IPO Details

Bidding Dates

23 Mar '23 - 27 Mar '23

Minimum Investment

₹126,000 / 1 Lots ( 2000 Shares )

Price Range

₹60 - ₹63

Maximum Investment

₹126,000 / 1 Lots ( 2000 Shares )

Retail Discount

To be announced

Issue Size


Investor category and sub category

Qualified Institutions Buyers   |   Non-Institutional Investors  |   Retail Individual Investors   |  

IPO Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Mar 23, 2023

IPO Closing Date

Mar 27, 2023

IPO Allotment Date

Mar 31, 2023

Initiation of Refunds

Apr 3, 2023

Credit Of Shares To Demat Account

Apr 5, 2023

IPO Listing Date

Apr 6, 2023

IPO Subscription Details


Day 1Mar 23, 2023

0.48 0.36 0.13 0.23

Day 2Mar 24, 2023

0.48 0.98 0.37 0.56

IPO Subscription Status Live

Investor Category Subscription (Times)
Qualified Institutions Buyers 0.48
Non-Institutional Buyers 0.98
Retail Investors 0.37
Employees [.]
Other [.]
Total 0.56

About Company

Incorporated in 2005, the company engages in the manufacturing and sales of ferrous metal products, including steel bright bars, wires, profiles, collated pneumatic nails, and ground bars. They have three manufacturing units in the Ghaziabad district of Uttar Pradesh. The combined manufacturing capacity of these units is 50,000 tons per annum.

Although the company started operating in 2005, the promoters have 38-plus years of experience in the sector. Maiden Forgings has 450+ B2B customers in India and abroad. They are one of the primary suppliers to some of the major Original Equipment Manufacturers (OEM) like Prestige TTK, Everest, UM Auto etc.

Maiden Forgings Ltd. IPO bidding window will remain open for 2 days from March 22-24, 2023. The issue contains 3,784,000 shares with a face value of Rs. 10 per share. Investors can apply for one lot of 2000 shares.

Maiden Forgings IPO Objective

  • Consolidation of manufacturing plants 
  • To meet working capital requirements and general corporate purposes
  • To meet issue expenses 

Why should you invest in Maiden Forgings Ltd.?

These are the top reasons to consider investing in the IPO.

  • They offer a diversified product portfolio to 450+ B2B clients, including major OEMs, and tier-I & II suppliers of leading two-wheeler and four-wheeler manufacturers. 
  • The company has won several accolades - the fastest growth in the business category (2018), the Heroes Next Door Award (2019), and the most versatile company for Steel Bright Bar in India.
  • The company is expanding to add new products like manufacturing collated pneumatic nails and oil-tampered induction wires. 

Maiden Forgings Ltd. Noteworthy highlights

  • They cater to the sectors of auto engineering, hardware, furniture, engineering, and others. 
  • The company also exports a small part of their products primarily to the USA.

Maiden Forgings Company Financials

Particulars Year ending on March 31, 2022 (₹ Lakh) Year ending on March 31, 2021 (₹ Lakh) Year ending on March 31, 2020 (₹ Lakh)
Revenue from Operations 21050.98 19923.61 20412. 44
Profit After Tax (PAT) 213.94 168.94 165.95
EPS (basic) 4.10 3.24 3.57
Current Ratio 1.36 1.34 1.23

Know before investing


  1. Able leadership and experienced management with over 30 years of industry experience.

  2. They have a strong marketing network with 450+ customers for their products in various industries.

  3. In-house capability to produce all products in their manufacturing units.


  1. The company has pending cases against its customers for non-payment and those may impact their financials.

  2. Underutilisation of manufacturing capabilities can affect their future earnings.

  3. The steel industry is highly cyclical and volatile, impacting future operations, financial conditions, and cash flow.

  • How to Apply in SME IPO
  • How to Check SME IPO Allotment Status

Login to Angel One App / Website & click on IPO

Select desired IPO & tap on "Apply"

Enter UPI ID, set quantity/price & submit

Accept mandate on the UPI app to complete the process

Login to Angel One App / Website

Choose IPO section on Home Page

Click IPO Orders

Chose the IPO application you want to view the status for

Maiden Forgings IPO FAQs

What is Maiden Forgings Ltd. IPO?

Maiden Forgings Ltd. Ltd. IPO contains 3,784,000 with a face value of Rs. 10 per share. The IPO will open for bidding on March 22, 2023.

When will the Maiden Forgings Ltd. IPO allotment be available?

The basis of the allotment date is March 29, 2023.

What will be the Maiden Forgings Ltd. IPO lot size?

One lot of Maiden Forgings Ltd. IPO has 2000 shares.

When will Maiden Forgings Ltd. IPO open for subscription?

The IPO will open on March 23, 2023.

What minimum lot size can retail investors subscribe to?

Retail investors can apply for a minimum of one lot.

When will Maiden Forgings Ltd. list on exchanges?

The listing date of Maiden Forgings Ltd. is April 6, 2023.

How to check the allotment status of the Maiden Forgings Ltd. IPO?

You can check the allotment status of your IPO application from the Angel One app.
To check the allotment status, enter the application number, DP ID, and PAN number into the app.

What would be the listing gains on the Maiden Forgings Ltd. IPO?

Listing gain can’t be ascertained before the IPO is listed on the exchange. You can get this information on the listing date for Maiden Forgings Ltd. Ltd. which is April 05, 2023.

I have finished the application process for Maiden Forgings Ltd. IPO, but the funds are not yet debited. What is the reason?

The bank initially blocks the amount you bid for an IPO. It will debit the money when the shares are allotted or unblock the amount after the UPI mandate expiry date.

How to approve the UPI mandate request for Maiden Forgings Ltd. IPO?

Login to your UPI handle and approve the payment mandate to complete the IPO application process.

Can I submit more than one application for the public issue of Maiden Forgings Ltd. using one PAN?

You can submit only one application using one PAN card.

What is the minimum order quantity for Maiden Forgings Ltd. IPO?

The minimum size of the application will be one lot of 2000 shares.