Mahamaya Lifesciences, a steadily expanding agrochemical player with strong revenue growth over the last three years, is launching its SME IPO from 11 November to 13 November 2025.
Backed by capacity expansion and a diverse pesticide molecule portfolio catering to both Indian and multinational clients, the company offers long-term stability even though short-term listing gains may remain uncertain due to moderate margins.
The IPO aims to raise ₹70.44 crore through a fresh issue and OFS, with a price band of ₹108 to ₹114 per share. Allotment will be declared on 14 November, and the shares are set to list on BSE SME on 18 November 2025, with refunds and demat credits on 17 November.
Contents
- Mahamaya Lifesciences IPO Details
- Mahamaya Lifesciences IPO
- Mahamaya Lifesciences IPO Review
- Mahamaya Lifesciences IPO Market Lot
- IPO Reservation Structure
- Mahamaya Lifesciences IPO Anchor Investors
- About Mahamaya Lifesciences Limited
- Mahamaya Lifesciences IPO Financial Performance
- Mahamaya Lifesciences IPO Valuation – FY2025
- IPO Lead Manage
- Mahamaya Lifesciences IPO FAQs
- Expert Comment
Mahamaya Lifesciences IPO Details
Below is the structured IPO summary for investor convenience:
| Particular | Details |
|---|---|
| IPO Open Date | November 11, 2025 |
| IPO Close Date | November 13, 2025 |
| Face Value | ₹10 per share |
| IPO Price Band | ₹108 to ₹114 per share |
| Issue Size | Approx ₹70.44 crore |
| Fresh Issue | Approx ₹64.28 crore |
| Offer for Sale | Approx 5,40,000 equity shares |
| Issue Type | Book Built Issue |
| Listing | BSE SME |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
Mahamaya Lifesciences IPO
Open: 11-13 Nov
Issue Size: ₹70.44 Cr.
Objective: Buy new machines, build a warehouse, and fund company working needs.
Exchange: BSE SME
Mahamaya Lifesciences IPO Review
Mahamaya Lifesciences has shown strong revenue growth over the last three financial years, supported by capacity expansion and an increasing portfolio of pesticide molecules.
The company caters to both Indian agrochemical players and multinational clients, which adds credibility. However, margins are still moderate, and the valuation metrics compared to peers seem slightly stretched.
For long-term investors, the business model offers stability due to rising demand in the agrochemical sector, but short-term listing gains may remain uncertain.
Mahamaya Lifesciences IPO Market Lot
The minimum market lot is large due to SME norms. Retail investors must be aware of the higher ticket size.
Market Lot Table
| Application Category | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2,400 | ₹2,73,600 |
| Retail Maximum | 2 | 2,400 | ₹2,73,600 |
| S-HNI Minimum | 3 | 3,600 | ₹4,10,400 |
| S-HNI Maximum | 7 | 8,400 | ₹9,57,600 |
| B-HNI Minimum | 8 | 9,600 | ₹10,94,400 |
The high application amount may limit participation from small investors.
IPO Reservation Structure
Reservation Table
| Category | Shares Offered | % Allocation |
|---|---|---|
| Anchor Investors | 17,52,000 shares | 28.36% |
| QIB (Excluding Anchor) | 11,76,000 shares | 19.03% |
| NII | 8,82,000 shares | 14.27% |
| Retail Investors | 20,59,200 shares | 33.33% |
Retail investors get one-third of the issue, which is standard for SME book-built IPOs.
Mahamaya Lifesciences IPO Anchor Investors
Anchor Investor Details Table
| Particular | Details |
|---|---|
| Anchor Bidding Date | November 10, 2025 |
| Anchor Investors List | View PDF |
| Shares Offered | 17,52,000 shares |
| Anchor Size | ₹19.97 crore |
| Lock-in Period (50% shares – 30 days) | December 14, 2025 |
| Lock-in Period (50% shares – 90 days) | February 12, 2026 |
A healthy anchor subscription is usually a positive signal.
- Also Read:
- Fujiyama Power IPO
IPO Schedule and Timeline
| Event | Date |
|---|---|
| IPO Open Date | November 11, 2025 |
| IPO Close Date | November 13, 2025 |
| Basis of Allotment | November 14, 2025 |
| Refunds | November 17, 2025 |
| Shares to Demat | November 17, 2025 |
| Listing Date | November 18, 2025 |
| IPO Bidding Cut-off Time | November 13, 2025 – 5 PM |
This timeline ensures a quick listing post allotment.
Promoter Details and Holdings
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre-Issue | 1,77,66,200 | 77.27% |
| Promoter Holding Post-Issue | 2,34,05,000 | 56.35% |
The post-issue dilution is significant but aligns with expansion needs.
Objects of the Issue
The IPO proceeds will be used for expanding capacity, upgrading manufacturing facilities, and meeting working capital requirements.
