Mumbai: Maiden Forgings Limited is launching their IPO from March 22 to 24 in a bid to raise Rs 24 crores towards utilization as part of their focus on expansion into a specialized steel company. 

Nishant Garg, Managing Director and promoter of the IPO, described the Steel manufacturing sector as an unorganised one that comprises mainly between 5 to 10 major related companies Pan-India. 

Highlighting the company’s rise from carrying out ‘jobworks’ to presently handling bigger production through their manufacturing plant with about 15 containers, he said a target has been set for 12 containers for which the company has a market in Europe. 

“We started 17 years ago and have maintained a zero +Red Flag+ status due to our financial discipline,” he said, adding that “The stakes are high and the company is working with a combination of strategies including this IPO towards meeting the production needs for this market.” 

“While we are supplying our products to companies having special applications including the automobile sector and the home durables consumer segment, the bottom-line is our focus to grow our company,” he said, adding “We are looking at increasing our base in the next 2-3 years as steel is always used in applications across a vast spectrum and is lucrative, besides being a basic requirement for people.”  The company’s financial expert Vikas said that the company highlighted good revenue and EBITDA margin of 8-9%. “Our company is moving from low margin to high margin products and we have invested Rs 8.5 crore in our new plant, besides having Rs 106 crores of Total Assets,” he said while noting that the present IPO is being highlighted primarily for the company’s expansion.