Seemax Resources Ltd IPO

Status: Closed

Overview

IPO date

30 Jun 2026 to 02 Jul 2026

Face value

₹ 10 per share

Price

₹ 134 to ₹141 per share

Issue Size

1,400,000 shares
(aggregating up to ₹ 19.74 Cr)

Allotment Date

03 Jul 2026

Listing at

NSE

Issue type

Book Building - SME

Sector

Miscellaneous

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T&C*

Strengths vs Risks of Seemax Resources Ltd

Know the pros & cons

Strengths

Comprehensive Rental Solutions with Value-Added Services.
Skilled and Dedicated Workforce.
Quality Assurance of Our Services.
Experienced Promoters and Senior Management with Technical Expertise
Authorised Dealership Network.

Risks

The Company's borrowings is secured by a charge over its assets, and the company significant dependence on external debt (secured and unsecured) financing exposes its to risks that may materially and adversely affect the company business operations, financial condition, cash flows, and credit worthiness.
The company business relies significantly on revenue from the rental of Material Handling Equipment, and any negative developments in this segment could has a material impact on its financial performance, operations, and cash flows.
A significant portion of the company revenue is derived from a limited number of clients. Loss of one or more such key clients or a reduction in demand from them could affect its business, financial condition, cash flows, and results of operations.
Certain delays, discrepancies and Omissions has been detected in the company statutory records, as well as in records related to the submission of returns to the concerned Registrar of Companies.
The company revenues is highly dependent on its operations in geographical region of state of Gujarat. Any adverse development affecting the company operations in this region could has an adverse impact on its business, financial condition and results of operations.
Non-Compliance with Section 185 of the Companies Act, 2013 Relating to Loan to a Related Party.
The company relies on third-party supplier for the procurement of Material Handling Equipment (MHE). Any disruption in the supply chain or failures by such suppliers to fulfil their obligations may adversely impact its ability to meet client requirements and affect the company revenues.
The company success is dependent on its ability to attract, retain, and effectively manage a skilled workforce, and any attrition or failures to retain key employees could adversely affect the company operations, financial performance, and business continuity.
The company Registered and Workshop is not owned by its. In the event that the company lose such rights or are required to renegotiate arrangements for such rights, its business results of operations, profitability and margins, cash flows and financial condition could be adversely affected.
Rapid technological advancements in Material Handling Equipment may render the company existing fleet obsolete, requiring significant capital investment and impacting its competitiveness.
There are outstanding legal matters involving the Company, Promoters, Directors and SMP & KMP. Any adverse decisions could divert management time and attention and has an adverse effect on its business, prospects, results of operations and financial condition.
The company may not be able to protect its trademark "SEEMAX" and from infringement.
The company has not commissioned an industry report for the disclosures made in the section titled `Industry Overview'. These disclosures are based on publicly available data from the internet, which has not been independently verified by the company.
The company is dependent on its promoters and senior management and other key personnel, and the loss of, or the company inability to attract or retain, such persons could affect its business, results of operations, financial condition and cash flows.
The company has in the past entered into related party transactions and may continue to does so in the future, which may potentially involve conflicts of interest.
The company has taken guarantees from Promoters/Directors in relation to debt facilities provided to the company.
Any inability to meet client commitments related to the timely delivery, quality, or performance of MHE may result in client claims, reputational damage, and financial losses, which could adversely affect the company business and results of operations.
None of the company directors has prior experience serving as directors in any other listed company in India.
The Company requires significant amounts of working capital for continued growth. Its inability to meet the company working capital requirements may has an adverse effect on its results of operations.
The company could be harmed by employee or contractor/operator misconduct, negligence, fraud or errors which may be difficult to prevent or detect-and any such incidents could materially and adversely affect its reputation, business operations, results of operations, cash flows and financial condition.
The company may be subject to unionization, strikes, work stoppage or increased labour costs, which could adversely affect its business and results of operations.
The company indebtedness, including various conditions and restrictive covenants imposed on its under the company financing agreements and could adversely affect its ability to grow the company business or react to changes in its business environment.
The company insurance coverage may not be sufficient or may not adequately protect its against any or all hazards, which may adversely affect the company business, results of operations and financial condition.
The company is exposed to counterparty credit risk and any delay in receiving payments or non-receipt of payments may adversely impact its results of operations.
The company requires certain approvals and licenses in the ordinary course of business and is required to comply with certain rules and regulations to operates its business, and the failures to obtain, retain, and renew such approvals and licenses in timely manner or comply with such rules and regulations or at all may affect the company operations.
The company Promoters and the Promoter Group will jointly continue to retain majority shareholding in its Company after the Issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
Some of the company Directors (including its Promoters) and Key Management Personnel & Senior Management are interested in the Company to the extent of their shareholding and dividend entitlement in its Company, in addition to normal remuneration, other benefits and reimbursement of expenses.
The company intend to utilize a portion of the Net Proceeds for funding its capital expenditure requirements. The company is yet to place orders 100% of the capital expenditure, as specified in the Objects of the Issue chapter. Any delay in procurement of such capital expenditure may delay the schedule of implementation and may also lead to increase in cost of these capital expenditure, further affecting the company revenue and profitability.
The schedule of the company estimated deployment of Net Proceeds is subject to inherent uncertainties.
The objects of the Issue has not been appraised by any bank or financial institution and its cannot assure you that the objects of the Issue will be achieved within the expected time frame, or at all, and any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
The company has not declared any dividends till Financial Year 2024-25 and Nine months period ended on December 31, 2025 and its cannot assure you that the company will be able to pay dividends on its Equity Shares in the future.
Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
A Portion of the Net Proceeds is Proposed to be Utilised for General Corporate Purposes, the Exact Deployment of Which is at the Discretion of the company Management.
There are restrictions on daily, weekly and monthly price movement of the equity shares, which may adversely affect the shareholder's ability to sell their shares at desired price at a particular point in time.
The company cannot assure you that its equity shares will be listed on the SME platform of BSE in a timely manner or at all, which may restrict your ability to dispose of the equity shares.
The requirements of being a public listed company may strain the company resources and impose additional obligations.
Pursuant to listing of the Equity Shares, the company may be subject to pre-emptive surveillance measures like Additional Surveillance Measure (ASM) and Graded Surveillance Measures (GSM) by the Stock Exchanges in order to enhance market integrity and safeguard the interest of investors.
After this Issue, the price of the Equity Shares may be subject to change, or an active trading market for the Equity Shares may not develop.
QIBs and Non-Institutional Investors is not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid, and Individual investor who applies for minimum application size is not permitted to withdraw their Bids after Bid/Issue Closing Date.
There are restrictions on daily movements in the trading price of the Equity Shares, which may adversely affect a shareholder's ability to sell Equity Shares or the price at which Equity Shares can be sold at a particular point in time.
The Issue price of the company Equity Shares may not be indicative of the market price of its Equity Shares after the Issue and the market price of the company Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.

