Maiden Forgings
Book Building issueSME₹23.84 Cr issue
0.00%
Listing gain over issue price
Issue size
₹23.84 Cr
1 lot at cut-off
₹1,26,000
Lot size
2,000shares
Open
23 Mar 2023
Close
27 Mar 2023
Allotment
31 Mar 2023
Listing
06 Apr 2023
Listing performance
Issue price
₹63
Listed at
₹63
Listing-day close
₹59.86
Latest price
₹94
Close on 23 Oct 2026
Listing gain
0.00%
Return since issue
+49.21%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 23 Mar 2023 – 27 Mar 2023
- Listing date
- 06 Apr 2023
- Face value
- ₹10 per share
- Issue price
- ₹63 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹23.84 Cr
- Market cap at offer price
- ₹89.54 Cr
- Promoter holding
- 100.00% → 73.37% pre-issue → post-issue
- ISIN
- INE0O1T01010
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Share India Capital Services Pvt.Ltd.
- Registered office
- B-5, Arihant Tower, Block D Market, Vivek Vihar, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 1,90,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹63
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,26,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,52,000 |
| S-HNI (max) | 7 | 14,000 | ₹8,82,000 |
| B-HNI (min) | 8 | 16,000 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
₹63 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.10 | — |
| P/E (×) | 15.37 | — |
| Market cap | — | ₹89.54 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 6.87%
- ROCE
- 16.97%
- Debt / equity
- 0.66
- PAT margin
- 1.01%
- NAV per share
- ₹60.47
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Maiden Forgings
Maiden Forgings Limited was incorporated on February 11, 2005 as a private limited company and converted to public on December 2, 2022. The Company specializes in design and manufacture of ferrous metal products including carbon steel, stainless-steel and alloy steel, primarily in drawn forms such as bright bars, wires, profiles and ground bars. It operates three manufacturing plants in Ghaziabad, Uttar Pradesh with combined capacity of approximately 50,000 MT per annum. The Company's promoters have over 34 years of experience in the field. The Company has a fully integrated infrastructure with steel drawing machines, peeling centres and finishing machines spread across approximately 12,500 square yards of land area.
Company Analysis
from RHPMaiden Forgings manufactures ferrous metal products including steel bright bars, wires, profiles and ground bars for the automotive, infrastructure and industrial sectors.
Maiden Forgings Limited was incorporated on February 11, 2005 as a private limited company and converted to public on December 2, 2022. The Company specializes in design and manufacture of ferrous metal products including carbon steel, stainless-steel and alloy steel, primarily in drawn forms such as bright bars, wires, profiles and ground bars. It operates three manufacturing plants in Ghaziabad, Uttar Pradesh with combined capacity of approximately 50,000 MT per annum. The Company's promoters have over 34 years of experience in the field. The Company has a fully integrated infrastructure with steel drawing machines, peeling centres and finishing machines spread across approximately 12,500 square yards of land area.
steel and ferrous metalsspecialty chemicals and metalsautomotiveinfrastructurecapital goods
Objects of the Issue
- Consolidation & expansion of Manufacturing Facilities ₹943.48 Lakhs p.24
- Working Capital ₹800.00 Lakhs p.24
- General Corporate Purpose ₹400.00 Lakhs p.24
- Consolidation and expansion of the manufacturing facilities ₹943.48 lakhs p.89
- Working Capital ₹800.00 lakhs p.90
- General Corporate Purpose ₹400.00 lakhs p.91
- Issue Related Expenses ₹240.44 lakhs p.91
- Not specified in this part of the document
Issue Structure
- Total Issue
- ₹2383.92 Lakhs (37,84,000 Equity Shares)
- Fresh Issue
- 37,84,000 Equity Shares aggregating to ₹2383.92 Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹60 to ₹63 per equity share
- Lot Size
- 2000 Equity Shares and in multiples of 2000 Equity Shares thereafter
- Face Value
- ₹10.00 per Equity Share
Business Model
The Company manufactures and sells ferrous metal products directly to customers. It operates as a manufacturer of specialty steel products with capacity utilization dependent on market conditions, customer demand, availability of raw materials, and product specifications.
