Maiden Forgings Limited IPO (Maiden Forgings IPO) Detail

Mar 23, 2023 - Mar 27, 2023

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.

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 Size3,784,000 shares
(aggregating up to ₹23.84 Cr)
Fresh Issue3,784,000 shares
(aggregating up to ₹[.] Cr)
Issue Type Book Built Issue IPO
Listing At BSE SME

Maiden Forgings IPO Reservation

QIB Shares Offered360,000 (9.51%)
NII (HNI) Shares Offered1,160,000 (30.66%)
Retail Shares Offered2,264,000 (59.83%)
Market Maker portion190,000 shares
Total Shares Offered3,784,000

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

Maiden Forgings Limited Financial Information (Restated Standalone)
Period EndedTotal AssetsTotal RevenueProfit After TaxNet WorthReserves and SurplusTotal Borrowing
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...

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 Prospectus

Maiden Forgings IPO Rating

Rating:Rated 3.3 stars
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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/

Maiden Forgings IPO Analysis

Maiden Forgings IPO Recommendation Summary

Review By Subscribe Neutral Avoid
Brokers 1 0 0
Members 3 1 1

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Maiden Forgings IPO FAQs

Maiden Forgings IPO is a SME IPO of 3,784,000 equity shares of the face value of ₹10 aggregating up to ₹23.84 Crores. The issue is priced at ₹60 to ₹63 per share. The minimum order quantity is 2000 Shares.

The IPO opens on Mar 23, 2023, and closes on Mar 27, 2023.

Maashitla Securities Pvt. Limited is the registrar for the IPO. The shares are proposed to be listed on BSE SME.

Zerodha customers can apply online in Maiden Forgings IPO using UPI as a payment gateway. Zerodha customers can apply in Maiden Forgings IPO by login into Zerodha Console (back office) and submitting an IPO application form.

Steps to apply in Maiden Forgings IPO through Zerodha

  1. Visit the Zerodha website and login to Console.
  2. Go to Portfolio and click the IPOs link.
  3. Go to the 'Maiden Forgings IPO' row and click the 'Bid' button.
  4. Enter your UPI ID, Quantity, and Price.
  5. ‘Submit’ IPO application form.
  6. Visit the UPI App (net banking or BHIM) to approve the mandate.

Visit Zerodha IPO Application Process Review for more detail.

The Maiden Forgings IPO opens on Mar 23, 2023 and closes on Mar 27, 2023.

Maiden Forgings IPO lot size is 2000 Shares and the minimum order quantity is .

You can apply in Maiden Forgings IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.

The finalization of Basis of Allotment for Maiden Forgings IPO will be done on Mar 31, 2023, and the allotted shares will be credited to your demat account by Apr 5, 2023. Check the Maiden Forgings IPO allotment status.

The Maiden Forgings IPO listing date is not yet announced. The tentative date of Maiden Forgings IPO listing is Apr 6, 2023.
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