31 Mar 2020
Assets98.90
Total Income204.40
Profit After Tax1.66
NET Worth21.37
Reserves and Surplus16.72
Total Borrowing57.88
At a glance
Updated 2026-09-17Maiden Forgings is a SME IPO with an issue size of ₹23.84 crore, proposed for listing on BSE SME. The offer opens on 23rd Mar 2023 and closes on 27th Mar 2023. The issue structure includes a fresh issue of ₹22.64 crore.
Issue details
Listing atBSE SME
Issue typeBook Build Issue
Issue size₹23.84 Cr
Fresh issue₹22.64 Cr
Face value₹10
Price band₹60.00–₹63.00
Allotment31st Mar 2023
Listing6th Apr 2023
Grey market
GMP page ↗Latest GMPNO GMP
GMP / upper priceNO DATA
Est. listing₹61.00
GMP is unofficial sentiment data, not an exchange price.
Timeline
Opens23rd Mar 2023
Closes27th Mar 2023
Allotment31st Mar 2023
Refund3rd Apr 2023
Demat5th Apr 2023
Listing6th Apr 2023
Subscription demand
Full bidding ↗Total1.27×
Lot size
| Investor | Lots | Shares | Amount |
|---|---|---|---|
| Minimum Bid | 1 | 2000 | ₹126,000 |
Company
Incorporated2005
Use of proceeds
| Object | Amount |
|---|---|
| Consolidation and expansion of the manufacturing facilities | ₹9.43 Cr |
| Working Capital and | ₹8.00 Cr |
| General Corporate Purposes | ₹4.00 Cr |
| Total | ₹21.43 Cr |
Financial performance
Year-wise operating scale, profitability and balance-sheet context.Revenue163.81₹ Cr · -22.3% vs prior year
PAT8.02₹ Cr · +274.8% vs prior year
Assets125.96₹ Cr · +14.4% vs prior year
Net Worth39.15₹ Cr · +25.8% vs prior year
Borrowing65.25₹ Cr · +5.7% vs prior year
3-year financial trendRevenue / EBITDA / PAT
₹ crore31 Mar 2021
Assets104.84
Total Income199.37
Profit After Tax1.69
NET Worth28.99
Reserves and Surplus23.78
Total Borrowing54.29
31 Mar 2022
Assets110.14
Total Income210.84
Profit After Tax2.14
NET Worth31.13
Reserves and Surplus25.92
Total Borrowing61.71
31 Dec 2022
Assets125.96
Total Income163.81
Profit After Tax8.02
NET Worth39.15
Reserves and Surplus28.72
Total Borrowing65.25
KPIs
| KPI |
|---|
| ROE |
| ROCE |
| Debt / Equity |
| RoNW |
| PAT Margin |
Valuation & shareholding
Pre-IPO EPS4.10
Pre-IPO P/E8.38
Promoter holding pre100%
Promoter holding post73.37%
Market cap₹89.54 Cr.
Peer comparison
| Company | EPS | P/E | RoNW | NAV |
|---|---|---|---|---|
| Maiden Forgings IPO | — | 8.38 x | — | — |
| Jivial Industries IPO | — | 23.29 x | — | — |
| Anubhav Plast IPO | — | 16.37 x | — | — |
| Kasturi Metal IPO | — | 13.47 x | — | — |
Issue expenses
| Expense | Amount |
|---|---|
| Payment to Merchant Banker including marketing expenses towards selling commission, brokerage and payment to other intermediaries such as Auditors, Registrars, Market Makers, Bankers and Regulatory Fees & Miscellaneous Expenses etc | ₹2.30 Cr |
| Marketing expenses, Selling Commission and other expenses | ₹0.10 Cr |
| Total | ₹2.40 Cr |
Registrar & lead managers
Registrar
Maashitla Securities Pvt.Ltd.Lead managers
- Share India Capital Services...
Offer documents
Data is reconciled from multiple public IPO sources. Official exchange filings and offer documents remain the source of truth. Last verified 2026-09-17.
IPO UPDATE ALERTS
Register for IPO Updates →Track Maiden Forgings without missing an update
Register for subscription, GMP, allotment and listing notifications.