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Maiden Forgings IPO is a book built issue of Rs 23.84 crores. The issue is entirely a fresh issue of 37.84 lakh shares.
Maiden Forgings IPO bidding started from March 23, 2023 and ended on March 27, 2023. The allotment for Maiden Forgings IPO was finalized on Friday, March 31, 2023. The shares got listed on BSE SME on April 6, 2023.
Maiden Forgings IPO price band is set at ₹60 to ₹63 per share. The minimum lot size for an application is 2000 Shares. The minimum amount of investment required by retail investors is ₹126,000. The minimum lot size investment for HNI is 2 lots (4,000 shares) amounting to ₹252,000.
Share India Capital Services Private Limited is the book running lead manager of the Maiden Forgings IPO, while Maashitla Securities Private Limited is the registrar for the issue. The market maker for Maiden Forgings IPO is Share India Securities.
Refer to Maiden Forgings IPO RHP for detailed information.
| IPO Date | March 23, 2023 to March 27, 2023 |
| Listing Date | April 6, 2023 |
| Face Value | ₹10 per share |
| Price Band | ₹60 to ₹63 per share |
| Lot Size | 2000 Shares |
| Total Issue Size | 3,784,000 shares (aggregating up to ₹23.84 Cr) |
| Fresh Issue | 3,784,000 shares (aggregating up to ₹23.84 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE SME |
| Share holding pre issue | 10,428,000 |
| Share holding post issue | 14,212,000 |
| Market Maker portion | 190,000 shares Share India Securities |
Maiden Forgings IPO offers 3,974,000 shares. 360,000 (9.06%) to QIB, 970,000 (24.41%) to NII, 2,264,000 (56.97%) to RII.
| Investor Category | Shares Offered |
|---|---|
| Anchor Investor Shares Offered | - |
| Market Maker Shares Offered | 190,000 (4.78%) |
| QIB Shares Offered | 360,000 (9.06%) |
| NII (HNI) Shares Offered | 970,000 (24.41%) |
| Retail Shares Offered | 2,264,000 (56.97%) |
| Total Shares Offered | 3,974,000 (100%) |
Maiden Forgings IPO opens on March 23, 2023, and closes on March 27, 2023.
| IPO Open Date | Thursday, March 23, 2023 |
| IPO Close Date | Monday, March 27, 2023 |
| Basis of Allotment | Friday, March 31, 2023 |
| Initiation of Refunds | Monday, April 3, 2023 |
| Credit of Shares to Demat | Wednesday, April 5, 2023 |
| Listing Date | Thursday, April 6, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on March 27, 2023 |
Investors can bid for a minimum of 2000 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2000 | ₹126,000 |
| Retail (Max) | 1 | 2000 | ₹126,000 |
| HNI (Min) | 2 | 4,000 | ₹252,000 |
| Lot Size Calculator | |||
Mr. Nishant Garg and Ms. Nivedita Garg are the company promoters.
| Share Holding Pre Issue | 100% |
| Share Holding Post Issue | 73.37% |
Incorporated in 2005, Maiden Forgings Limited is engaged in manufacturing and selling ferrous metal products. The company manufactures steel bright bars, wires, profiles, collated pneumatic nails, and ground bars.
The company has three manufacturing plants, all located in Ghaziabad, Uttar Pradesh, India. The combined aggregated manufacturing capacity of these plants is 50,000 tons per annum.
Maiden Forgings has around 450+ B2B customers across the globe. The company sells its products from Original Equipment Manufacturers (OEM) to large manufacturing companies in different industry domains like Prestige TTK, Everest, UM Auto etc.
Maiden Forgings Limited has been awarded thrice recently in the year 2018 with the 'fastest growth in the business category' award through business sphere magazine conferred by Hon'ble cabinet minister Dr. Harshvardhan, "heroes next door award" in the year 2019 conferred by Hon'ble cabinet minister Gen. V.K. Singh and the "most versatile company for steel Bright bar in India" conferred by Business Sphere.
| Period Ended | Total Assets | Total Revenue | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing |
|---|---|---|---|---|---|---|
| 31-Mar-20 | 9,890.05 | 20,440.37 | 165.95 | 2,136.92 | 1,672.02 | 5,788.13 |
| 31-Mar-21 | 10,484.25 | 19,937.49 | 168.94 | 2,899.11 | 2,377.71 | 5,428.93 |
| 31-Mar-22 | 11,014.23 | 21,083.72 | 213.94 | 3,113.05 | 2,591.65 | 6,170.75 |
| 31-Dec-22 | 12,595.69 | 16,381.04 | 801.51 | 3,914.56 | 2,871.76 | 6,525.17 |
| Amount in ₹ Lakhs | ||||||
The market capitalization of Maiden Forgings IPO is Rs 89.54 Cr.
| Pre IPO | Post IPO | |
|---|---|---|
| P/E (x) | 8.38 |
The company intends to utilize the proceeds of the Issue to meet the following objects:
1. Consolidation and expansion of the manufacturing facilities.
2. Working Capital and General Corporate Purpose.
3. Issue Expenses.
[Dilip Davda] MFL is having forging activities at a minuscule level. It is currently engaged in the business of ferrous metal products with diverse product ranges and has added high-margin products like carbon steel and alloy. It is expanding its capacity in such high-margin products. However, based on annualized FY23 earnings the issue appears fully priced discounting all near-term positives. Well-informed/cash surplus investors may park funds for long-term rewards. Read detail review...
The Maiden Forgings IPO is subscribed 1.20 times on March 27, 2023 7:02:00 PM. The public issue subscribed 1.12 times in the retail category, 1.00 times in the QIB category, and 1.42 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 1.00 |
| NII | 1.42 |
| Retail | 1.12 |
| Total | 1.20 |
Total Application : 1,358 (1.20 times)
| Listing Date | April 6, 2023 |
| BSE Script Code | 543874 |
| NSE Symbol | |
| ISIN | INE0O1T01010 |
| Final Issue Price | ₹63 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| BSE SME |
|---|
| ₹63.00 |
| ₹63.00 |
| ₹59.85 |
| ₹63.00 |
| ₹59.86 |
Maiden Forgings Limited
B-5, Arihant Tower,
Block D Market, Vivek Vihar,
East Delhi, New Delhi – 110092
Phone: +011-44796732
Email: cs@maidenforgings.in
Website: https://maidenforgings.in/
Maashitla Securities Private Limited
Phone: +91-11-45121795-96
Email: mukul@maashitla.com
Website: https://maashitla.com/allotment-status/public-issues
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Maiden Forgings IPO is a SME IPO of 3,784,000 equity shares of the face value of ₹10 aggregating up to ₹23.84 Crores. The issue is priced at ₹60 to ₹63 per share. The minimum order quantity is 2000 Shares.
The IPO opens on March 23, 2023, and closes on March 27, 2023.
Maashitla Securities Private Limited is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in Maiden Forgings IPO using UPI as a payment gateway. Zerodha customers can apply in Maiden Forgings IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Maiden Forgings IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Maiden Forgings IPO opens on March 23, 2023 and closes on March 27, 2023.
Maiden Forgings IPO lot size is 2000 Shares, and the minimum amount required is ₹126,000.
You can apply in Maiden Forgings IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for Maiden Forgings IPO will be done on Friday, March 31, 2023, and the allotted shares will be credited to your demat account by Wednesday, April 5, 2023. Check the Maiden Forgings IPO allotment status.
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