Maiden Forgings IPO – Review, Bid, Size, Allotment, Subscription, GMP & RHP
Last Updated Date: Mar 27, 2023Let’s have a detailed review of the company and analytics of the Maiden Forgings IPO release date, IPO offer price, subscription, Maiden Forgings Limited IPO allotment, grey market price, and other details like the company’s background, its financial positions, its promoters, and other related things.
| Face Value | Rs 10 |
| Price Band | Rs 60 to Rs 63 |
| Listing At | BSE, SME |
| Min. Order Quantity | 2000 Shares |
| Listing Date | Apr 6, 2023 |
| Offer for Sale | Rs Lakh |
| Fresh Issue | Rs 2,384 Lakh |
| IPO Size | Rs 2,384 Lakh |
| Tick Size | 1 |
Maiden Forgings IPO is listed at a [●] premium. Check out the live share price by clicking on the below link.
| Live Performance – Maiden Forgings Share Price |
Maiden Forgings IPO – Summary
Their Company was incorporated on February 11, 2005, as a private limited company under the provisions of the Companies Act, 1956 with Registrar of Companies, Delhi in the name and style of Maiden Forgings Private Limited.
In 2022, the Company’s name changed to Maiden Forging Limited following its conversion into a public limited company. Since its inception has been engaged in the business of manufacturing and sales of ferrous metal products including steel bright bars, wires, profiles and ground bars. So, the Promoters of the Company have a vast experience of over 34 years in this field.
The Promoter of this company is Mr Nishant Garg and Ms Nivedita Garg. The lead manager to the issue is SHARE INDIA CAPITAL SERVICES PVT. LTD and the Registrar to this issue is Maashitla Securities Pvt. Limited.
Maiden Forgings IPO Date
The opening and closing dates of Maiden Forgings IPO are Mar 23, 2023, and Mar 27, 2023, respectively.
Maiden Forgings IPO Subscription
| Day / Date | QIB | NII | RII | Total Subscription |
| 1st Day – 23rd Mar | 0.48x | 0.36x | 0.13x | 0.23x |
| 2nd Day – 24th Mar | 0.48x | 0.98x | 0.37x | 0.56x |
| 3rd Day – 27th Mar | 1.00x | 1.42x | 1.12x | 1.20x |
| Shares Offered or Net Issue | 360,000 | 1,160,000 | 2,264,000 | 3,784,000 |
The shares subscribed by the public will be updated here.
Maiden Forgings IPO Allotment Status
Here, you can find the Allotment Status of this IPO.
Allotment of Equity Shares pursuant to the Fresh Issue and transfer of the Offered Shares of the Promoter Selling Shareholders pursuant to the Offer for Sale to the successful Bidders. However, the Allotment Status is not yet disclosed.
Maiden Forgings Limited IPO Listing Date
Find the dates below on basis of allotment, refund, listing, and more:
| Basis of Allotment Finalization | Mar 31, 2023 |
| Refunds Initiation | Apr 3, 2023 |
| Credit of Shares to Demat Account | Apr 5, 2023 |
| Share Listing Date | Apr 6, 2023 |
Maiden Forgings IPO Price Band
The face value of each share is Rs.10, but the price band of the IPO is Rs 60 to Rs 63
Maiden Forgings IPO Equity Size
This Initial Public Issue of 3,784,000 Equity Shares of Rs.10 each for cash at a price of Rs 60 to Rs 63 per equity share aggregating to Rs.2,384 Lakh.
Maiden Forgings IPO Share Offering
Fresh Issue: The Issue (excluding the Market Maker Reservation Portion) of 3,784,000 Equity Shares of Rs.10/ each.
Issue Size: 3,784,000 Equity Shares of Rs.10 each, aggregating to Rs.2,384 Lakh
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Maiden Forgings IPO – Live Performance
The listing date of this IPO is Apr 6, 2023. You can check the live performance of the IPO here, only after it is listed on exchanges.
| Live IPO Performance – Maiden Forgings Share Price |
Maiden Forgings IPO Grey Market Premium
The Maiden Forgings Limited IPO Grey Market Premium price is Rs X, the Kostak rate is Rs X and the Subject to Sauda is Rs X.
Maiden Forgings IPO – Company Overview
Currently, their 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.
Their Company set up its first manufacturing plant in 2011 at Kavi Nagar Industrial Area at Ghaziabad. In 2015, the Company established its second plant nearby. The third plant of the Company started operations in 2018, also in Ghaziabad.
Late Shri Sanjay Garg, founded the Company along with his uncle in 2005. Prior to that, the business was being conducted through proprietorship since 1988. In the year 2011, Mr Nishant Garg, son of the Late Shri Sanjay Garg, joined the business.
