Mahamaya Lifesciences Limited is launching its Initial Public Offering (IPO) on the BSE SME platform, with the subscription period opening on November 11, 2025.
The company is seeking to raise up to ₹70.44 crores through an issue that includes a fresh issue of shares and a small Offer for Sale (OFS) by its promoters.
The price band has been fixed at ₹108 to ₹114 per share, with a minimum lot size of 1,200 shares.
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Mahamaya Lifesciences has demonstrated spectacular growth in its financial performance, but this is accompanied by a very high customer concentration risk. The Grey Market Premium (GMP) is yet to commence trading.
In this article, you will find Mahamaya Lifesciences IPO GMP today, subscription status, allotment date, price band, and a detailed, unbiased review to help you make an informed decision.
Briefs of Mahamaya Lifesciences IPO Details
- Price Band: ₹108 – ₹114 per share
- IPO Open / Close Dates: November 11, 2025 – November 13, 2025
- Lot Size: 1,200 Shares
- Issue Size: ₹70.44 Crores (Fresh Issue of ₹60.75 Cr + OFS of ₹6.16 Cr)
- Fresh Issue / OFS: Both
- Registrar: Kfin Technologies Ltd.
- Listing Exchange: BSE SME
What is Mahamaya Lifesciences IPO GMP Today
- Note: The shares of Mahamaya Lifesciences are not currently trading in the grey market. The Grey Market Premium (GMP) is an unofficial indicator that reflects market sentiment and typically becomes active closer to the IPO opening date.
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What are The Key Mahamaya Lifesciences IPO Dates & Allotment Schedule?
- IPO Open & Close Date: November 11, 2025 – November 13, 2025
- Basis of Allotment Date: November 14, 2025
- Refund Initiation Date: November 17, 2025
- Credit of Shares: November 17, 2025
- Listing Date: November 18, 2025
What Are The Objectives of Mahamaya Lifesciences IPO?
The company intends to utilise the net proceeds from the fresh issue for its ambitious capacity expansion plans:
- Capital Expenditure for New Plant (₹29.42 Crores): A significant portion is allocated for setting up a new technical manufacturing plant.
- Funding Working Capital Requirements (₹18.00 Crores): To manage its operational cycle and support business growth.
- Capex for Existing Plant & Warehouse (₹6.28 Crores): For purchasing new equipment and constructing a new warehouse.
- Note: The proceeds from the Offer for Sale (OFS) of ₹6.16 crores will go to the selling promoters and not the company.
- General Corporate Purposes: The balance amount will be used for other strategic and day-to-day business requirements.
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What Is the Key Financial Performance of Mahamaya Lifesciences ?
(Amounts in ₹ Crores)
Particulars | FY25 | FY24 | FY23 |
Revenue from Operations | ₹267.17 | ₹162.82 | ₹137.39 |
Profit After Tax (PAT) | ₹12.94 | ₹5.22 | ₹3.75 |
The financial performance of Mahamaya Lifesciences has been exceptional. The company's revenue has grown at a strong pace, but its profitability has seen explosive growth, with profit after tax (PAT) more than doubling in FY25 compared to the previous year.
Source: RHP Mahamaya
The company's return ratios are also strong, with a Return on Net Worth (RoNW) of 26.19% in FY25.
Based on its FY25 earnings, the IPO is priced at an attractive P/E multiple of approximately 15x.
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Industry Outlook
- Mahamaya Lifesciences operates in the vital Indian agrochemical sector, which is a key pillar of the country's agriculture-driven economy.
- The company specializes in manufacturing and supplying pesticide formulations to large Indian and multinational agrochemical companies.
- The Indian agrochemical industry is projected to grow at a healthy CAGR of 7.6% until 2029, driven by the need for higher crop yields and increasing food demand.
- The company's plan to set up a new technical manufacturing plant is a strategic move towards backward integration, which can improve margins and reduce dependency on external suppliers.
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What Are The Strengths and Risks of Mahamaya Lifesciences IPO?
Strengths:
- Spectacular Financial Growth: The company has a proven track record of rapidly growing revenues and explosive profit growth.
- Strong Return Ratios: High RoNW and RoCE indicate efficient use of capital and shareholder funds.
- Attractive Valuation: The IPO is priced at a reasonable P/E of ~15x, which looks attractive given the high growth trajectory.
- Strategic Expansion Plans: A clear roadmap for backward integration by setting up a new manufacturing plant for technicals.
Risks:
- Extreme Customer Concentration: This is the biggest red flag. The top 10 customers account for nearly 80% of the company's sales. The loss of even a single major client could be detrimental to the business.
- High Debt: The company has a significant amount of debt on its books, and while the leverage ratio has improved, it remains a point of concern.
- Seasonal Business: The agrochemical industry is highly seasonal, and the company's performance is dependent on weather patterns and crop cycles.
- SME Segment Risks: The stock will be listed on the BSE SME platform, which typically has lower liquidity and higher price volatility.
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What Are The Expert Recommendations – Should You Apply?
Subscribe with Caution (For High-Risk Investors)
The Mahamaya Lifesciences IPO presents a classic dilemma: spectacular growth at a reasonable price, but with a massive, underlying risk.
- For Risk-Averse Investors: AVOID. The extreme customer concentration is a deal-breaker. The stability of the entire business rests on the shoulders of a few key clients.
- For Aggressive Investors: The financial numbers and valuation are too compelling to ignore. This is a high-risk, high-reward bet on the company's ability to retain its major customers while expanding its manufacturing capabilities.
- Our View: The IPO is a double-edged sword. The growth story is fantastic and the pricing is attractive. However, the concentration risk is equally potent. We recommend a "Subscribe with Caution" rating, strictly for high-risk investors who understand and are comfortable with the company's heavy reliance on its top clients.
Key Takeaways
- IPO Price Band: ₹108 – ₹114 per share
- Lot Size: 1,200 Shares (Note: The minimum application for retail investors is for 2 lots or 2,400 shares, costing ₹2,73,600, which falls into the sHNI category).
- Allotment & Listing Dates: Tentative listing on November 18, 2025.
- Recommendations of experts: A high-risk issue. Subscribe with caution, suitable only for aggressive investors due to the extreme customer concentration risk, despite the attractive financials and valuation.
FAQs on Mahamaya Lifesciences IPO
What is Mahamaya Lifesciences IPO price band?
The price band for the IPO is set at ₹108 to ₹114 per equity share.
What is Mahamaya Lifesciences IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Friday, November 14, 2025.
How to check Mahamaya Lifesciences IPO allotment status?
You can check the allotment status on the website of the IPO registrar once the basis of allotment is finalized.
What is Mahamaya Lifesciences IPO listing date?
The company's shares are tentatively scheduled to be listed on the BSE SME platform on Tuesday, November 18, 2025.
Should I apply for Mahamaya Lifesciences IPO?
This is a high-risk proposition. While the company's financial growth is impressive and the valuation is reasonable, its extreme dependence on a few clients is a major risk. A subscription is recommended only for investors with a high-risk appetite.
Useful Links: Mahamaya Lifesciences IPO RHP
Mahamaya Lifesciences IPO DRHP
