Maiden Forgings IPO vs MOS Utility IPO

Comparison between Maiden Forgings IPO and MOS Utility IPO.

IPO Details

Maiden Forgings IPO is a SME Bookbuilding IPO proposed to list at BSE SME while MOS Utility IPO is a SME Bookbuilding proposed to list at NSE SME.

	Maiden Forgings IPO	MOS Utility IPO
Logo
Issue Category	SME	SME
Issue Type	IPO	IPO
Process Type	Bookbuilding	Bookbuilding
Listing At	BSE SME	NSE SME
Lead Managers	Share India Capital Services Pvt.Ltd.	Unistone Capital Pvt.Ltd.
Registrar	Maashitla Securities Pvt.Ltd.	Skyline Financial Services Pvt.Ltd.
Market Maker	Share India Securities Ltd.	Rikhav Securities Ltd.
DRHP	DRHP	DRHP
RHP	RHP	RHP
Anchor Investor		Anchor Investor
IPO Allotment URL	IPO Allotment URL	IPO Allotment URL

Issue Size and Price

The total issue size of Maiden Forgings IPO is up to ₹22.64 Cr whereas the issue size of the MOS Utility IPO is up to ₹47.46 Cr. The final issue price of Maiden Forgings IPO is ₹63.00 per share and of MOS Utility IPO is ₹76.00 per share.

	Maiden Forgings IPO	MOS Utility IPO
Face Value	₹10 per share	₹10 per share
Issue Price (Lower)	₹60.00 per share	₹72.00 per share
Issue Price (Upper)	₹63.00 per share	₹76.00 per share
Issue Price (Final)	₹63.00 per share	₹76.00 per share
Discount (Retail)	₹0.00 per share	₹0.00 per share
Discount (Employee)
Market Lot Size	2000 shares	1600 shares
Fresh Issue Size	35,94,000 shares	54,44,800 shares
Fresh Issue Size (Amount)	up to ₹22.64 Cr	up to ₹41.38 Cr
OFS Issue Size	0 shares	8,00,000 shares
OFS Issue Size (Amount)	up to ₹0.00 Cr	up to ₹6.08 Cr
Issue Size Total	35,94,000 shares	62,44,800 shares
Issue Size Total (Amount)	up to ₹22.64 Cr	up to ₹47.46 Cr

IPO Timetable

Maiden Forgings IPO opens on Mar 23, 2023, while MOS Utility IPO opens on Mar 31, 2023. The closing date of Maiden Forgings IPO and MOS Utility IPO is Mar 27, 2023, and Apr 06, 2023, respectively.

	Maiden Forgings IPO	MOS Utility IPO
Anchor Bid Date		Mar 29, 2023
Issue Open	Mar 23, 2023	Mar 31, 2023
Issue Close	Mar 27, 2023	Apr 06, 2023
Basis Of Allotment (Tentative)	Mar 31, 2023	Apr 12, 2023
Initiation of Refunds (Tentative)	Apr 03, 2023	Apr 13, 2023
Credit of Share (Tentative)	Apr 05, 2023	Apr 17, 2023
Listing date (Tentative)	Apr 06, 2023	Apr 18, 2023
Anchor Lockin End date 1		May 12, 2023
Anchor Lockin End date 2		Jul 11, 2023

Financials & KPIs

Maiden Forgings IPO P/E ratio is 8.38, as compared to MOS Utility IPO P/E ratio of 48.41.

Maiden Forgings IPO

MOS Utility IPO

Financials

Maiden Forgings Limited Financial Information (Restated Standalone)
Period Ended	Total Assets	Total Revenue	Profit After Tax	Net Worth	Reserves and Surplus	Total Borrowing
31-Mar-20	9,890.05	20,440.37	165.95	2,136.92	1,672.02	5,788.13
31-Mar-21	10,484.25	19,937.49	168.94	2,899.11	2,377.71	5,428.93
31-Mar-22	11,014.23	21,083.72	213.94	3,113.05	2,591.65	6,170.75
31-Dec-22	12,595.69	16,381.04	801.51	3,914.56	2,871.76	6,525.17
Amount in ₹ Lakhs

MOS Utility Limited Financial Information (Restated)
Period Ended	Total Assets	Total Revenue	Profit After Tax	Net Worth	Reserves and Surplus	Total Borrowing
31-Mar-20	2,513.42	9,156.51	128.59	602.42	583.23	538.08
31-Mar-21	2,459.02	6,792.07	84.69	687.11	667.92	812.23
31-Mar-22	3,513.48	8,096.01	157.67	844.78	825.60	1,296.32
30-Sep-22	4,970.94	5,435.41	195.84	1,940.63	62.01	878.59
Amount in ₹ Lakhs

Promoter Shareholding (Pre-Issue)

100

82.91

Promoter Shareholding (Post-Issue)

73.37

P/E Ratio

8.38

48.41

Market Cap

₹89.54 Cr.

₹189.51 Cr.

ROE

14.06%

ROCE

11.26%

Debt/Equity

0.45

EPS

RoNW

Shares Offered

In the Maiden Forgings IPO Retail Individual Investors (RII) are offered 22,64,000 shares while in MOS Utility IPO retail investors are offered 22,64,000 shares. Qualified Institutional Buyers (QIB) are offered 3,60,000 shares in Maiden Forgings IPO and 15,23,200 shares in MOS Utility IPO.

	Maiden Forgings IPO	MOS Utility IPO
Anchor Investor Reserveration		15,98,400 shares
Market Maker Reserveration	1,90,000 shares	3,29,600 shares
QIB	3,60,000 shares	15,23,200 shares
NII	9,70,000 shares	9,37,600 shares
RII	22,64,000 shares	21,85,600 shares
Employee
Others
Total	35,94,000 shares	62,44,800 shares

Bids Received (Subscription)

Maiden Forgings IPO subscribed 1.20x in total, whereas MOS Utility IPO subscribed 21.14x.

	Maiden Forgings IPO	MOS Utility IPO
QIB (times)	1.00x	11.67x
NII (times)	1.42x	57.90x
Big NII (times)
Small NII (times)
RII (times)	1.12x	11.98x
Employee (times)
Other (times)
Total (times)	1.20x	21.14x

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