Maiden Forgings was incorporated on February 11, 2005. The company is engaged in the manufacture and sales of ferrous metal products including steel bright bars, wires, profiles and ground bars.
| Bidding Dates |
|---|
| 23 Mar 2023 - 27 Mar 2023 |
| Subscription |
|---|
| 1.2x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹1,26,000 | 1 | 1 | 2000 | 3.8 M | ₹60 - ₹63 | 73.37 % | ₹227.0 M - ₹238.4 M | RHP DOC |
Maiden Forgings IPO SUBSCRIPTION STATUS
27 Mar '23Maiden Forgings IPO overall subscription rate was 1.2 times the total available shares
Maiden Forgings IPO retail subscription rate was 1.12 times in the retail segment
Maiden Forgings IPO non-institutional investor subscription rate was 1.42 times in the non-institutional investor category
Maiden Forgings IPO Qualified Institutional Bidder subscription rate was 1 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
27 Mar 2023 (Day 3) | 1.12x | 1.42x | 1x |
24 Mar 2023 (Day 2) | 0.37x | 0.98x | 0.48x |
23 Mar 2023 (Day 1) | 0.13x | 0.36x | 0.48x |
Maiden Forgings FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) |
| 9MFY23 | 80.2 | 1,635.2 | 51.0 | -31.1 |
| FY22 | 21.4 | 2,105.1 | -56.9 | -80.4 |
| FY21 | 16.9 | 1,992.4 | -4.3 | -8.4 |
| FY20 | 16.6 | 2,041.2 | 26.4 | -1.6 |
Maiden Forgings IPO SUBSCRIPTION STATUS DETAILS
Maiden Forgings had 3.8 M shares on offer
Maiden Forgings IPO offer price was in the range ₹60 - ₹63
Maiden Forgings IPO minimum Investment was ₹126000
Maiden Forgings IPO issue size was ₹ 227.0 M - ₹ 238.4 M
Maiden Forgings had a minimum lot size of 2000 Shares per application
Maiden Forgings NUMBER OF SHARES ON OFFER
Maiden Forgings IPO IMPORTANT DATES
| Issue Open Date | 23 Mar 2023 |
| Issue close Date | 27 Mar 2023 |
| Allotment Date | 31 Mar 2023 |
| Refund Date | 03 Apr 2023 |
| Demat Account Credit Date | 05 Apr 2023 |
| Listing Date | 06 Apr 2023 |
| Listing on Exchange(s) | BSE |
| Maiden Forgings Allotment Status | Exchange |
Maiden Forgings IPO subscription opened on 23 Mar 2023, and closed on 27 Mar 2023
IPO allotment for Maiden Forgings was finalized on Friday, 31 Mar 2023
IPO listing for Maiden Forgings was on BSE on Thursday, 06 Apr 2023
Maiden Forgings IPO LISTING GAINS
| Issue Price (adjusted) | 63.0 |
| Listing Open Price | 63.0 |
| Listing Close Price | 59.9 |
| Listing Gain% | 0.0% |
| Current Gain% | 68.2% |
Maiden Forgings Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Maiden Forgings Ltd. | 106 | 150.6 | 30 | -1.8 | 0.6 | 6.2 | 2.8 | 234 | 9.6 | 5 | -17 | 3.5 | -17 |
| APL Apollo Tubes Ltd. | 2020 | 56087 | 45.6 | 0.9 | 2.4 | 22.7 | 13.6 | 23190.8 | 11.6 | 1203.1 | 58.9 | 44.3 | 53.4 |
| Welspun Corp Ltd. | 1848.5 | 48761.7 | 21.1 | 1.4 | 2.8 | 17.6 | 7.9 | 16905.4 | 19.3 | 1613 | -15.5 | 87.5 | 14.9 |
| Usha Martin Ltd. | 516.8 | 15749.1 | 31.1 | 1.2 | 4.1 | 14.1 | 11.1 | 3759.9 | 7 | 466 | 14.4 | 16.6 | 25.4 |
| Vedanta Iron and Steel Ltd. | 37 | 14456.7 | 0 | -191.6 | 0 | 0 | -28.4 | ||||||
| Technocraft Industries (India) Ltd. | 2675.3 | 6065.7 | 21.3 | 1.9 | 2.2 | 14.1 | 8.8 | 2860.8 | 6.1 | 285.3 | 11.4 | 125.8 | 11.4 |
Maiden Forgings INFORMATION ON IPO ISSUE
About Maiden Forgings
Maiden Forgings was incorporated on February 11, 2005. The company is engaged in the manufacture and sales of ferrous metal products including steel bright bars, wires, profiles and ground bars.
Object of the Issue
- Consolidation and expansion of the manufacturing facilities
- Working capital and general corporate purpose
- Issue expenses
Maiden Forgings - PROMOTERS
| Name |
|---|
| Nishant Garg |
| Nivedita Garg |
Maiden Forgings Lead Manager of the Issue
Share India Capital Services Private Limited
anand.srivastava@shareindia.co.in
Maiden Forgings Registrar to the issue
Maashitla Securities Private Limited
mukul@maashitla.com
Maiden Forgings Strengths
Large product portfolio
The company has established a large product portfolio, market, and customer base
Experienced management
The promoters of the company have experience of over 34 years in this field
Strong market network
The company has a strong market network with around 450 plus customers including marque brands like Prestige TTK, Everest, UM Auto, etc
Maiden Forgings Risks
Cyclical and volatile
The steel industry is highly cyclical and volatility in steel prices may have an adverse effect on the company’s results of operations and financial condition
Negative cash flow
The company has had negative cash and cash equivalent generated in FY22 and may experience similar negative cash flow in the future as well
IPO FAQs
The promoters of the company are Nishant Garg and Nivedita Garg.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 60.0 - 63.0.
The IPO application opens on Mar 23, 2023 and closes on Mar 27, 2023.
The minimum lot size for the IPO is 2000. The maximum lot size for the IPO is 2000.
For all category investors, the minimum application amount for this IPO is Rs. 126,000.0, the maximum value for this IPO is Rs 126,000.0.
This IPO will be allotted on Mar 31, 2023.
The refund will be credited to your account on Apr 03, 2023.
The allotted shares will be credited to your demat on Apr 05, 2023.
Maiden Forgings Ltd.’s shares listed on the stock exchanges on Apr 06, 2023.