Seemax Resources IPO is a book-built issue worth ₹20 crore. The IPO comprises a fresh issue of 0.14 crore equity shares aggregating to ₹20 crore. The issue consists entirely of a fresh issue, with no offer for sale (OFS) component. The IPO opened for subscription on June 30, 2026, and will close on July 2, 2026. The allotment is expected to be finalised on July 3, 2026, with tentative listing on the BSE SME scheduled for July 7, 2026.
The IPO is priced in a band of ₹134 to ₹141 per share. Retail investors must apply for a minimum of 2 lots comprising 2,000 shares, requiring an investment of ₹2,82,000 at the upper price band. HNI investors must apply for a minimum of 3 lots (3,000 shares), amounting to ₹4,23,000.
Wealth Mine Networks Pvt. Ltd. is the book-running lead manager to the issue, and Cameo Corporate Services Ltd. is the registrar.
For detailed information on the company's financials, business operations and associated risks, investors are advised to refer to the Seemax Resources IPO RHP.
Industry Outlook
The global material handling equipment market is estimated at $242.51 billion in 2025 and is projected to reach $369.73 billion by 2032, growing at a 6.2% CAGR.
Cranes and lifting equipment are expected to account for the largest market share (34.0%) in 2025, while the automotive sector leads applications with a 23.8% share.
Asia Pacific is projected to remain the largest regional market, led by China, India, and Japan, while Latin America is expected to witness the fastest growth.
The Indian material handling equipment market is expected to grow from $10.57 billion in 2024 to $22.48 billion by 2033, at a CAGR of 8.08%.
Growth in India is driven by industrialisation, manufacturing expansion, e-commerce logistics, and infrastructure development.
Government initiatives such as Make in India, PLI schemes, and investments in transport and logistics infrastructure are supporting demand for material handling equipment.
Seemax Resources IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
Funding capital expenditure for the purchase of additional material handling equipment (₹10 crore).
Repayment or prepayment, in full or in part, of borrowings from banks and financial institutions (₹1.5 crore).
Funding the company's long-term working capital requirements (₹3.25 crore).
Meeting general corporate purposes, including business growth initiatives and other corporate requirements.
About Seemax Resources Limited
Seemax Resources Limited provides material handling equipment (MHE) solutions to industries such as automotive, engineering, steel, cement, textiles, warehousing, logistics, retail, e-commerce, infrastructure, ports, aviation, and railways.
The company operates through 2 business verticals: Rental Solutions and Trading of Material Handling Equipment.
Rental Solutions is the company's core business, contributing 91.73% of operational revenue for the 9 months ended December 31, 2025.
Under the rental business, the company offers equipment along with annual maintenance, preventive servicing, technical support, and trained operators, providing end-to-end material handling solutions.
Trading of Material Handling Equipment contributed 8.27% of operational revenue during the same period. The company is an authorised dealer of an international OEM and also provides customised equipment solutions based on customer requirements.
As of December 31, 2025, the company owned a fleet of 97 material handling equipment units, including battery forklifts, diesel forklifts, reach trucks, Hydra cranes, and battery-operated pallet trucks (BOPT).
The company's registered office is located in Vadodara, Gujarat, while its workshop and maintenance facility is situated in Halol, Gujarat. Gujarat accounted for 96.32% of the company's operational revenue as of December 31, 2025, with the remaining revenue generated from Silvassa and Gujarat SEZs.
How To Check the Allotment Status of the Seemax Resources IPO?
Steps to check IPO allotment status on Angel One’s app:
Log in to the Angel One app.
Go to the IPO Section and then to IPO Orders.
Select the individual IPO that you had applied for and check the allotment status.
Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Seemax Resources IPO Online?
Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
Locate the IPO Section: Navigate to the 'IPO' section on the platform.
Select IPO: Find and select the Seemax Resources IPO from the list of open IPOs.
Enter the Lot Size: Specify the number of lots you want to bid for.
Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Seemax Resources IPO
Registered Office: 403, Mayfair Corporate Park Behind DPS School, Kalali Vadodara, Gujarat, 390012
Phone: +91 99040 89444
E-mail: info@seemaxresources.com
Seemax Resources IPO Reservation
Investor Category | Shares Offered |
QIB Shares Offered | 70,000 (5.00%) |
NII (HNI) Shares Offered | 6,60,000 (47.14%) |
| 4,40,000 (31.43%) |
| 2,20,000 (15.71%) |
Retail Shares Offered | 6,00,000 (42.86%) |
Market Maker Shares Offered | 70,000 (5.00%) |
Total Shares Offered | 14,00,000 (100.00%) |
Seemax Resources IPO Promoter Holding
The promoters of the company are Mr. Amit Naldev Trivedi and Mrs. Seema Trivedi.