Business Segments
Manufacturing and sales of carbon steel, stainless-steel and alloy steel bright bars, wires, profiles and ground bars
Manufacturing of carbon steel bright bars in sizes 3mm to 100mm and carbon steel hex & square bars in sizes 4mm to 65mm for applications in plumbing, heating, oil & gas, water supply systems, paper & pulp, power plants, and fabrication industries.
Manufacturing of stainless steel bright bars (round, hex, square sizes 3mm to 100mm) and stainless steel wires (0.25mm to 23mm) for automotive, heavy engineering, textile, electric motors, railways, defence, agricultural, and food processing industries.
Manufacturing of carbon and alloy steel wires (0.25mm to 23mm) used for agricultural and commercial uses, bright wire for electrolytic zinc coating, automatic nailing, barbed wire, chains, screws, nuts and bolts.
Manufacturing of plastic collated, paper collated and wire collated pneumatic nails for construction industry applications worldwide. Produced on in-house dedicated production line installed at Unit-I. Targeted for 95% export-oriented production as these nails are used in pneumatic nail guns.
Manufacturing and export of bright steel bars and stainless steel bright bars in various specifications and dimensions
Manufacturing and export of all grades of steel wires, profiles and ground bars
Manufacturing and trading of wires and components of iron, steel, and alloy steel
SWOT Analysis
Strengths
- • Integrated manufacturing infrastructure with established production capacity(p.22)
- • Promoters' deep industry experience(p.22)
- • Diversified product portfolio in ferrous metals(p.22)
- • Strategic geographic concentration of all manufacturing plants(p.22)
- • Wide product range across sizes, grades, and shapes(p.113)
- • Specialty products and forward integration(p.123)
- • In-house manufacturing capabilities and quality control(p.123)
- • Experienced management team(p.124)
- • Strong customer base and market network(p.124)
- • Fast delivery capabilities(p.121)
- • Quality consistency with low defect rate(p.121)
- • Scalable business model with track record(p.124)
- • ISO 9001:2015 certified with integrated manufacturing infrastructure across three facilities(p.145)
- • Approved vendor to major OEMs and auto ancillaries including Hero MotoCorp, Yamaha, Honda, M&M, Escorts(p.211)
- • Well-equipped metallurgical laboratory enabling compliance with international standards (IS, BS, DIN, AISI, SAE)(p.211)
- • Fully integrated manufacturing with combined capacity of 50,000 MT per annum across three units(p.211)
- • Improved profitability with PAT increasing 275% to ₹801.51 lakhs in 9M FY2023 vs ₹213.94 lakhs in FY2022(p.217)
- • Holds all required quality certifications including ISO and PED(p.211)
Weaknesses
- • Land ownership ambiguity for Unit III affecting financial reporting(p.32)
- • Multiple statutory compliance failures and delays(p.33)
- • Outstanding criminal litigations for cheque bounces(p.31)
- • Dependence on leased registered office with short tenure(p.35)
- • Negative cash flows from operations in prior years(p.39)
- • High dependence on unsecured loans from promoters(p.41)
- • No pre-expansion agreements or vendor contracts in place(p.35)
- • Limited access to capital as MSME(p.127)
- • Relatively lower geographical reach(p.127)
- • Shortage of experienced specialty steel management personnel(p.127)
- • Development and access to technology constraints(p.127)
- • Difficulty accessing information on international buyers(p.127)
- • High financial leverage with Debt-to-Equity ratio of 1.80 as of December 31, 2022(p.206)
- • Significant short-term borrowings of ₹4,648.21 lakhs representing 36.9% of total liabilities(p.180)
- • Concentration of shareholding with promoters holding 99.99% of shares(p.166)
- • Recent director mortality event with late Mr. Sanjay Garg who held 94.69% of shares prior to death in September 2022(p.167)
- • Negative cash flow from operations in FY2022 of ₹(569.33) lakhs despite positive profitability(p.182)
- • Significant related party transactions and borrowings from directors/promoters(p.203)
- • Significant dependence on limited customer base(p.220)
- • Outstanding litigation involving cheque bouncing cases(p.222)
- • Material creditor concentration with outstanding dues(p.226)
- • Moderate leverage with debt-to-equity ratio of 0.63(p.219)
Opportunities
