Maiden Forgings IPO

Maiden Forgings IPO will open for subscription from 23 March 2023. the company aims for an issue size of 23.84 Cr through this IPO.

About Company

Incorporated in 2005, Maiden Forgings is engaged in the business of manufacturing and sales of ferrous metal products including carbon steel, stainless steel, and alloy steel, mainly in the form of drawn products like bright bars, wires, profiles, and ground bars. Its manufacturing facilities are spread over around 12,500 square yards of a land area having a combined aggregated manufacturing capacity of 50000 MT/p.a.

The company has three manufacturing plants, all located in Ghaziabad, Uttar Pradesh, India. The combined aggregated manufacturing capacity of its plants is 50,000 tons per annum.

The company supplies to a diversified portfolio of over 450 B2B customers including top tier-I & tier-II suppliers of major two-wheeler & four wheelers manufacturers. Its products form an important raw material base for the Original Equipment Manufacturers (OEMs) for B2B/B2C markets. Its products are further supplied by OEMs to marque clients like Prestige TTK, Everest, UM Auto, etc.

The product range manufactured by the company includes:

  • Carbon steel bright bars: 2mm to 100mm
  • Stainless steel bright Bars: 2mm to 100mm
  • Alloy steel bright bars: 2mm to 100mm
  • Carbon steel wires: 0.2mm to 22mm
  • Stainless steel wires: 0.8mm to 22mm
  • Alloy steel wires: 0.2mm to 22mm
  • Profiles and ground bars in different sizes and shapes
  • Collated pneumatic nails

Basic details about the company

Full nameMaiden Forgings Limited
SectorIron & Steel
IndustrySteel & Iron Products
Company Website

The objective of the Issue

  • Consolidation and expansion of the manufacturing facilities.
  • Working Capital and General Corporate Purpose.
  • Issue Expenses.

IPO Timetable

IPO Opening date23 March 2023
IPO Closing27 March 2023
Basis of Allotment31 March 2023
Initiation Refund03 April 2023
Credit to Demat Account05 April 2023
Listing Date06 April 2023

IPO details

Issue typeBook Built Issue IPO
IPO issue size₹23.84 Cr – 3,784,000 shares
Fresh Issue₹23.84 Cr – 3,784,000 shares
Offer for saleNil
Face value₹10 per share
Price Band₹60 to ₹63 per share
Lot size2000 Shares
Retail Allocation35%
Listing ExchangeBSE SME

IPO Lot Size

Retail (Min)12000₹126,000
Retail (Max)12000₹126,000
HNI (Min)24,000₹252,000

Reservation Details

QIB Shares Offered50%
NII (HNI) Shares Offered15%
Retail Shares Offered35%

Financial Performance

 FY 2020FY 2021FY 20229M FY 2023
Net income1.661.692.148.02
(Amount in ₹ Crors)

Valuations & Margins

FY 2020FY 2021FY 2022
PE ratio
RONW (%)7.775.836.87
ROCE (%)19.6119.1716.97

Company Promoters

  • Mr. Nishant Garg
  • Ms. Nivedita Garg

Promoter Holding

Pre Issue Share Holding100%
Post Issue Share Holding

Lead Manager

A-15, Sector-64,
Noida –201301, UP, India
Phone: +91-0120-4910000

IPO Registrar

451, Krishna Apra Business Square, Netaji
Subhash Place, Pitampura, Delhi, 110034
Telephone: +91-11-45121795-96

Contact Details

B-5, Arihant Tower, Block D Market,
Vivek Vihar, East Delhi, New Delhi – 110092
Phone: +011-44796732

Allotment Status

Maiden Forgings IPO allotment status will be available on the Maashitla Securities website. Click on Maashitla Securities IPO weblink to get allotment status.

Final thoughts

Maiden Forgings IPO is going to hit Dalal street soon. applying for an IPO is purely a personal choice. study well about the company and do subscribe if you are feeling good about the company. I hope this post will give you enough details to make a fundamental study of the company. learn well and make wise decisions.

Happy Investing

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