Seemax Resources Ltd. IPO

Seemax Resources

• Seemax Resources is coming out with an initial public offering (IPO) of 14,00,000 shares in a price band of Rs 134-141 per equity share.
• The issue will open on June 30, 2026 and will close on July 02, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 13.40 times of its face value on the lower side and 14.10 times on the higher side.
• Book running lead manager to the issue is Wealth Mine Networks.
• Compliance officer for the issue is Pankaj Kewalramani.

Profile of the company

Seemax Resources business model is structured to serve a broad spectrum of industries, including automotive, steel, glass, cement, textiles, engineering goods, warehousing and logistics, retail and e-commerce, ports and shipping, construction and infrastructure, as well as aviation and railways. Each of these sectors has distinct requirements for efficient material movement and handling, and it designs its solutions to address their specific operational needs. Its operations are classified under the following verticals:

i) Rental Solutions: It provides Rental Solutions for Material Handling Equipment (MHE) with a distinctive focus on comprehensive maintenance services and trained operator support. Unlike plain rental offerings, its model integrates Annual Maintenance Contracts (AMC), preventive servicing, and on-call technical support to ensure that every piece of equipment remains in peak condition throughout the rental tenure. It provides material handling solutions across sectors and companies who need to offload their material handling tasks. It offers material handling equipment and deploying its well skilled operators & maintenance team to take care of its customer's material handling needs. Its 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, it also makes available experienced operators, ensuring safe handling practices, compliance with safety norms, and maximized operational efficiency at client sites.

ii) Trading in MHE: Alongside its rental services, it is engaged in the trading of Material Handling Equipment (MHE), enabling customers to purchase equipment that matches their operational requirements and financial plans.

Proceed is being used for:

• Funding capital expenditure towards purchase of material handling equipment
• Funding towards repayment or prepayment, in full or in part, of borrowings availed by the company from banks and financial institutions
• Funding the long-term working capital requirements of the company
• General corporate purposes

Industry overview

The India material handling equipment market size reached $10.57 Billion in 2024. Looking forward, IMARC Group expects the market to reach $22.48 Billion by 2033, exhibiting a growth rate (CAGR) of 8.08% during 2025-2033. The India material handling equipment market is driven by rapid industrialization, expanding manufacturing activities, government initiatives like the Production-Linked Incentive (PLI) scheme, rising e-commerce logistics, and increasing infrastructure development, all contributing to higher demand for advanced automation, efficient warehousing solutions, and technologically upgraded handling systems across industries.

The manufacturing sector is the backbone of India's economy, and its expansion has a direct impact on the demand for material handling equipment. The Gross Value Added (GVA) in manufacturing surged by 26.6% in 2021-22 compared to the earlier year, reflecting a robust recovery after the pandemic. These sectors were propelled by industries like basic metals, refined petroleum products, drugs and pharmaceuticals, automobiles, food products, and chemicals, which all contributed around 56% to the overall GVA in manufacturing. The rise in manufacturing production requires effective material handling solutions to deal with higher production levels, reduce operations, and provide timely delivery. 

The development of infrastructure in India has been the mainstay of economic development, with tremendous investments in upgrading transportation, logistics, and manufacturing facilities. Building strong infrastructure has been the government's priority, and as a result, there is high demand for material handling equipment to facilitate construction and the subsequent use of these facilities. The capital goods industry, which includes material handling equipment, has been aided by production-linked incentive (PLI) programs in industries such as automobiles and electric vehicles (EVs). Indirectly, these programs promote demand for capital goods through their focus on manufacturing excellence and expanding capacity. Incidentally, industries for heavy electrical and power equipment, earthmoving and mining equipment, and process plant equipment jointly contribute to 85% of India's entire capital goods export, demonstrating the strength of the sector. Also, the Index of Industrial Production (IIP), which captures the performance of different industrial sectors, has been positive. The Office of the Economic Advisor, Ministry of Commerce and Industry, started compiling and publishing the IIP, covering major industries that contribute a large share of total production. A rise in the IIP reflects higher industrial activity, which translates to greater demand for material handling solutions to control the movement of goods within and among facilities.

Pros and strengths

Comprehensive rental solutions with value-added services: Its rental solutions go beyond plain equipment leasing by integrating AMC-backed maintenance contracts, preventive servicing, and on-call technical support, along with the deployment of skilled and trained operators. This holistic model ensures that equipment remains in peak condition, minimizes downtime, enhances safety compliance, and drives higher productivity for clients, positioning it as a reliable long-term partner rather than just an equipment lessor. 

Skilled and dedicated workforce: Its people are its biggest strength. It prioritizes hiring individuals with relevant technical expertise and industry knowledge, and further strengthen their capabilities through structured training programs that not only meet but exceed industry standards. It focuses on continuous learning, safety, creating a motivated team that delivers reliable service. By retaining skilled employees, It ensures higher efficiency, stronger client trust, and long-term business growth.

