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.
Objects of the Issue
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.
Maiden Forgings IPO Details
| IPO Date | Mar 23, 2023 to Mar 27, 2023 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price | ₹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 ₹[.] Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE SME |
Maiden Forgings IPO Reservation
| QIB Shares Offered | Not more than 50% of the Net offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| Market Maker portion | 190,000 shares |
Maiden Forgings IPO Tentative Timetable
Maiden Forgings IPO opens on Mar 23, 2023, and closes on Mar 27, 2023.
| Event | Tentative Date |
|---|---|
| Opening Date | Mar 23, 2023 |
| Closing Date | Mar 27, 2023 |
| Basis of Allotment | Mar 31, 2023 |
| Initiation of Refunds | Apr 3, 2023 |
| Credit of Shares to Demat | Apr 5, 2023 |
| Listing Date | Apr 6, 2023 |
| UPI Mandate Confirmation Cut-Off Time | 5.00 PM on the issue closing day |
Maiden Forgings IPO Lot Size
The Maiden Forgings IPO lot size is 2000 shares.
| 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 |
Maiden Forgings IPO Promoter Holding
Mr. Nishant Garg and Ms. Nivedita Garg are the company promoters.
| Pre Issue Share Holding | 100% |
| Post Issue Share Holding |
Company Financials
| 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 |
Maiden Forgings IPO Review (May apply)
[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…
Maiden Forgings IPO Prospectus
Company Contact Information
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/
Maiden Forgings IPO Registrar
Maashitla Securities Pvt. Limited
Phone: +91-11-45121795-96
Email: mukul@maashitla.com
Website: https://www.maashitla.com/