Mumbai (Maharashtra) [India], March 20 (ANI/PNN): Maiden Forgings Limited, a leading manufacturer of bright steel bars and wires, has announced its plans to go public with an Initial Public Offering (IPO) on March 23rd, 2023. The company is aiming to raise Rs 23.84 Crore through this IPO, with shares set to be listed on the BSE SME platform.
The fresh issue size is 37,84,000 equity shares.
Equity Share Allocation
* Qualified Institutional Buyers (QIB) - Not more than 17,97,000 Equity Shares
* Non-Institutional Investors (NII) - Not less than5,39,100 Equity Shares
* Retail Individual Investors (RII) - Not less than 12,57,900 Equity Shares
* Market Maker - 1,90,000 Equity Shares
The net proceeds from the IPO will be utilized for Consolidation and expansion of the manufacturing facilities, meet working capital requirements and for general corporate purposes. The issue closes on March27th, 2023.
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.
Nishant Garg, Managing Director, Maiden Forgings Limited, said," Our decision to focus on forward integration and diversify our product portfolio, reflecting our commitment to sustainable business growth and improving margins. We strive to meet the evolving needs of our customers, and with the upcoming IPO, we will have the necessary resources to enhance our capabilities and continue our growth trajectory.
Our proven track record of delivering value to stakeholders gives us the confidence that 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.
Anand Srivastava, Executive Director, Share India Capital Services Private Limited, BRLM to the issue, said, "We believe that this offering will provide the company with the necessary resources to enhance its manufacturing facilities, meet working capital requirements, and diversify its product portfolio.
The IPO will also help the company achieve its long-term objectives of expanding into new export markets and developing specialty steel for import substitution in India, which will improve its business and margins sustainably."
Maiden Forgings Limited (MFL) has been a prominent manufacturer of high-quality Bright Steel bars and wires for the past 35 years, with a strong focus on providing value-added and specialized products. With its in-house manufacturing facilities, MFL has established itself as a leader in the domestic market, offering reliable customized solutions and access to cutting-edge technologies for its customers. MFL's journey from a sole proprietorship firm to a public limited company in 2022 demonstrates its commitment to growth and innovation and its dedication to meeting the evolving needs of its customers.
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