Maiden Forgings SME IPO Day 2: What GMP and subscription status signals?

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.