Maiden Forgings will launch its initial public offering (IPO) on Thursday, March 23, 2023, as the company is looking to raise Rs 23.84 crore via primary markets. The issue can be subscribed till Monday, March 27, 2023.
Maiden Forgings’ primary stake sale will be sold in the range of Rs 60-63 apiece. The offer includes a sale of 37,84,000 equity shares with a face value of Rs 10 each. The issue is entirely a fresh equity sale by the company.
The lot size for the issue is fixed at 2,000 equity shares, with each lot costing Rs 1.26 lakh for bidders. A retail investor can bid for only a single lot of 2,000 equity shares, whereas HNI investors need to bid for two lots, amounting to Rs 2.52 lakh or 4,000 equity shares.
Incorporated in 2005, Maiden Forgings is engaged in manufacturing and selling ferrous metal products. The company manufactures steel bright bars, wires, profiles, collated pneumatic nails, and ground bars. It has more than 450 B2B customers across the globe.
Maiden Forgings has three manufacturing plants located in Ghaziabad, Uttar Pradesh with a combined capacity of 50,000 tons per annum. It sells its products from original equipment manufacturers (OEM) to large manufacturing companies in different industry domains like Prestige TTK, Everest, UM Auto among others.
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Maiden Forgings is raising funds via the primary route for consolidation and expansion of the manufacturing facilities, working capital and general corporate purpose, the company said in its draft papers.
The company has reserved 50 per cent equity shares for qualified institutional buyers (QIBs), whereas non-institutional investors (NIIs) will get 15 per cent of the allocation. The remaining 15 per cent of shares are reserved for Retail investors and 1.9 lakh equity shares are reserved as the market maker portion.
Share India Capital Services is the sole book-running lead manager to the issue, while Maashitla Securities has been appointed as the registrar to the issue. The company is likely to list on BSE’s SME platform on April 6, 2023.
