3,784,000 shares with a face value of Rs. 10 each are included in the Maiden Forgings Ltd. Ltd. IPO, totaling 23.84 Cr. 2,264,000 shares are available to retail investors, 360,000 shares are available to qualifying institutional investors, and 1,160,000 shares are available to non-institutional bidders. On March 23, 2023, the IPO opened for bidding. It is still open today.
A minimum order quantity of 2000 shares is required, with a maximum of 126,000 shares per lot, for the issue price, which ranges between 60 and 63 cents per share. The Maiden Forgings IPO’s allocation will be completed on March 31, 2023, and while the exact date of the listing has not yet been announced, it is anticipated to occur on April 6, 2023.
On March 24, 2023 7:02:00 PM, the Maiden Forgings IPO was subscribed 0.56 times. On Day 2 of bidding, the public issue was subscribed 0.37 times in the retail category, 0.48 times in the QIB category, and 0.98 times in the NII category. The number of shares bid for the retail category was 8,28,000 compared to the offered shares of 22,64,000, the number of shares bid for non-institutional investors (NII) category was 11,32,000 compared to the offered shares of 11,60,000, and the number of shares bid for qualified institutional buyer (QIB) category was 1,72,000 compared to the offered shares of 3,60,000. On Day 1, Maiden Forgings IPO was subscribed 0.23 times, the SME public issue was subscribed 0.13x by retail category, 0.36x by NIIs and 0.48x by QIBs.
Maiden Forgings latest IPO GMP is ₹0 as of March 26th 2023 09:00 AM.
Commenting on the outlook of Maiden Forgings SME IPO, A R Ramachandran, Co-founder & Trainer-Tips2trades said “Despite an excellent 9MFY24 where profit has already zoomed more than 4 times, a high debt-equity ratio in the current environment could impact future earnings of Maiden Forgings. Investors should wait for more stability in terms of better ROE in the coming quarters and are advised to wait for listing and can then buy at lower levels for better returns.”
Maiden Forgings Ltd, founded in 2005, produces and markets ferrous metal products. The firm has manufacturing plants in Ghaziabad, Uttar Pradesh, India. These facilities have a total annual production capacity of 50,000 tonnes.