Since then, the Company has diversified its product range to include specialized products and customized/tailor-made solutions. The new management initiatives resulted in revenues growing by almost 15 times over an 11 years period.
Maiden Forgings IPO – Financial Statements
A quick look into the past financial performance of the company to understand its performance of the business and evaluate the growth prospectus:
Financial Summary:
| Amount (in INR & Lakh) | ||||
| 31-Dec-22 | 31-Mar-22 | Mar-21 | 31-Mar-20 | |
| Total Assets | 12595.69 | 11014.23 | 10484.25 | 9890.05 |
| *Total Revenue | 16381.04 | 21083.72 | 19937.49 | 20440.37 |
| Total Expense | 15267.71 | 20789.62 | 19699.21 | 20210.16 |
| Profit After Tax | 801.51 | 213.94 | 168.94 | 165.95 |
Earnings per Equity Share (in Lakh)
| 31-Dec-22 | 31-Mar-22 | Mar-21 | 31-Mar-20 | |
| Basic & Diluted | 7.69 | 4.10 | 3.24 | 3.57 |
Further, their PAT for the period ended on Dec 31, 2022, March 31, 2022, March 31, 2021, and March 31, 2020, were Rs. 801.51 Lakh, Rs. 213.94 Lakh, Rs. 168.94 Lakh and Rs. 165.95 Lakh respectively.
Maiden Forgings IPO – Promoters
The Promoter of this company is:
- Mr Nishant Garg
- Ms Nivedita Garg
List of Related Parties (Key Managerial Personnel)
- Nishant Garg, Managing Director
- Nivedita Garg, Whole Time Director & Chairman
- Urvi Agarwal, Independent Director
- Raj Kumar Mittal, Independent Director
- Abhilash Rastogi, Independent Director
Maiden Forgings IPO – Promoters Holding
- Pre-Issue Share Holding – 100%
- Post-Issue Share Holding – %
Maiden Forgings IPO Offer Details or Issue Details
| Particulars | No. Of Equity Shares |
| Equity Shares Offered | Up to 3,784,000 Equity Shares aggregating up to Rs.[●] Lakh |
| of which: | |
| Issue Reserved for the Market Makers | Up to [●] Equity Shares aggregating up to Rs.[●] Lakh |
| Net Issue to the Public | Up to [●] Equity Shares aggregating up to Rs.[●] Lakh |
| Of which: | |
| Retail Investors Portion | Not less than [●] Equity Shares |
| Other than Retail Individual Investors | Not more than [●] Equity Shares |
| Equity Shares outstanding prior to the Issue | X Equity Shares |
| Equity Shares outstanding after the Issue | X Equity Shares |
Maiden Forgings IPO Issue Object
Their Company proposes to utilize the Net Proceeds towards funding the following objects:
1. Consolidation and expansion of the manufacturing facilities;
2. Working Capital and General Corporate Purpose;
3. Issue Expenses
Maiden Forgings IPO – Business Strategy
- Optimal Utilization of Resources
- Quality Assurance
- Expand their Current Business Operations
Maiden Forgings IPO – Basis of Offer Price
The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.
Qualitative factors are:
- Qualified & Experienced Management who lead the company to scale up and expand into new opportunities;
- Dedicated tech support team to provide services/ solutions to their customers;
- Strong marketing.
- Quality and focus on customer satisfaction;
- Networking strength
- Technology, research and development and know-how;
- A scalable business model with a satisfactory track record.