- • India's rapid economic growth and steel consumption expansion(p.22)
- • Government-backed steel sector growth and capacity additions(p.23)
- • Planned capacity expansion and manufacturing facility consolidation(p.24)
- • Rising per capita steel consumption driven by infrastructure development(p.23)
- • Government support through FDI liberalization and industrial policies(p.23)
- • Working capital availability to support business scaling(p.24)
- • Growth in specialty steel, oil tempered induction wire and pneumatic nails markets(p.127)
- • Improved product mix and margins through vertical integration(p.127)
- • Government incentives through PLI scheme(p.127)
- • Market expansion with existing brand recognition(p.127)
- • Export expansion opportunities(p.127)
- • Favorable macroeconomic factors for Indian manufacturing(p.128)
- • Growth in automotive sector with focus on expanding OEM and tier-I/II ancillary relationships(p.211)
- • Expansion of product portfolio and customized solutions for diverse industries(p.211)
- • International market penetration with existing export capability(p.197)
- • Enhanced capacity utilization and operational efficiency through three integrated manufacturing units(p.211)
- • Potential for strategic partnerships and joint ventures in ferrous metal manufacturing sector(p.148)
- • Potential migration to BSE main board(p.253)
- • Growing wire and steel components market(p.220)
- • Access to capital markets for future growth(p.233)
Threats
- • Cyclical nature of steel industry affecting demand and pricing(p.36)
- • High volatility in raw material and steel prices(p.34)
- • Exposure to payment defaults and credit risk from customers(p.37)
- • COVID-19 pandemic and potential future waves causing operational disruption(p.34)
- • Global economic volatility and geopolitical risks affecting markets(p.47)
- • Changes in government policies and regulatory environment(p.37)
- • Natural calamities impacting Indian economy and operations(p.48)
- • Interest rate fluctuations affecting financing costs(p.42)
- • Export policies and import duties unpredictability(p.127)
- • Freight costs dependent on global oil prices(p.127)
- • Dependence on automotive sector with concentrated customer base among OEMs and ancillaries(p.211)
- • Exposure to raw material price volatility and input cost inflation in steel and alloy sectors(p.216)
- • Vulnerability to foreign exchange fluctuations given significant export operations(p.185)
- • Subject to regulatory compliance across multiple legislations including Factories Act, Legal Metrology Act, COPRA, and Competition Act(p.140)
- • Economic slowdown and industry cyclicality affecting demand for ferrous metal products(p.217)
- • High finance costs representing 2.51% of revenue with significant debt burden(p.213)
- • Intensifying competition in wire and components market(p.220)
- • Revenue dependent on external economic factors(p.220)
- • Future cost and revenue volatility from external factors(p.220)
- • Business non-seasonal but vulnerable to cyclicality(p.220)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Nishant Garg | Promoter | 39.994% | — |
| Ms. Nivedita Garg | Promoter | 60.00% | — |
| Ms Nivedita Garg | Promoter | 60.00% | 44.02% |
| Mr. Nishant Garg | Promoter | 39.994% | 29.34% |
| Mr. Mayank Govil | Promoter Group | 0.0009% | 0.0007% |
| Ms Apoorva Garg | Promoter Group | 0.0009% | 0.0007% |
| Mr. Sarthi Agarwal | Promoter Group | 0.0009% | 0.0007% |
| Mr. Hemant Kumar | Promoter Group | 0.0009% | 0.0007% |
| Mr. Harsh Prakash | Promoter Group | 0.0009% | 0.0007% |
| Ms Divya Jaiswal Garg | Promoter Group | 0.0009% | 0.0007% |
| Nishant Garg | Individual Promoter | 39.994% | — |
| Nivedita Garg | Individual Promoter | 60.00% | — |
Leadership
Ms. Nivedita Garg · Chairperson and Whole-time Director
Mr. Nishant Garg · Managing Director
Ms. Monika Negi · Company Secretary and Compliance Officer
Ms. Prachla Garg · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Maiden Forgings IPO FAQs
What is the lot size of Maiden Forgings IPO?
The minimum lot size of Maiden Forgings IPO is 2,000 shares. One lot costs ₹1,26,000 at the cut-off price.
When does Maiden Forgings IPO open and close?
Maiden Forgings IPO opened for subscription on 23 Mar 2023 and closed on 27 Mar 2023.
What is the listing date of Maiden Forgings IPO?
Maiden Forgings IPO listed on 06 Apr 2023.