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 name | Maiden Forgings Limited |
| Sector | Iron & Steel |
| Industry | Steel & Iron Products |
| Company Website | https://maidenforgings.in/ |
The objective of the Issue
- Consolidation and expansion of the manufacturing facilities.
- Working Capital and General Corporate Purpose.
- Issue Expenses.
IPO Timetable
| IPO Opening date | 23 March 2023 |
| IPO Closing | 27 March 2023 |
| Basis of Allotment | 31 March 2023 |
| Initiation Refund | 03 April 2023 |
| Credit to Demat Account | 05 April 2023 |
| Listing Date | 06 April 2023 |
IPO details
| Issue type | Book Built Issue IPO |
| IPO issue size | ₹23.84 Cr – 3,784,000 shares |
| Fresh Issue | ₹23.84 Cr – 3,784,000 shares |
| Offer for sale | Nil |
| Face value | ₹10 per share |
| Price Band | ₹60 to ₹63 per share |
| Lot size | 2000 Shares |
| Retail Allocation | 35% |
| Listing Exchange | BSE SME |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2000 | ₹126,000 |
| Retail (Max) | 1 | 2000 | ₹126,000 |
| HNI (Min) | 2 | 4,000 | ₹252,000 |
Reservation Details
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Financial Performance
| FY 2020 | FY 2021 | FY 2022 | 9M FY 2023 | |
| Revenue | 204.12 | 199.24 | 210.51 | 163.52 |
| Expenses | 202.10 | 196.99 | 207.90 | 152.68 |
| Net income | 1.66 | 1.69 | 2.14 | 8.02 |
Valuations & Margins
| FY 2020 | FY 2021 | FY 2022 | |
| EPS | 3.57 | 3.24 | 4.10 |
| PE ratio | – | – | – |
| RONW (%) | 7.77 | 5.83 | 6.87 |
| NAV | – | – | 60.47 |
| ROCE (%) | 19.61 | 19.17 | 16.97 |
| Debt/Equity | 0.73 | 0.65 | 0.66 |
Company Promoters
- Mr. Nishant Garg
- Ms. Nivedita Garg
Promoter Holding
| Pre Issue Share Holding | 100% |
| Post Issue Share Holding |
Lead Manager
SHARE INDIA CAPITAL SERVICES PVT. LTD.
A-15, Sector-64,
Noida –201301, UP, India
Phone: +91-0120-4910000
Email: anand.srivastava@shareindia.co.in
Website: www.shareindia.com
IPO Registrar
MAASHITLA SECURITIES PVT. LIMITED
451, Krishna Apra Business Square, Netaji
Subhash Place, Pitampura, Delhi, 110034
Telephone: +91-11-45121795-96
Email: mukul@maashitla.com
Website: www.maashitla.com
Contact Details
MAIDEN FORGINGS LIMITED
B-5, Arihant Tower, Block D Market,
Vivek Vihar, East Delhi, New Delhi – 110092
Phone: +011-44796732
E-mail: cs@maidenforgings.in
Website: www.maidenforgings.in
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
