Home/ Markets / Ipo/  Maiden Forgings SME IPO Day 2: What GMP and subscription status signals?

The Maiden Forgings Ltd. Ltd. IPO includes 3,784,000 shares with a face value of Rs. 10 per share, totalling 23.84 Cr. The offer includes 2,264,000 shares for retail investors, 360,000 shares for eligible institutional investors, and 1,160,000 shares for non-institutional bidders. The IPO commenced for bidding on March 23, 2023, and it will close tomorrow, March 27, 2023. 

The issue price ranges between 60 and 63 per share, with a minimum order quantity of 2000 shares subject to a maximum of 126,000 per lot. The allotment for the Maiden Forgings IPO will be finalised on March 31, 2023 and the Maiden Forgings IPO listing date has not yet been declared, however, the expected date is April 6, 2023.

On March 24, 2023 7:02:00 PM, the Maiden Forgings IPO was subscribed 0.56 times. On Day 2 of bidding, the public issue was subscribed 0.37 times in the retail category, 0.48 times in the QIB category, and 0.98 times in the NII category. The number of shares bid for the retail category was 8,28,000 compared to the offered shares of 22,64,000, the number of shares bid for non-institutional investors (NII) category was 11,32,000 compared to the offered shares of 11,60,000, and the number of shares bid for qualified institutional buyer (QIB) category was 1,72,000 compared to the offered shares of 3,60,000. On Day 1, Maiden Forgings IPO was subscribed 0.23 times, the SME public issue was subscribed 0.13x by retail category, 0.36x by NIIs and 0.48x by QIBs.

Maiden Forgings latest IPO GMP is 0 as of March 26th 2023 09:00 AM.
Commenting on the outlook of Maiden Forgings SME IPO, A R Ramachandran, Co-founder & Trainer-Tips2trades said "Despite an excellent 9MFY24 where profit has already zoomed more than 4 times, a high debt-equity ratio in the current environment could impact future earnings of Maiden Forgings. Investors should wait for more stability in terms of better ROE in the coming quarters and are advised to wait for listing and can then buy at lower levels for better returns."

Maiden Forgings Ltd, founded in 2005, produces and markets ferrous metal products. The firm has manufacturing plants in Ghaziabad, Uttar Pradesh, India. These facilities have a total annual production capacity of 50,000 tonnes.




Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
Know your inner investor Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Take the test
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 26 Mar 2023, 10:08 PM IST
Recommended For You

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Get alerts on WhatsApp
Set Preferences My Reads Watchlist Feedback Redeem a Gift Card Logout