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:
- 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
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)
| Particulars | Period ended on 31st Dec. 2022 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|
| Net Worth | 3,915 | 3,113 | 2,899 | 2,137 |
| Total Assets | 12,596 | 11,014 | 10,484 | 9,890 |
| Total Borrowings | 6,525 | 6,171 | 5,429 | 5,788 |
| Total Revenue | 16,381 | 21,084 | 19,937 | 20,440 |
| Profit After Tax | 802 | 214 | 169 | 166 |
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 Type | Book Built Issue IPO |
| IPO Price | ₹ 60 to ₹ 63 per share |
| Face Value | ₹ 10 per share |
| Market Lot | 2,000 Shares |
| Issue Size | 3,784,000 shares of ₹ 10 (Aggregating up to ₹ 23.84 Crore) |
| Fresh Issue | 3,784,000 shares of ₹ 10 (Aggregating up to ₹ [.] Crore) |
| QIB Shares offerred | 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 | 1,90,000 shares |
| Listing At | BSE SME |
| Company Promoters | Mr. 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 Date | March 23, 2023 |
| Closing Date | March 27, 2023 |
| Basis of Allotment | March 31, 2023 |
| Initiation of Refunds | April 3, 2023 |
| Credit of shares to Demat A/c | April 5, 2023 |
| Listing Date | April 6, 2023 |
Lots Size – Maiden Forgings IPO
| Applications | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Minimum) | 1 | 2,000 | ₹ 126,000 |
| Retail (Maximum) | 1 | 2,000 | ₹ 126,000 |
| HNI (Minimum) | 2 | 4,000 | ₹252,000 |
Promoters Holdings – Maiden Forgings IPO
| Pre-issue Shares Holdings | 100% |
| Post-issue Shares Holdings | – |
SWOT Analysis – Maiden Forgings IPO
| STRENGTHS | WEAKNESSES |
|---|---|
| 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. |
| OPPORTUNITIES | THREATS |
| 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 Information | Maiden 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 Registrar | Maashitla 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
When will Maiden Forgings Ltd. IPO allotment available?
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.
When will Maiden Forgings Ltd. IPO list on exchanges?
The Maiden Forgings Ltd. IPO shares listing date is April 6, 2023.
Thank you for being of assistance to me. I really loved this article.