Maiden Forgings to launch IPO next week; aims to raise Rs 24 crore

IPO

Steel bars and wires manufacturer Maiden Forgings on Friday said it will launch Initial Public Offering (IPO) to raise Rs 24 crore.

The IPO will open on March 22 and close on March 24, Maiden Forgings said in a statement.

Out of the total 37,84,000 equity shares on offer, not more than 17,97,000 equity shares have been reserved for Qualified Institutional Buyers (QIB). A total of 5,39,100 shares have been reserved for Non-Institutional Investors (NII) and the rest for retail individual investors.

Nishant Garg, Managing Director, Maiden Forgings Limited, said, "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."

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, the statement said.

UP-based Maiden Forgings has three plants in Ghaziabad where the company manufactures products for customers in auto and infrastructure sector.