Seemax Resources Ltd Peer Comparison

Understand the company’s industry standing

Seemax Resources Limited

Sanghvi Movers Ltd

Face Value

Standalone / Consolidated

Standalone

Total Income Rs. Cr.

12.43

415.46

EPS-Basis

7.48

11.22

EPS-Diluted

7.48

11.22

NAV Per Share

26.53

140.31

P/E-Basic EPS

---

29.18

P/E-Diluted EPS

---

RONW(%)

28.18

7.98

Latest NAV Period

---

Latest NAV

---

Journey for how to check the allotment status

How to check the allotment status of Seemax Resources Ltd IPO?

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Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).

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The IPO opens on 30 Jun 2026 & closes on 02 Jul 2026.

Seemax Resources Limited was originally formed as Private Limited Company as 'Seemax Automotive Solutions Private Limited' on February 04, 2015 with the Registrar of Companies. Subsequently, the name of the Company was changed from 'Seemax Automotive Solutions Private Limited' to 'Seemax Resources Private Limited' dated June 01, 2018. The Company was converted into a Public Limited Company w.e.f. November 12, 2024, issued by Central Processing Centre, Registrar of Companies. Company provide Rental Solutions for Material Handling Equipment (MHE) with a distinctive focus on comprehensive maintenance services and trained operator support. Besides, the Company also provide material handling solutions across sectors and companies who need to offload their material handling tasks. The fleet includes battery forklifts, diesel forklifts, Hydra cranes, battery-operated pallet trucks (BOPT), and reach trucks, which are widely deployed across sectors such as manufacturing, warehousing, logistics, ports, construction, and industrial infrastructure. In addition to reliable equipment, we also make available experienced operators, ensuring safe handling practices, compliance with safety norms, and maximized operational efficiency at client sites. The Company offer a comprehensive range of new MHE sourced directly from reputed global manufacturers with whom it maintain authorised dealership relationships. In addition, it provide customised MHE solutions tailored to specific operational, dimensional, or functional requirements. Company is planning the Initial Public Offer of 14,00,000 Equity Shares of face value Rs 10 each through Fresh Issue.

