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Let’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

Maiden Forgings IPOTheir 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:

    1. Mr Nishant Garg
    2. 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.[●]
    Net Issue to the Public Up to [●] Equity Shares aggregating up to Rs.[●]
    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
    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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