Maiden Forgings IPO Opens on 23rd March 2023. The company aims to raise Rs 23.84 crore through this IPO, with shares set to be listed on the BSE SME platform. Established in 2005, Maiden Forgings Limited specialises in producing and distributing ferrous metal goods. The firm produces steel bright bars, wires, profiles, collated pneumatic nails, and ground bars. The company boasts a combined production capacity of 50,000 tons per year with three manufacturing facilities in Ghaziabad, Uttar Pradesh, India.
Maiden Forgings serves over 450 business-to-business customers worldwide, catering to Original Equipment Manufacturers (OEMs) and large-scale manufacturing enterprises in various industries, such as Prestige TTK, Everest, and UM Auto. In recent years, the company has received multiple accolades, including the ‘fastest growth in the business category’ award in 2018 from Business Sphere Magazine, the ‘heroes next door award’ in 2019, and the ‘most versatile company for steel bright bars in India’ honour.
Maiden Forgings IPO Product Portfolio:
Maiden Forgings Limited (MFL) is an ISO and PED-certified company that manufactures various ferrous metal products, specializing in bright steel bars, stainless steel bright bars, and steel wires across multiple grades. Boasting 30 years of extensive experience, the company has honed its expertise in producing high-quality products.
With its corporate office and manufacturing facilities in Ghaziabad (within the Delhi-NCR region), Maiden Forgings has an impressive annual production capacity of 50,000 tons. The company serves a diverse clientele, including major players like Hero, Yamaha, Hyundai, Honda, Maruti Suzuki, Toyota, Volkswagen, and Volvo, as listed on their official website. In addition, Maiden Forgings caters to over 450 B2B customers, offering its products to Original Equipment Manufacturers (OEMs) and large manufacturing firms across various industries, such as Prestige TTK, Everest, and UM Auto.
Maiden Forgings IPO Objects of the Offer
The company has outlined several primary objectives for utilising the funds obtained from the Issue. Their initial goal is to merge and enlarge their manufacturing plants, allowing them to boost production capabilities and more effectively meet the demands of their expanding clientele.
Another key objective is to allocate a portion of the proceeds to working capital and general corporate purposes. This allocation will help the company maintain financial stability and enable them to pursue future growth prospects.
Finally, a segment of the funds will be earmarked for covering the costs related to the Issue. This allocation ensures that the process is seamless and fruitful for everyone involved.
About the IPO
On Friday, March 17 2023, steel bars and wires producer Maiden Forgings Ltd. announced its plan to launch an IPO (initial public offering) with the aim of raising Rs 23.84 crore. The IPO will be open for subscription from March 23 to March 27. Up to 17,97,000 shares have been set aside for qualified institutional buyers out of the available 37,84,000 equity shares. Additionally, 5,39,100 shares have been reserved for non-institutional investors, while the remaining shares are allocated for individual retail investors. The issue’s lot size is set at 2,000 equity shares, costing Rs 1.26 lakh per lot for bidders. Retail investors can bid for just one lot of 2,000 equity shares, while HNI investors must bid for two lots, totaling Rs 2.52 lakh or 4,000 equity shares.
Financial Performance (In Crore)
Year | Revenue | Expense | PAT |
2020 | ₹ 204 | ₹ 202 | 1.66 |
2021 | ₹ 199 | ₹ 197 | 1.69 |
2022 | ₹ 211 | ₹ 208 | 2.14 |
2023 | ₹ 164 | ₹ 153 | 8.02 |
Important Dates for Maiden Forgings IPO
Event | Date |
Opening Date | March 23, 2023 |
Closing Date | March 27, 2023 |
Basis of Allotment | March 31, 2023 |
Initiation of Refunds | April 3, 2023 |
Credit of Shares to Demat | April 5, 2023 |
Listing Date | April 6, 2023 |
Promoters of the Company
The promoters of the company are Nishant Garg and Nivedita Garg.
How to Apply
Wait for the public issue to open for subscription and then click on this link to apply for the Maiden Forgings IPO with Bigul https://ipo.bonanzaonline.com/.
How to Check Allotment Status
The registrar for Maiden Forgings IPO is Maashitla Securities Pvt. Limited. To check your allotment status, please click on this link.
FAQs
- When is the Maiden Forgings IPO coming?
The Maiden Forgings IPO will be available for subscription from March 23, 2023, and will close on March 27, 2023.
- What is the schedule for the Maiden Forgings IPO?
The schedule for the Maiden Forgings IPO is as follows:
Bid/Offer Opens On | March 23, 2023 |
Bid/Offer Closes On | March 27, 2023 |
Finalisation of Basis of Allotment | March 31, 2023 |
Initiation of refunds | April 3, 2023 |
The credit of Equity Shares | April 5, 2023 |
Listing Date | April 6, 2023 |
- What is the price range of the Maiden Forgings IPO shares?
The price range for Maiden Forgings IPO is set between Rs 60 to Rs 63 per share. The minimum order quantity is 2000 Shares.
- What is the size of the Maiden Forgings IPO?
Maiden Forgings IPO is an SME IPO of 3,784,000 equity shares of a face value of Rs 10 aggregating up to Rs 23.84 Crores. The issue is priced at Rs 60 to Rs 63 per share. The minimum order quantity is 2000 Shares.
- What is the process for purchasing Maiden Forgings IPO shares?
To buy Maiden Forgings IPO shares, retail investors can apply online through banks using the ASBA process or through a broker using UPI. Global Surfaces Limited is offering its shares to the public through an IPO.
- What is the procedure for subscribing to the Maiden Forgings IPO?
To subscribe to the Maiden Forgings IPO, individuals with a demat account can apply online through their bank’s IPO application process. You can also visit Bigul’s website https://bigul.co/ to apply for the IPO.
- When will the allotment of Maiden Forgings IPO take place?
The allotment status of Maiden Forgings IPO will be made available online on Mar 31, 2023.
- When is the listing date for Maiden Forgings IPO?
Maiden Forgings IPO shares are scheduled to be listed on April 6, 2023, at BSE, NSE, subject to the announcement by the exchange.