Seemax Resources Ltd IPO will close on 02 Jul 2026.

Comprehensive Rental Solutions with Value-Added Services.
Skilled and Dedicated Workforce.
Quality Assurance of Our Services.
Experienced Promoters and Senior Management with Technical Expertise
Authorised Dealership Network.

S.No	Promoters Name	Pre Issue Shares	Pre Issue Percentage	Post Issue Shares	Post Issue Percentage
1	Amit Naldev Trivedi	1499975	49.99	1499975	34.09
2	Seema Trivedi	1499975	49.99	1499975	34.09
3	Trivedi Jhanvi Amit	10	---	10	---
4	Rajvi Trivedi	10	---	10	---
5	Bhatt Urviben Kashyap	10	---	10	---
6	Swetaben V Parikh	10	---	10	---

The Company's borrowings is secured by a charge over its assets, and the company significant dependence on external debt (secured and unsecured) financing exposes its to risks that may materially and adversely affect the company business operations, financial condition, cash flows, and credit worthiness.
The company business relies significantly on revenue from the rental of Material Handling Equipment, and any negative developments in this segment could has a material impact on its financial performance, operations, and cash flows.
A significant portion of the company revenue is derived from a limited number of clients. Loss of one or more such key clients or a reduction in demand from them could affect its business, financial condition, cash flows, and results of operations.
Certain delays, discrepancies and Omissions has been detected in the company statutory records, as well as in records related to the submission of returns to the concerned Registrar of Companies.
The company revenues is highly dependent on its operations in geographical region of state of Gujarat. Any adverse development affecting the company operations in this region could has an adverse impact on its business, financial condition and results of operations.
Non-Compliance with Section 185 of the Companies Act, 2013 Relating to Loan to a Related Party.
The company relies on third-party supplier for the procurement of Material Handling Equipment (MHE). Any disruption in the supply chain or failures by such suppliers to fulfil their obligations may adversely impact its ability to meet client requirements and affect the company revenues.
The company success is dependent on its ability to attract, retain, and effectively manage a skilled workforce, and any attrition or failures to retain key employees could adversely affect the company operations, financial performance, and business continuity.
The company Registered and Workshop is not owned by its. In the event that the company lose such rights or are required to renegotiate arrangements for such rights, its business results of operations, profitability and margins, cash flows and financial condition could be adversely affected.
Rapid technological advancements in Material Handling Equipment may render the company existing fleet obsolete, requiring significant capital investment and impacting its competitiveness.
There are outstanding legal matters involving the Company, Promoters, Directors and SMP & KMP. Any adverse decisions could divert management time and attention and has an adverse effect on its business, prospects, results of operations and financial condition.
The company may not be able to protect its trademark "SEEMAX" and from infringement.
The company has not commissioned an industry report for the disclosures made in the section titled `Industry Overview'. These disclosures are based on publicly available data from the internet, which has not been independently verified by the company.
The company is dependent on its promoters and senior management and other key personnel, and the loss of, or the company inability to attract or retain, such persons could affect its business, results of operations, financial condition and cash flows.
The company has in the past entered into related party transactions and may continue to does so in the future, which may potentially involve conflicts of interest.
The company has taken guarantees from Promoters/Directors in relation to debt facilities provided to the company.
Any inability to meet client commitments related to the timely delivery, quality, or performance of MHE may result in client claims, reputational damage, and financial losses, which could adversely affect the company business and results of operations.
None of the company directors has prior experience serving as directors in any other listed company in India.
The Company requires significant amounts of working capital for continued growth. Its inability to meet the company working capital requirements may has an adverse effect on its results of operations.
The company could be harmed by employee or contractor/operator misconduct, negligence, fraud or errors which may be difficult to prevent or detect-and any such incidents could materially and adversely affect its reputation, business operations, results of operations, cash flows and financial condition.
The company may be subject to unionization, strikes, work stoppage or increased labour costs, which could adversely affect its business and results of operations.
The company indebtedness, including various conditions and restrictive covenants imposed on its under the company financing agreements and could adversely affect its ability to grow the company business or react to changes in its business environment.
The company insurance coverage may not be sufficient or may not adequately protect its against any or all hazards, which may adversely affect the company business, results of operations and financial condition.
The company is exposed to counterparty credit risk and any delay in receiving payments or non-receipt of payments may adversely impact its results of operations.
The company requires certain approvals and licenses in the ordinary course of business and is required to comply with certain rules and regulations to operates its business, and the failures to obtain, retain, and renew such approvals and licenses in timely manner or comply with such rules and regulations or at all may affect the company operations.
The company Promoters and the Promoter Group will jointly continue to retain majority shareholding in its Company after the Issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
Some of the company Directors (including its Promoters) and Key Management Personnel & Senior Management are interested in the Company to the extent of their shareholding and dividend entitlement in its Company, in addition to normal remuneration, other benefits and reimbursement of expenses.
The company intend to utilize a portion of the Net Proceeds for funding its capital expenditure requirements. The company is yet to place orders 100% of the capital expenditure, as specified in the Objects of the Issue chapter. Any delay in procurement of such capital expenditure may delay the schedule of implementation and may also lead to increase in cost of these capital expenditure, further affecting the company revenue and profitability.
The schedule of the company estimated deployment of Net Proceeds is subject to inherent uncertainties.
The objects of the Issue has not been appraised by any bank or financial institution and its cannot assure you that the objects of the Issue will be achieved within the expected time frame, or at all, and any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
The company has not declared any dividends till Financial Year 2024-25 and Nine months period ended on December 31, 2025 and its cannot assure you that the company will be able to pay dividends on its Equity Shares in the future.
Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
A Portion of the Net Proceeds is Proposed to be Utilised for General Corporate Purposes, the Exact Deployment of Which is at the Discretion of the company Management.
There are restrictions on daily, weekly and monthly price movement of the equity shares, which may adversely affect the shareholder's ability to sell their shares at desired price at a particular point in time.
The company cannot assure you that its equity shares will be listed on the SME platform of BSE in a timely manner or at all, which may restrict your ability to dispose of the equity shares.
The requirements of being a public listed company may strain the company resources and impose additional obligations.
Pursuant to listing of the Equity Shares, the company may be subject to pre-emptive surveillance measures like Additional Surveillance Measure (ASM) and Graded Surveillance Measures (GSM) by the Stock Exchanges in order to enhance market integrity and safeguard the interest of investors.
After this Issue, the price of the Equity Shares may be subject to change, or an active trading market for the Equity Shares may not develop.
QIBs and Non-Institutional Investors is not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid, and Individual investor who applies for minimum application size is not permitted to withdraw their Bids after Bid/Issue Closing Date.
There are restrictions on daily movements in the trading price of the Equity Shares, which may adversely affect a shareholder's ability to sell Equity Shares or the price at which Equity Shares can be sold at a particular point in time.
The Issue price of the company Equity Shares may not be indicative of the market price of its Equity Shares after the Issue and the market price of the company Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.