The relevant quantitative factors are:
| Basic & Diluted EPS | RONW (%) | NAV (Rs.) | |
| 31-Mar-22 | 4.10 | 6.87% | 60.47 |
| 31-Mar-21 | 3.24 | 5.83% | – |
| Mar-20 | 3.57 | 7.77% | – |
Maiden Forgings IPO: Competitive Peers
| Face Value (Rs.) | P/E | EPS (Rs.) | Return on Net Worth (%) | Total PAT (Rs. in Lakhs) | |
| Maiden Forgings Limited | 10 | [●] | 7.69 | 20.48% | 801.51 |
| Listed Peers | |||||
| Bharat Wire Ropes Ltd. | 10 | 19.26 | 2.17 | 3.02% | 13.67 |
| Geekay Wires Ltd. | 10 | 7.69 | 8.61 | 19.01% | 8.61 |
| Metal Coatings (India) Ltd. | 10 | 28.50 | 3.85 | 8.31% | 2.82 |
Maiden Forgings IPO Lead Managers
| Lead Managers |
| SHARE INDIA CAPITAL SERVICES PVT. LTD. Address: A-15, Sector-64, Noida – 201301, Uttar Pradesh, India. Tel No.: +91-0120-4910000 Email: anand.srivastava@shareindia.co.in Contact Person: Mr Anand Srivastava Website: www.shareindia.com SEBI Registration No.: INM000012537 |
Maiden Forgings IPO Registrar to offer
| Registrar to the Offer |
| Maashitla Securities Pvt. Limited. Address: 451, Krishna Apra Business Square, Netaji Subhash Place, Pitampura, Delhi, 110034 Tel No: +91-11-45121795-96; Contact Person: Mr. Mukul Agrawal Email: mukul@maashitla.com; Website: www.maashitla.com ; SEBI Registration No.: INZ000006635 |
Maiden Forgings IPO – Other Details
- Statutory Auditor – H. G. & Co., Chartered Accountants
- Legal Counsel to the Company – LawVision Attorneys LLP
- Bankers to the Company – Yes Bank Limited,
Maiden Forgings IPO Review by Stock Brokers
| Top Stock Brokers Review | Company Reputation | Competitive Edge | Financial Statement | Popularity Index | Promoters Reputation |
| Angel Broking | 7.5/10 | 7.4/10 | 8.5/10 | 8.1/10 | 7.1/10 |
| Sharekhan | 7.2/10 | 7.1/10 | 8.6/10 | 8.1/10 | 7.2/10 |
| Kotak Securities | 7.3/10 | 7.5/10 | 8.4/10 | 8.1/10 | 7.3/10 |
| ICICI Direct | 7.3/10 | 7.3/10 | 8.7/10 | 8.1/10 | 7.1/10 |
| IIFL | 7.5/10 | 7.2/10 | 8.8/10 | 8.0/10 | 7.1/10 |
| Edelweiss | 7.5/10 | 7.4/10 | 8.4/10 | 8.3/10 | 7.2/10 |
| Zerodha | 7.4/10 | 7.1/10 | 8.5/10 | 8.1/10 | 7.0/10 |
| 5Paisa | 7.1/10 | 7.1/10 | 8.4/10 | 8.1/10 | 7.1/10 |
| Karvy | 7.4/10 | 7.3/10 | 8.2/10 | 8.1/10 | 7.1/10 |
| Motilal Oswal | 7.1/10 | 7.1/10 | 8.6/10 | 8.3/10 | 7.2/10 |
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Maiden Forgings Limited IPO News
News 1 – IPO DRHP Download
News 2 – IPO RHP Prospectus Download
Maiden Forgings IPO Review FAQs
Check out various FAQs related to Maiden Forgings IPO:
What is the Issue Size of Maiden Forgings IPO?
The Company is making an initial public offer of 3,784,000 equity shares. They vividly portray the aspects of the issue in this article. You can check the stats on the fresh issue, Offer for sale, and net issue.
What is the Price band of Maiden Forgings IPO?
The price band for this particular IPO ranges between Rs 60 to Rs 63. As far as the face value of the share is of concern, it is Rs. 10 per share.
What is the Maiden Forgings IPO Open Date?
The opening and closing dates for this IPO have been updated. The IPO is set to open on Mar 23, 2023, while the closing date is set for Mar 27, 2023.
What is the Maiden Forgings IPO Allotment Date?
They also have the news regarding the respective allotment dates of this IPO. The basis of Allotment finalization is on Mar 31, 2023, refund initiation is on Apr 3, 2023, credit of shares is on Apr 5, 2023, and share listing date is on Apr 6, 2023.
What is the Maiden Forgings IPO Listing Date?
Shares of this company shall be listed in the exchanges on Apr 6, 2023. The date, when the listing would be done, is stagnant on Apr 6, 2023.
Who is the Registrar of Maiden Forgings IPO?
One of the reputed registrars is managing the issue of this IPO, i.e. Maashitla Securities Pvt. Limited. Their website will help you regarding the further information you are on the lookout for.
Who is the Promoter of Maiden Forgings IPO?
Here are the promoters of this IPO – Mr Nishant Garg and Ms Nivedita Garg. You can refer to the RHP for further information on the promoter. You will find the link to RHP in the article.
What is the GMP of Maiden Forgings IPO?
They have obtained the GMP of this IPO and it is Rs NA. Further insights into the Kostak rate and subject to sauda or SS are as well included in this report.
Is Maiden Forgings good for Investment?
They have further provided the financial status of the company in this article, from the past few years. You can refer to the same, and also check the line of operations they are into and then decide to invest in the IPO.
What is the PAT of Maiden Forgings Company?
They have the information on company financials, and according to that, they have the figures from the last few years to provide. PAT for the financial year 2022 in Lakh is 213.94, 2021 is 168.94, and 2020 is 165.95. PAT from Dec 2022 is 801.51.
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