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Seemax Resources Ltd IPO
Seemax Resources Ltd
₹2,68,000 /2000 sharesMinimum investment
IPO listing details
Listed on
7 Jul '26
Issue price
₹141.00
Listing price
₹112.80
Listing gains
-₹28.20 (20.00%)
Exchange
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IPO details
Minimum investment
₹2,68,000
Price range
₹134 - ₹141
Lot size
1,000
Issue size
19.74 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers17.19x
Non-Institutional Investor3.79x
Retail Individual Investor1.51x
Total3.48x
As of 02 Jul'26, 05:02 PM
Schedule
30 Jun 2026
IPO open date
2 Jul 2026
IPO close date
3 Jul 2026
Allotment date
3 Jul 2026
Funds unblock or debit
7 Jul 2026
Tentative listing date
About
Founded in
2015
MD/CEO
Mr. Amit Naldev Trivedi
Parent organisation
Seemax Resources Ltd
Seemax Resources Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to provide integrated material handling equipment (MHE) rental solutions that include maintenance support, preventive servicing, annual maintenance contracts (AMC), and trained operators. This approach allows customers to outsource both equipment and operational management requirements through a single service provider.
The company claims to have an owned fleet of 97 material handling equipment units as of December 31, 2025. Its fleet includes battery forklifts, diesel forklifts, Hydra cranes, battery-operated pallet trucks (BOPT), and reach trucks, enabling it to cater to a wide range of industrial and logistics applications.
The company claims to have authorised dealership relationships with reputed international manufacturers of material handling equipment. This allows it to offer both rental and equipment sales services, providing customers with multiple procurement options based on their operational and financial requirements.
The company serves customers across a diverse range of industries, including automotive, steel, glass, cement, textiles, warehousing and logistics, retail and e-commerce, ports and shipping, construction, aviation, and railways. Such industry diversification reduces dependence on any single end-user sector.
The company claims to have an in-house training framework for operators and support personnel covering equipment handling, maintenance practices, and safety procedures. It also conducts periodic refresher training programs, which may help maintain service quality and operational efficiency across client locations.
The company derives a substantial portion of its revenue from its material handling equipment rental business. Renting income contributed Rs 10.54 crore (91.73%), Rs 13.65 crore (94.71%), Rs 10.03 crore (88.45%), and Rs 7.42 crore (65.78%) of revenue from operations during the nine months ended December 31, 2025, and FY25, FY24, and FY23, respectively. Any disruption in the rental business, including lower equipment utilisation or reduced demand, could materially impact the company's financial performance.
The company is highly dependent on a limited number of suppliers. Its top 10 suppliers accounted for 89.22%, 98.47%, 98.29%, and 91.09% of total purchases during the nine months ended December 31, 2025, and FY25, FY24, and FY23, respectively. Any disruption in supplier relationships, supply chain issues, pricing changes, or quality concerns could adversely affect the company's operations and profitability.
A significant portion of the company's revenue is generated from a small group of customers. The top 10 customers contributed 79.72%, 79.21%, 85.04%, and 71.10% of total revenue from operations during the nine months ended December 31, 2025, and FY25, FY24, and FY23, respectively. Any failure to retain these key customers, expand the customer base, or loss of business from these clients can adversely affect the company's business and financial standing.
The company's revenue is heavily concentrated in Gujarat. Revenue from Gujarat stood at Rs 11.07 crore (96.32%), Rs 13.64 crore (94.58%), Rs 10.43 crore (91.94%), and Rs 10.61 crore (94.03%) during the nine months ended December 31, 2025, and FY25, FY24, and FY23, respectively. Any adverse economic, regulatory, political, or industry developments in Gujarat could negatively impact the company's business operations and financial performance.
The company has acknowledged non-compliance with Section 185 of the Companies Act, 2013, relating to loans extended to a related party in which its promoters are interested. It advanced Rs 1.80 crore in June 2024 and an additional Rs 5.49 crore between April 2025 and December 2025 to the related entity. Any regulatory action or penalties arising from the ongoing compounding proceedings could impact the company's financial condition and reputation.
The company remains dependent on debt financing for its operations and growth. As of December 31, 2025, it had total outstanding financial indebtedness of Rs 13.13 crore. Any failure to service or repay these borrowings, breach of loan covenants, or increase in borrowing costs could adversely affect the company's operations and financial position.
The company relies on a single authorised dealership arrangement for sourcing material handling equipment under its trading business. Any disruption in this dealership relationship, changes in import regulations, supply shortages, production issues, or geopolitical events could negatively affect equipment availability and trading revenue.
The company, its subsidiaries, promoters, and directors are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
Application details
For Seemax Resources IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹134 - ₹141 | ₹2 - ₹5 Lakhs | 1000 |
About
Objective of Seemax Resources IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Funding capital expenditure towards the purchase of material handlings equipment. |
10.00 |
|
Funding towards repayment or prepayment, in full or in part, of borrowings availed by the Company from banks and financial institutions. |
1.50 |
|
Funding the long-term working capital requirements of the Company. |
3.25 |
|
General Corporate Purposes. |
[.] |
|
Total |
[.] |
Book Running Lead Managers & Registrar of Seemax Resources IPO
|
Book Running Lead Managers |
Wealth Mine Networks Limited |
|
Registrar to the Issue |
Cameo Corporate Services Limited |
|
Market Maker to the Issue |
Sunflower Broking Private Limited |
Key Performance Indicators (KPIs) of Seemax Resources Ltd.
|
KPI |
Value (for the period ended December 31, 2025) |
|
ROE (%) |
32.80 |
|
ROCE (%) |
31.72 |
|
EBITDA Margin (%) |
30.55 |
|
Debt/Equity Ratio |
1.65 |
|
PAT Margin (%) |
19.52 |
|
EPS (Pre IPO) (₹) |
7.48 |
|
Return on Net Worth (RoNW) (%) |
28.18 |
|
Net Asset Value (NAV) per Equity Share (₹) |
26.53 |
Seemax Resources IPO Contact Details
|
Company Name |
Seemax Resources Limited |
|
Registered Office |
403, Mayfair Corporate Park, Behind DPS School, Kalali, Vadodara, Gujarat 390012, India. |
|
Phone |
+91 99040 89444 / +91 7226 079 517 |
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Website |
Seemax Resources IPO Registrar Contact Details
|
Company Name |
Cameo Corporate Services Limited |
|
Phone |
+91 044 4002 0700 / 2846 0390 |
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Website |