137)
- • Global economic uncertainty and tariff-related risks(p.119)
- • High initial costs of automated material handling equipment may limit market growth(p.124)
- • Technological limitations in handling complex multiproduct facilities(p.124)
- • Dependence on few customers for revenue - top 10 customers represent 79.72% of revenue(p.131)
- • Battery Waste Management Rules, 2025 require compliance with waste disposal standards(p.142)
- • Regulatory risk from pending compounding application with Ministry of Corporate Affairs(p.218)
- • GST compliance risk with pending demand notice(p.234)
- • Rising interest rates and cost of borrowing(p.226)
- • Dependence on few major customers creating revenue concentration risk(p.213)
- • Cyclicality and volatility in logistics and material handling equipment sector(p.217)
- • Economic cycles and demand fluctuations in target industries(p.277)
- • Volatility in commodity and input costs affecting profitability(p.277)
- • Regulatory and compliance risks including labour laws and environmental standards(p.277)
- • Risks from natural calamities and operational disruptions(p.277)
- • Renewal and continuity risks for existing rental contracts(p.277)
- • Regulatory restrictions on foreign investment and FDI policy changes(p.381)
- • Changes in applicable laws post-prospectus issuance may affect investor eligibility(p.381)
- • Composite sectoral cap limitations on total foreign investment(p.381)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Amit Naldev Trivedi | Promoter | — | — |
| Mrs. Seema Trivedi | Promoter | — | — |
| Mr. Amit Naldev Trivedi | Promoter | 49.99% | 34.09% |
| Mrs. Seema Trivedi | Promoter | 49.99% | 34.09% |
| Ms. Trivedi Jhanvi Amit | Promoter Group | Negligible | Negligible |
| Ms. Rajvi Trivedi | Promoter Group | Negligible | Negligible |
| Ms. Bhatt Urviben Kashyap | Promoter Group | Negligible | Negligible |
| Ms. Swetaben V Parikh | Promoter Group | Negligible | Negligible |
| Mr. Amit Naldev Trivedi | Promoter and Chairman cum Managing Director | 49.99% | — |
| Mrs. Seema Trivedi | Promoter and Whole-time Director | 49.99% | — |
| Mr. Amit Naldev Trivedi | Promoter | 49.99% | — |
| Mrs. Seema Trivedi | Promoter | 49.99% | — |
| Amit Naldev Trivedi | 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.