Maiden Forgings Limited has announced a launch of an Initial Public Offering (IPO) to raise Rs 24 crore on March 16. The IPO will open for subscription on March 22 and close on March 24. The shares are expected to be listed on BSE’s SME platform on April 5, 2023, as reported by Mint.
The Uttar Pradesh-based Maiden Forgings is a manufacturer of Steel Bars and Fine Wires for customers in the automotive sector and the infrastructure sector. The company’s MD, Nishant Garg said that the IPO will help the company achieve the objective of developing speciality steel and expanding its export business.
The company plans to issue 37,84,000 equity shares in the subscription of which 17,97,000 shares are reserved for Qualified Institutional Buyers, 5,39,100 shares have been reserved for Non-Institutional Investors and the remaining 14,48,000 shares for retail investors.
The price band for the issue is yet to be announced.
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