Steel bars and wires manufacturer Maiden Forgings’ initial public offering (IPO) will open for public subscription next week on Wednesday, March 22, 2023 and close on Friday, March 24, 2023. The company’s shares are expected to list on BSE SME platform on April 5, 2023. The SME platform of the exchanges is intended for small and medium sized companies.
Out of the total 37,84,000 equity shares on offer, not more than 17,97,000 equity shares have been reserved for Qualified Institutional Buyers (QIB). A total of 5,39,100 shares have been reserved for Non-Institutional Investors (NII) and the rest for retail individual investors.
The company intends to utilize the proceeds of the issue for the consolidation and expansion of the manufacturing facilities, working capital and general Corporate Purpose, and issue expenses.
Nishant Garg, Managing Director, Maiden Forgings Limited, said, “This IPO will enable us to achieve our long-term objectives of developing specialty steel for import substitution in India and expanding into new export markets while delivering superior quality products to our customers.”
The book running lead manager to the issue is Share India Capital Services Private Limited and the registrar to the issue is Maashitla Securities Private Limited, the statement said.
UP-based Maiden Forgings has three plants in Ghaziabad where the company manufactures products for customers in auto and infrastructure sector. 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. Nishant Garg and Nivedita Garg are the company promoters.
