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Maiden Forgings IPO GMP, Price, Dates & Allotment Details 2023

Maiden Forgings IPO GMP, Price, Dates & Allotment Details 2023

The Maiden Forgings IPO opens on March 23 and closes on March 27, 2023. According to the DRHP filed in SEBI, the company is planning to issue 37.84 lakhs shares through this public issue.

The company was incorporated in 2005. Prior to that, the business was conducted as a sole proprietorship since 1988. Since its inception, the company has been engaged in the business of manufacturing and selling ferrous metal products, including steel bright bars, wires, profiles, and ground bars. The promoters of the company have a vast experience of over 34 years in this field.

Currently, the company has three manufacturing plants, all located in Ghaziabad, Uttar Pradesh, India. The combined aggregate manufacturing capacity of these plants is 50,000 tonnes per annum.

The product range manufactured by the Company includes: 

  1. Carbon Steel Bright Bars: 2mm to 100mm 
  2. Stainless Steel Bright Bars: 2mm to 100mm 
  3. Alloy steel Bright bars: 2mm to 100mm 
  4. Carbon steel wires: 0.2mm to 22mm 
  5. Stainless steel wires: 0.8mm to 22mm 
  6. Alloy steel wires: 0.2mm to 22mm 
  7. Profiles and ground bars in different sizes and shapes 
  8. Collated Pneumatic Nails

Objects of the Issue

The company proposes to utilize the net proceeds of the Fresh Issue towards funding the following objects:

  • Consolidation and expansion of the manufacturing facilities
  • Working capital and general corporate purposes
  • Issue Expenses.

Financial Highlights (Restated)

ParticularsPeriod ended on 31st Dec. 2022FY 2021-22FY 2020-21FY 2019-20
Net Worth3,9153,1132,8992,137
Total Assets12,59611,01410,4849,890
Total Borrowings6,5256,1715,4295,788
Total Revenue16,38121,08419,93720,440
Profit After Tax802214169166
(Amount in ₹ Lakhs)

Maiden Forgings IPO – Details

As per the DRHP filed with SEBI, a total of 37.84 lakh shares will be offered as part of the fresh issue on the BSE SME segment. The face value of the shares is ₹ 10. The market maker would receive 190,000 shares of the offering. While Share India Capital Services Private Limited will be the lead manager for the IPO, Maashitla Securities Pvt. Ltd. will be the registrar. It will be a book-built issue, so there will be a price band rather than a price point, and the actual issue price will be discovered through the building of the book.

Issue TypeBook Built Issue IPO
IPO Price₹ 60 to ₹ 63 per share
Face Value₹ 10 per share
Market Lot2,000 Shares
Issue Size3,784,000 shares of ₹ 10  (Aggregating up to ₹ 23.84 Crore)
Fresh Issue3,784,000 shares of ₹ 10  (Aggregating up to ₹ [.] Crore)
QIB Shares offerredNot more than 50% of the Net Offer
NII (HNI) Shares OfferedNot less than 15% of the offer
Retail Shares OfferedNot less than 35% of the offer
Market maker portion1,90,000 shares
Listing AtBSE SME
Company PromotersMr. Nishant Garg and Ms. Nivedita Garg 

GMP – Maiden Forgings IPO

Maiden Forgings’ IPO GMP, or grey market premium, is available on this page. The IPO GMP is updated on a day-to-day basis during the running period of the IPO, due to which the GMP rates fluctuate and stabilize after some time. GMP rates are not 100% guaranteed. Please click here for GMP details.

Tentative Dates – Maiden Forgings IPO

The issue opens for subscription on March 23, 2023, and closes for subscription on March 27, 2023 (both days inclusive). The basis of allotment will be finalized on March 31st, 2023, and the refunds will be initiated on April 3, 2023. In addition, the demat credits are expected to happen on April 5, 2023, and the stock will list on April 6, 2023, on the BSE, NSE. 

Opening DateMarch 23, 2023
Closing DateMarch 27, 2023
Basis of AllotmentMarch 31, 2023
Initiation of RefundsApril 3, 2023
Credit of shares to Demat A/cApril 5, 2023
Listing DateApril 6, 2023

Lots Size – Maiden Forgings IPO

ApplicationsLotsSharesAmount
Retail (Minimum)12,000₹ 126,000
Retail (Maximum)12,000₹ 126,000
HNI (Minimum)24,000₹252,000

Promoters Holdings – Maiden Forgings IPO

Pre-issue Shares Holdings100%
Post-issue Shares Holdings

SWOT Analysis – Maiden Forgings IPO

STRENGTHSWEAKNESSES
1. Wide range of products—grades, metallurgical properties, sizes, and shapes.
2. Specialty Products.
3. Quality production capabilities with an in-house testing lab.
4. Strong market network and aggressive marketing policies.
5. Wide market penetration.
6. Strong marketing team.
7. Vendor approvals from large, established brands.
8. Export development.
9. Customer credibility.
10. Strong Financials.
1. Access to capital remains a challenge for MSME businesses.
2. Relatively lower geographical reach.
3. The sector has very few experienced people in specialty steel management, and it is not easy to train them and allow them to manage the international operations efficiently at the same time.
4. Development and access to technology.
5. Difficulty in accessing details of other potential international buyers.
OPPORTUNITIESTHREATS
1. There is significant growth potential in the fields of specialty steels and super alloys, oil-tempered induction wires, and collated pneumatic nails due to a large gap between demand and supply.
2. Possibility of improving product mix and using existing production as raw material for the specialty products, thus improving operating margins.
3. The government offers incentives through the Production Linked Incentive (PLI) Scheme and various export incentive schemes for the products manufactured by our company.
4. Opportunities to expand into existing markets and penetrate new markets faster considering the company’s renowned brand image, wide network of customers, and wide range of customised products.
5. Significant export expansion opportunities exist considering that the company has been able to export to developed countries such as the USA, Germany, Israel, etc. and has gained good knowledge of these markets.
6. Macroeconomic and global geopolitical factors are favouring the development and expansion of Indian manufacturing in a significant manner, with many large global players planning to establish or shift their operations to India. This presents a very good opportunity for an established quality manufacturer like our company to become a preferred vendor for such global companies.

1. Export of products is mainly dependent on the respective policies of the importing countries, import duties levied by them, and regulatory frameworks, which are unpredictable. Many of these countries may be looking to become self-sustaining and reduce their dependence on imports.
2. Air and sea freight are heavily dependent on world oil prices, which in turn affect export potential.

Miscellaneous Information

Download Prospectus (PDF)IPO DRHP
Company Contact InformationMaiden Forgings Limited
B-5, Arihant Tower,Block D Market, Vivek Vihar,
East Delhi, New Delhi – 110092
Phone: +011-44796732
Email: [email protected]
Website: https://maidenforgings.in/
IPO RegistrarMaashitla Securities Pvt. Limited
Address: 451, Krishna Apra Business Square,
Netaji Subhash Place, Pitampura, Delhi, 110034
Tel No: +91-11-45121795-96;
Email: [email protected]
Website: www.maashitla.com
IPO Lead Manager(s)Share India Capital Services Private Limited 

FAQ’s

The finalisation of the basis of allotment for the Maiden Forgings Ltd. IPO will be done on March 31, 2023, and the allotted shares will be credited to your demat account by April 5, 2023. Check the Maiden Forgings Ltd. IPO allotment status.

The Maiden Forgings Ltd. IPO shares listing date is April 6, 2023.

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