Maiden Forgings IPO: Steel bars and wires manufacturer company Maiden Forgings’ initial public offering (IPO) will open for subscription on Tuesday, March 22. The three-day subscription window will close on March 24. The company aims to raise Rs 24 crore IPO.

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The company has decided the price band at Rs 60 to Rs 63 per share for its 37,84,000 equity shares among which 17,97,000 equity shares are reserved for Qualified Institutional Buyers (QIB). A total of 5,39,100 shares are reserved for Non-Institutional Investors (NII) and the rest for retail investors.

The funds will be utilised for developing specialty steel for import substitution in India and expanding new export markets.

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"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," Nishant Garg, MD, Maiden Forgings, said.

The allotment will be finalised on March 29 while shares will be credited into Demat accounts of shareholders on April 3. Shares of Maiden Forgings are expected to list on BSE SME on April 5. The book-running lead manager to the issue is Share India Capital Services Private Limited and the registrar of the issue is Maashitla Securities Private Limited.

Incorporated in 2005, Maiden Forgings manufactures and sells metal products like steel bright bars, wires, profiles, collated pneumatic nails and ground bars.

The steel manufacturing company has three manufacturing plants, all in Uttar Pradesh's Ghaziabad. The combined aggregated manufacturing capacity of these plants is 50,000 tons per annum. 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.

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