Quality assurance of its services: Quality assurance is at the core of its operations and reflects its commitment to building and sustaining long-term client relationships. Safety and skill development are top priorities, and all ground staff, including operators and support personnel, undergo structured induction training conducted by its in-house team. These programs cover equipment handling, safety protocols, maintenance standards, and site-specific procedures. In addition, periodic refresher and need-based training sessions are conducted to keep its workforce aligned with evolving industry practices and client expectations. This structured and ongoing framework enhances technical competence, safety awareness, and operational efficiency, ensuring reliable performance, minimal downtime, and consistent client satisfaction across its rental solutions. 

Risks and concerns

Dependent on third-party suppliers for its operations: Its business model is substantially dependent on sourcing Material Handling Equipment (MHE), including battery forklifts, diesel forklifts, Hydra cranes, battery-operated pallet trucks (BOPT), reach trucks, and related consumables such as batteries and spare parts, from third-party suppliers for its rental operations. For its trading activities, it is restricted to sourcing equipment only through its authorised dealership arrangement with a reputed global manufacturer. It is heavily reliant on a limited supplier base, with its top ten suppliers contributing 89.22%, 98.47%, 98.29% and 91.09% of its total purchases for the period ended December 31, 2025 and for the Financial Years ended March 31, 2025, 2024 and 2023, respectively, based on its Restated Financial Statements. This high concentration exposes it to significant risks relating to availability, pricing, quality, and continuity of supply. Any disruption in the supply chain arising from delays in production, logistics constraints, geopolitical developments, or other external factors could adversely impact its ability to fulfil client requirements, resulting in delays, loss of revenue, and deterioration of client relationships. 

Significant portion of its revenue derived from key clients: It drives a significant portion of its revenue from a concentrated base of clients. For the period ended December 31, 2025 and The Financial Years ended March 31, 2025, March 31, 2024, and March 31, 2023, revenue from its top ten clients constituted 79.72%, 79.21%, 85.04% and 71.10%, of its total revenue from operations, respectively. This reliance on a relatively small group of clients exposes it to client concentration risk. The loss of one or more of these clients, a reduction in the volume of business they conduct with it, or adverse changes in their procurement strategy could materially and adversely affect its revenues and profitability. Factors such as shifts in client preference, increased competition, changes in outsourcing policies, pricing pressure, contract non-renewals, or internal restructuring at the client level could result in a significant reduction or cessation of business from these key clients.

Revenue dependence on its operations in Gujarat: Its revenues are significantly concentrated in the state of Gujarat. For the period ended December 31, 2025 and for the years ended March 31, 2025 2024 and 2023, revenue from Gujarat contributed Rs 1,106.69 lakh (96.32%), Rs 1,363.69 lakh (94.58%), Rs 1,042.82 lakh (91.94%) and Rs 1,061.47 lakh (94.03%) of its revenue from operations respectively. Such concentration exposes it to risks arising from adverse developments in this region, including increased competition, economic downturns, regulatory changes, or demographic shifts in Gujarat. Any negative event affecting customer demand, supply chain logistics, or local business conditions in this region could materially and adversely impact its business, results of operations, and financial condition.

Outlook

Seemax Resources is primarily engaged in the supply and service of Material Handling Equipment (MHE). Through its authorised dealership relationships with reputed international manufacturers, it ensures that the Material Handling Equipment (MHE) it supplies are certified for quality and safety, compliant with international standards, and deliver reliable high performance. This trusted sourcing framework strengthens its credibility in the industry and reinforces customer confidence in its offerings. On the concern side, it operates in a business segment that is highly dependent on technically skilled personnel, including equipment operators, operations and logistics staff, sales professionals, and maintenance technicians. The availability of trained manpower in the material handling equipment industry is limited and highly competitive, and it is required to consistently invest in recruitment, training, and retention strategies to meet its operational requirements across geographies. Its continued success is significantly reliant on its ability to attract and retain experienced professionals who possess deep industry knowledge and technical expertise. Increased attrition or failure to retain such key personnel may result in disruptions in its operations, reduced service quality, higher training and onboarding costs, and potential delays in project execution, which could adversely impact its revenues and profitability.

The company is coming out with a maiden IPO of 14,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 134-141 per equity share. The aggregate size of the offer is around Rs 18.76 crore to Rs 19.74 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY24-25 was Rs 1,441.86 lakh as against Rs 1,134.24 lakh for FY23-24, an increase of 27.12%. Profit after tax for the FY24-25 was at Rs 223.71 lakh against profit after tax of Rs 142.61 lakh in FY23-24, an increase of 56.87%.

