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 ₹ 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.
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 March 27th, 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.
Mr. 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.
Mr. 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.”
(To receive our E-paper on WhatsApp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)