The Issue type of Seemax Resources Ltd is Book Building - SME.

The minimum application for shares of Seemax Resources Ltd is 2000.

The total shares issue of Seemax Resources Ltd is 1400000.

Initial public issue of upto 14,00,000 equity shares of face value of Rs. 10/- each ("Equity Shares") of Seemax Resources Limited ("Seemax" or the "Company" or "the Issuer") for cash at a price Rs. 141 per equity share (Including a Share Premium of Rs. 131 Per Equity Share) ("The Issue Price") aggregating upto Rs. 19.74 Crore, of which upto 70,000 equity shares of face value of Rs.10/- each for cash at a price of Rs. 141 per equity share including a share premium of Rs. 131 per equity share aggregating upto Rs. 0.99 Crore will be reserved for subscription by market maker to the issue ("Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. Net issue of upto 13,30,000 equity shares of face value of Rs. 10/- each at an issue price of Rs. 141 per equity share including a share premium of upto Rs. 131 aggregating to Rs. 18.75 Crore (is hereinafter referred to as the "Net Issue"). The issue and the net issue will constitute upto 31.82% and 30.23%, respectively of the post issue paid up equity share capital of the company. Price Band: Rs. 141 per equity share of face value of Rs. 10.00 each. The floor price is 14.10 times the face value of the equity shares. Bids can be made for a minimum of 2 lots of 1,000 equity shares and in multiples of 1,000 equity shares thereafter.

Seemax Resources Ltd IPO

Objectives of Seemax Resources Ltd IPO