It constantly seeks to enhance its addressable markets through its rental service model. Its focus is on increasing market share by catering to clients across different parts of India. It is exploring expansion into high-growth corridors that align with its business model and offer strong demand potential. By leveraging its market presence and service capabilities, it aims to penetrate newer regions and attract new clients. Going forward, it plans to consistently invest in expanding the size and variety of its equipment fleet to serve a larger client base. A broader and more diverse fleet will allow it to respond quickly and efficiently to client requirements, improve asset availability, and enhance deployment efficiency across multiple geographies. This also enables it to customize rental solutions, reduce downtime through quicker equipment turnaround, and commit to higher uptime for long-term rental contracts.

Pooja Logistics

• Pooja Logistics is coming out with an initial public offering (IPO) of 38,46,000 shares in a price band of Rs 109-115 per equity share.
• The issue will open for subscription on September 23, 2026 and will close on September 25, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 10.90 times of its face value on the lower side and 11.50 times on the higher side.
• Book running lead manager to the issue are Share India Capital Services and Maashitla Securities.
• Compliance officer for the issue is Ashish Bisht.

Profile of the company

Pooja Logistics is engaged in providing temperature-controlled logistics services for the transportation of perishable goods across India through refrigerated trucks (reefers). Since incorporation in 2011, it has been offering cold chain logistics services to a range of industries. Its in-house fleet as on March 31, 2026 comprises over 424 GPS-enabled vehicles dedicated to the transportation of temperature-sensitive goods. It caters to clients operating in the confectionery, dairy and dairy products, quick-service restaurants (QSRs), pharmaceuticals, and e-commerce sectors. It transports temperature-sensitive consignments while maintaining operational systems designed to maintain compliance with applicable standards. Its fleet consists of trucks with different sizes and capacities, enabling it to undertake a range of assignments. It generally operates on a trip-to-trip model, based on customer requirements. 

It has implemented various technology-enabled operational processes, including: i) a process for scheduling orders, where goods are picked up from the client’s origin warehouse, transported under monitored temperatures, and delivered at the destination with verification; ii) GPS-tracking software ‘Geo Trackers’ to provide visibility of vehicle movement and shipment status; iii) vehicle movement reports for monitoring and managing temperature levels in reefers; and iv) driver and truck management systems. These systems support real-time temperature tracking, route optimization, and monitoring of vehicle operations. 

Its temperature-controlled logistics services are aimed at the transportation of perishable products under controlled conditions using reefer vehicles. Upon reaching the delivery location, goods are unloaded as per defined protocols. It has obtained certifications from FSSAI for facilitating the delivery of perishable goods. It intends to expand certifications in line with customer and regulatory requirements.

Proceed is being used for:

• Purchase of vehicles (goods carriages)
• Public issue related expenses
• General corporate purpose

Industry overview

The India logistics market size was valued at $228.4 billion in 2024 and is projected to reach $428.7 billion by 2033. The market in India is estimated to grow at a CAGR of 6.50% from 2025-2033. The market growth is attributed to the growing e-commerce, infrastructure development, rising demand for cold chain logistics, increasing international trade, adoption of digital technologies, expansion of manufacturing and retail sectors, improved warehousing solutions, and greater focus on supply chain efficiency. 

The growing demand for perishable goods, ranging from dairy products to vaccines and biologics is propelling the growth of the Indian cold chain logistics sector. The Indian cold chain transportation market is expected to grow from $12.77 billion in 2025 to $20.31 billion by 2030 at a CAGR of 9.72% between the forecast years. This growth trajectory is fueled by evolving consumer preferences, rapid urbanization, and a sharp rise in organized retail and e commerce for temperature-sensitive goods. India continues to rank among the top global producers of perishable commodities. It is the largest producer of milk, second largest producer of fruits and vegetables, and a leading manufacturer of generic pharmaceuticals. Recent government initiatives such as the PM Gati Shakti scheme and PLI schemes in multimodal logistics are rapidly transforming the cold chain ecosystem. 

The FMCG sector in India has expanded steadily, supported by consumer-driven growth and higher product prices, particularly for essential goods. It provides employment to around three million people, accounting for approximately 5% of total factory employment in the country. As India’s fourth-largest sector, FMCG plays a vital role in the economy, with household and personal care products alone contributing 50% of total FMCG sales. Looking ahead, India’s FMCG sector is expected to record a slight revenue increase of 100 to 200 basis points, bringing growth to 6 to 8% in FY26, supported by stable rural demand and a revival in urban markets. 

