Seemax Resources IPO

Seemax Resources Limitedseemaxresources.com

ListedSMEIndustrialsBSE SME

Price band: ₹134 – ₹141
Issue size: ₹19.74 Cr
Lot size: 1000 sh
Bidding: 30 Jun – 2 Jul
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Seemax Resources rents out and also sells material handling equipment from a base in Vadodara, Gujarat, and the record states it employed around 179 people as of 31 March 2026. Revenue was Rs 11.29 Cr in FY23, Rs 11.34 Cr in FY24 and Rs 14.42 Cr in FY25, with profit after tax of Rs 0.79 Cr, Rs 1.43 Cr and Rs 2.24 Cr over the same three years. The Rs 19.74 Cr issue was entirely fresh capital, with offer for sale recorded at Rs 0 Cr, and was subscribed 3.62 times overall on its closing day of 2 July 2026. It listed on BSE SME on 7 July 2026 at Rs 112.80 against a band top of Rs 141, closed the first day at Rs 107.20 and last traded at Rs 80.02 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

68Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Seemax Resources, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

Leveraged balance sheet
Debt-to-equity of 1.7× leaves limited headroom if demand softens or rates rise.
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2015 · Vadodara, Gujarat · 179 employees

Seemax Resources rents out material handling equipment and also sells it. From a base in Vadodara, Gujarat, it places battery and diesel forklifts, Hydra cranes, battery-operated pallet trucks and reach trucks on customer sites — factory floors, warehouses, ports and construction sites — and supplies trained operators, annual maintenance contracts and on-call technical support alongside them, so a customer hires a working capability rather than a bare machine. A second, smaller line resells new equipment sourced under authorised dealership arrangements with global manufacturers, including customised builds. Customers come from automotive, steel, glass, cement, textiles, engineering goods, warehousing and logistics, retail and e-commerce, ports and shipping, construction and infrastructure, aviation and railways. The company employed around 179 people as of 31 March 2026.

Rental is the engine: sale of services was ₹1,054.02 lakhs of ₹1,149.00 lakhs of revenue from operations in the nine months to 31 December 2025 (91.73%), with equipment resale the remaining 8.27%. Earning rent means owning the fleet first, so expansion is funded by debt — total debt stood at ₹1,312.84 lakhs against net worth of ₹796.02 lakhs at 31 December 2025, a debt-equity ratio of 1.65x — and ₹1,000.00 lakhs of the issue proceeds were earmarked for buying more equipment. Two constraints bind: geography, with Gujarat supplying 96.32% of nine-month revenue, and customer concentration, with the top ten customers at 79.72%.

The company on paper

Legal name: Seemax Resources Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 4 Feb 2015
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U51100GJ2015PLC082140
Sector: Industrials · Material handling equipment rental and trading (forklifts, Hydra cranes, pallet trucks)
Employees: 179
Registered office: Vadodara, Gujarat
Promoters: Amit Naldev Trivedi, Seema Trivedi
Promoter holding, pre-issue: 100.0%
Promoter holding, post-issue: 68.2%
Website: seemaxresources.com

The numbers

Financial performance

Revenue has compounded at 13.0% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹19.74 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹19.74 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 70,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 31.8% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription3.62×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹141.00
Listed at: ₹112.80
Listing gain: down 20.0%
Since listing: down 17.0%
Against the issue price: down 33.6%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 2,000
At cut-off price: ₹141.00
Amount blocked: ₹2,82,000

One lot is 1000 shares at ₹1,41,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,82,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~66%

chance of one lot, per application

Retail subscription: 1.52×
Applicants per share available: 1.5× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹112.80

listed at, −20.0% against the issue price

Issue price: ₹141.00
Premium said: —
If allotted 1000 shares: −₹28,200

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Profit after tax was Rs 0.79 Cr in FY23 and higher in each of the two following years: Rs 1.43 Cr in FY24, a rise of 81.01%, and Rs 2.24 Cr in FY25, a further rise of 56.64%.
EBITDA margin was 20.73% in FY23, Rs 2.34 Cr on revenue of Rs 11.29 Cr; 33.33% in FY24, Rs 3.78 Cr on Rs 11.34 Cr; and 33.63% in FY25, Rs 4.85 Cr on Rs 14.42 Cr.
Borrowings measured against net worth were 3.70x at the end of FY23, Rs 7.58 Cr against Rs 2.05 Cr, and lower at each later date the record carries: 3.14x at FY24, Rs 10.94 Cr against Rs 3.48 Cr, and 1.69x at FY25, Rs 9.68 Cr against Rs 5.72 Cr. The record puts total debt at Rs 1,312.84 lakhs against net worth of Rs 796.02 lakhs at 31 December 2025, a debt-equity ratio of 1.65x.
On the closing day of 2 July 2026 the qualified institutional portion was subscribed 17.19 times and the non-institutional portion 4.08 times, against 1.52 times for retail and 3.62 times overall.

What to weigh against it

The record states that Gujarat supplied 96.32% of revenue in the nine months to 31 December 2025 and that the top ten customers accounted for 79.72%.
Revenue growth was uneven across the three annual periods on record: Rs 11.29 Cr in FY23 to Rs 11.34 Cr in FY24 is a rise of 0.44%, while FY24 to Rs 14.42 Cr in FY25 is a rise of 27.16%.
The shares listed at Rs 112.80 against a price band of Rs 134 to Rs 141, which is 20.00% below the band top, closed the first day at Rs 107.20, and stood at Rs 80.02 on 23 October 2026, 43.25% below the band top of Rs 141.
The record's business-model note states that earning rent means owning the fleet first, so expansion is funded by debt. Borrowings stood at Rs 7.58 Cr, Rs 10.94 Cr and Rs 9.68 Cr at the ends of FY23, FY24 and FY25, and the record puts total debt at Rs 1,312.84 lakhs, or Rs 13.13 Cr, at 31 December 2025.

Easy to miss in the prospectus

The newest financial data in the record are for the nine months to 31 December 2025, not a full year: revenue from operations of Rs 1,149.00 lakhs, or Rs 11.49 Cr, of which sale of services was Rs 1,054.02 lakhs, 91.73%, with equipment resale the remaining 8.27%. The annual series in the record stops at FY25 and no FY26 full-year statement is present.
The record states that Rs 1,000.00 lakhs, or Rs 10.00 Cr, of the Rs 19.74 Cr raised was earmarked for buying more equipment. The offerObjects list is empty, so the record carries no further breakdown of the use of proceeds.
The record holds no valuation block, no peer set, no anchor allocation, no allocation split and no grey-market series, and a single subscription row covering only the closing day, 2 July 2026.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Seemax Resources — Red Herring ProspectusThe document the issue was bid on. Carries the price band and the dates.Opens on seemaxresources.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Wealth Mine Networks Limited
RegistrarAllotment status is checked on the registrar's own site: Cameo Corporate Services Limited

How these figures were checked

Reconciled to Seemax Resources's own prospectus and to exchange disclosures, then cross-checked against 8 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Red Herring Prospectus, Seemax Resources Limited (395pp, company website) · read 16 Oct 2026
BSE equity bhavcopy, 7 July 2026 (listing day) — ISIN, series MT, OHLC, NewBrdLotQty · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 30 Jun 2026
Closes: 2 Jul 2026
Allotment: 3 Jul 2026
Lists: 7 Jul 2026
Revenue (FY25): ₹14.42 Cr
Profit (FY25): ₹2.24 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.