Share Holding Pre-Issue
| 99.98% |
Share Holding Post Issue | 68.18% |
Key Performance Indicators for Seemax Resources IPO
KPI | Value (FY25) |
EBITDA Margin (%) | 33.63% |
PAT Margin (%) | 15.52% |
Return on Equity RoE (%) | 48.65% |
Return on Capital Employed RoCE (%) | 43.09% |
Seemax Resources IPO Prospectus
Seemax Resources IPO Registrar and Lead Managers
Seemax Resources IPO Lead Managers
Wealth Mine Networks Pvt.Ltd.
Registrar for Seemax Resources IPO
Cameo Corporate Services Ltd.
Contact Number: +91 44 28460390
Email Address: ipo@cameoindia.com
Seemax Resources IPO Registrar
Financial Performance of Seemax Resources Limited
Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
Revenue from Operations (₹ Lakh) | 1,441.86 | 1,134.24 | 1,128.86 |
Growth in Revenue from Operations (%) | 27.12% | 0.48% | — |
EBITDA (₹ Lakh) | 484.95 | 377.70 | 233.93 |
EBITDA Margin (%) | 33.63% | 33.30% | 20.72% |
PAT (₹ Lakh) | 223.71 | 142.61 | 79.28 |
PAT Margin (%) | 15.52% | 12.57% | 7.02% |
RoE (%) | 48.65% | 51.54% | 46.59% |
RoCE (%) | 43.09% | 39.19% | 28.98% |
Debt to Equity Ratio (Times) | 1.69 | 3.14 | 3.69 |
Seemax Resources Limited Peer Comparison
Company Name | Face Value (₹) | EPS (Diluted) | RONW (%) | NAV (₹) | Revenue from Operation (₹ Lakh) |
Seemax Resources Limited | 10 | 7.48 | 28.18% | 26.53 | 1,441.86 |
Sanghvi Movers Limited | 1 | 11.22 | 7.98% | 140.31 | 54,094.82 |
Strengths and Opportunities of Seemax Resources IPO
Seemax Resources offers integrated material handling equipment (MHE) rental solutions, including maintenance, servicing, technical support, spare parts, and trained operators.
The company owned 97 MHE units as of December 31, 2025, including battery and diesel forklifts, reach trucks, Hydra cranes, and battery-operated pallet trucks (BOPT), giving it greater operational control through a fully owned fleet.
The company has reported improving profitability, with EBITDA margin rising from 20.72% in FY23 to 33.63% in FY25, while PAT margin increased from 7.02% to 15.52%.
Seemax recorded a RoE of 48.65%, and a RoCE of 43.09% in FY25, reflecting efficient utilisation of capital.
Its customer base spans multiple industries, including automotive, engineering, steel, glass, cement, textiles, logistics, warehousing, and retail, reducing dependence on any single sector.
The IPO proceeds will be used to expand the company's material handling equipment fleet, supporting geographical expansion beyond Gujarat into other industrial markets.
Rising demand from warehousing, e-commerce, third-party logistics (3PL), and manufacturing sectors is expected to support the demand for material handling equipment.
The company plans to use a portion of the IPO proceeds to repay borrowings, which could improve its financial position and strengthen cash flows.
Increasing adoption of battery-operated and electric material handling equipment provides an opportunity as industries shift towards greener and more sustainable logistics solutions.
Risks and Threats of Seemax Resources IPO
The company has a high geographical concentration, with 96.32% of its operational revenue for the 9 months ended December 31, 2025, generated from Gujarat, making its business vulnerable to region-specific economic or regulatory changes.
Seemax derives a significant portion of its revenue from a limited customer base, with its top 10 customers contributing 79.72% of operational revenue during the same period.
The business is heavily dependent on its Rental Solutions segment, which accounted for 91.73% of operational revenue, exposing it to risks from lower equipment utilisation.
Procurement is concentrated among a few vendors, with the top 10 suppliers accounting for 89.22% of total purchases. The trading business also depends on a single authorised OEM dealership.
The company has disclosed a past regulatory non-compliance related to the Companies Act, 2013, for which a compounding application has been filed.
The material handling equipment business is capital-intensive and requires continuous investment in fleet expansion, which may depend on the availability of funding.
Although the company's debt levels have moderated, it has historically operated with relatively high leverage, which could affect cash flows.
Demand for the company's services is linked to the performance of industries such as automotive, engineering, steel, cement, logistics, and manufacturing, making it susceptible to economic slowdowns.
The company faces competition from organised and unorganised material handling equipment rental providers, which may impact pricing and margins.
