The initial public offering (IPO) of Maiden Forgings, a producer of steel bars and wires, will begin next week on Wednesday, March 22, 2023, and end on Friday, March 24, 2023. On April 5, 2023, the company’s shares are anticipated to list on the BSE SME platform. The exchanges’ SME platform is designed for small and medium-sized businesses.
Not more than 17,97,000 equity shares out of the 37,84,000 total equity shares on offer have been set aside for qualified institutional buyers (QIB). A total of 5,39,100 shares have been set aside for retail individual investors, with the remaining shares going to non-institutional investors (NII).
The company plans to use the offer proceeds for issue expenses as well as working capital, general corporate purposes, and the consolidation and development of the manufacturing facilities.
“This IPO will enable us to realise our long-term objectives of creating specialty steel for import replacement in India and growing into new export markets while delivering better quality goods to our clients,” stated Nishant Garg, managing director of Maiden Forgings Limited.
According to the release, Share India Capital Services Private Ltd is the issue’s book-running lead manager and Maashitla Securities Private Limited is its registrar.
Maiden Forgings, a company established in Uttar Pradesh, produces goods for clients in the infrastructure and automotive industries at three facilities in Ghaziabad. The business provides its goods to significant manufacturers in a variety of industries, including Prestige TTK, Everest, UM Auto, and OEMs (original equipment manufacturers). Company promoters Nishant Garg and Nivedita Garg are.
Maiden Forgings, a company established in Uttar Pradesh, produces goods for clients in the infrastructure and automotive industries at three facilities in Ghaziabad. The business provides its goods to significant manufacturers in a variety of industries, including Prestige TTK, Everest, UM Auto, and OEMs (original equipment manufacturers). Company promoters Nishant Garg and Nivedita Garg are.