Pros and strengths

Owned refrigerated vehicle fleet: It owns and operates a fleet of more than 424 GPS-enabled refrigerated vehicles, which supports direct operational oversight of transportation activities. The fleet includes both single-compartment and multi-compartment reefers, with load capacities ranging from around 5 tonnes to 20 tonnes, and is equipped to maintain temperatures suitable for frozen (-18 degree Celsius to -10 degree Celsius) and chilled (0 degree Celsius to +4 degree Celsius) storage. This allows it to handle a range of perishable goods, including pharmaceuticals, dairy products, confectionery, quick-service restaurant supplies, and e-commerce consignments, on a trip-to-trip basis. Fleet ownership reduces reliance on third-party logistics providers and enables internal management of route planning, vehicle scheduling, and shipment tracking through GPS-based systems. These capabilities are intended to support asset utilization and help in maintaining delivery timelines.

Geographic reach of the company: The company provides temperature-controlled logistics services across multiple regions in India. Its services cover more than 26 States, serving clients across various segments of the Fast-Moving Consumer Goods (FMCG) sector, including pharmaceuticals, dairy and dairy products, confectionery, quick-service restaurants, Frozen meat, etc. It continues to expand its geographic footprint in response to customer demand and operational considerations.

Compensation to customers for losses or damages to goods: As the company is engaged in providing temperature-controlled logistics services for the transportation of perishable goods, there may, in the ordinary course of business, be instances of shortages or deductions arising from damage to or loss of goods during transit. While the company has not experienced any material instances of damage or loss of goods in the past, there have been limited and non-material instances where compensation was paid towards such shortages or damages.

Risks and concerns

Dependence on limited customers: It depends on a limited number of customers for a majority of its revenues, which exposes it to a risk of customer concentration. Fluctuations in the performance of the industries in which its customers operate may result in a loss of customers, a decrease in the volume of work it undertakes or the price at which it offers its services. There is no guarantee that it will retain the business of its existing customers or maintain the current level of business with each of these customers. The company’s top ten customers contributed 68.15%, 75.55%, and 81.61% of its revenue from operations in Fiscal 2026, 2025 and 2024, respectively.

High reliance on FMCG sector: The company’s reliance on particular industries for a significant portion of its sales could have an adverse effect on its business, results of operations and financial conditions. A major portion of its business comes from customers in the FMCG industry. The company’s revenue from FMCG contribution was 95.07%, 95.85%, and 72.73% in Fiscal 2026, 2025 and 2024, respectively. Any slowdown, regulatory changes, supply chain disruptions, or other adverse developments in this industry may reduce the demand for its services.

Exposure to traffic challans and regulatory enforcement: In the ordinary course of its logistics and transportation operations, its fleet of commercial vehicles may be subject to traffic challans or other violations. Such instances are inherent to the industry and are generally resolved through Lok Adalats, as and when organized by the government. Recently, it has settled certain traffic challans in Lok Adalat proceedings, while the remaining challans are in the process of being settled and are expected to be resolved in a similar manner. While no significant or uncertain liability has arisen in this regard in the Past. Further, there can be no assurance that future violations will not result in higher penalties, adverse publicity, or stricter enforcement measures. Any such developments could increase its operating costs or otherwise adversely affect its business, results of operations, and financial condition. 

Outlook

Pooja Logistics is a logistics company, engaged in temperature-controlled logistics service provider in the transportation of perishable goods across India through refrigerated trucks (reefers). It provides temperature-controlled logistics services across multiple regions in India. Its services cover more than 26 States, serving clients across various segments of the FMCG sector, including pharmaceuticals, dairy and dairy products, confectionery, quick-service restaurants, Frozen meat, etc. It continues to expand its geographic footprint in response to customer demand and operational considerations. On the concern side, its operations are primarily concentrated in the states of Delhi, Haryana, Maharashtra, and Uttar Pradesh. A substantial portion of its revenue, assets, and customer base is derived from these regions. Any materially adverse social, political or economic development, civil disruptions, or changes in the policies of the state/central government or state or local governments, may require a modification of its business strategy, or require it to incur significant suspend its services.

The company is coming out with a maiden IPO of 38,46,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 109 - 115 per equity share. The aggregate size of the offer is around Rs 41.92 crore to Rs 44.23 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 11.38% from Rs 14,877.10 lakh in Fiscal 2025 to Rs 16,570.10 lakh in Fiscal 2026. Profit after tax increased 11.95% from Rs 1,102.23 lakh in Fiscal 2025 to Rs 1,233.98 lakh in Fiscal 2026.

Meanwhile, it aims to adopt environmentally sustainable practices by gradually integrating electric vehicles (EVs) and incorporating CNG powered trucks into its fleet. As on date, it operates 2 electric vehicles and around 141 CNG-powered vehicles. These initiatives are expected to reduce operational emissions and align with broader industry trends in sustainable logistics. Additionally, it is in the process of digitizing various operational workflows to reduce paper usage, increase process efficiency, and enhance monitoring systems. These changes are anticipated to contribute to improved internal controls and resource utilization.