Utilisation of Proceeds Table
| Purpose | Amount (₹ crore) |
|---|---|
| Purchase of equipment for existing formulation plant | ₹3.75 |
| Funding capex for new technical manufacturing plant | ₹29.42 |
| Construction of warehouse building and purchase of machinery | ₹2.53 |
| Working capital requirement | ₹18.00 |
| General corporate purposes | – |
The new technical manufacturing unit is the largest investment, signaling long-term growth ambitions.
About Mahamaya Lifesciences Limited
Mahamaya Lifesciences Limited, established in 2002, is a well-known name in the pesticide formulation business. The company began by importing and registering key pesticide molecules that were not produced domestically. This initial strategy created an entry barrier and allowed the company to build relationships with major agrochemical companies across India.
By working closely with the Central Insecticides Board and Registration Committee (CIBRC), the company successfully entered the formulation and technical molecule segment. This helped Mahamaya Lifesciences expand its product portfolio and cater to both Indian and multinational clients.
The company has presence across several states including Punjab, Haryana, Rajasthan, Uttar Pradesh, Gujarat, Maharashtra, Andhra Pradesh, and Telangana. Internationally, it exports its products to Turkey, Egypt, and the UAE.
A major milestone was achieved in December 2021 when the company set up its own manufacturing plant at Dahej, Gujarat. This backward integration has improved margins, increased production stability, and reduced dependency on imports.
Mahamaya Lifesciences IPO Financial Performance
Financial Performance Table (in Cr.)
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | 137.40 | 132.30 | 3.75 | 77.88 |
| 2024 | 162.83 | 155.71 | 5.22 | 112.07 |
| 2025 | 267.17 | 249.81 | 12.94 | 188.35 |
| June 2025 | 84.04 | 78.35 | 4.10 | 218.87 |
The financials indicate:
• Revenue nearly doubled between FY2024 and FY2025
• Profitability improved significantly due to higher utilization
• Asset base expanded sharply due to ongoing capex
• June 2025 quarter performance suggests FY2026 may also be strong
Overall, the company shows consistent growth momentum.
Mahamaya Lifesciences IPO Valuation – FY2025
Valuation Metrics Table
| KPI | Value |
|---|---|
| ROE | 34.94% |
| ROCE | 23.15% |
| EBITDA Margin | 9.22% |
| PAT Margin | 4.84% |
| Debt-to-Equity Ratio | 1.08 |
| EPS (Basic) | ₹7.60 |
| P/E Ratio | N/A |
| RoNW | 26.19% |
| NAV | ₹27.82 |
The return ratios are strong for an SME, although profit margins are still low compared to niche agrochemical peers. Debt levels are moderate but manageable due to expansion investment.
Peer Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Nova Agritech Limited | 3.05 | 16.93 | 12.47% | 23.76 | ₹296.60 crore |
| Bhagiradha Chemicals & Industries Ltd | 1.14 | 247.63 | 2.03% | 52.61 | ₹449.75 crore |
Compared to these players, Mahamaya Lifesciences shows higher EPS and better RoNW, but valuations cannot be fully compared until final listing multiples emerge.
IPO Lead Manage
Oneview Corporate Advisors Pvt. Ltd. is the lead manager for this IPO.
Company Contact Details
Mahamaya Lifesciences Ltd
Unit No. DPT–033, Ground Floor
Plot No. 79–80, DLF Prime Tower
Block, Okhla Phase–1
New Delhi – 110020
Phone: +91-1146561474
Email: cs@mahamayalifesciences.com
Website: mahamayalifesciences.com
IPO Registrar Details
Kfin Technologies Ltd
Phone: 04067162222 / 04079611000
Email: mahamaya.ipo@kfintech.com
Website: ipostatus.kfintech.com
Mahamaya Lifesciences IPO FAQs
What is the Mahamaya Lifesciences IPO?
It is a BSE SME IPO worth ₹70.44 crore with a price band of ₹108–₹114 per share.
When will the IPO open?
It will open on 11 November 2025 and close on 13 November 2025.
When will the IPO open?
It will open on 11 November 2025 and close on 13 November 2025.
How much is the retail quota?
35% of the total shares are reserved for retail investors.
What is the lot size?
The minimum lot size is 2,400 shares costing ₹2,73,600.
When is the allotment date?
Allotment will be finalized on 14 November 2025.
What is the listing date?
Shares will list on BSE SME on 18 November 2025.
How to apply?
Investors can apply using ASBA through banks or UPI-enabled stockbrokers.
Expert Comment
Mahamaya Lifesciences IPO presents a balanced opportunity for investors who believe in the long-term growth of the agrochemical and pesticide formulation sector.
The company’s financials have shown a strong upward trajectory, supported by expansion and improved utilisation levels. While high margins are still a work in progress, the company’s return ratios indicate efficient capital use.
On the flip side, the SME nature of the issue, high lot size, and moderate profitability may not appeal to short-term investors looking for quick gains. Listing performance could depend on market sentiment and anchor response.
Overall, this IPO is more suitable for long-term investors who understand the agrochemical space and are comfortable with SME volatility.
