About Metalic Technoforge IPO
Metalic Technoforge IPO Details
Metalic Technoforge IPO is a 100% book-built fresh issue of 64,88,000 equity shares of face value ₹10 each, aggregating approximately ₹49.96 crore. The company filed its Draft Red Herring Prospectus (DRHP) with the exchange on March 29, 2026 for listing on NSE EMERGE. The price band is ₹72 to ₹77 per share and the lot size is 1600 equity shares. The IPO opens for subscription on July 21, 2026 and closes on July 23, 2026, with tentative allotment on July 24, 2026, refunds on July 25, 2026 and listing on July 28, 2026, on NSE EMERGE. The book-running lead manager for the issue is Smart Horizon Capital Advisors Private Limited and the registrar to the issue is Bigshare Services Private Limited.
Metalic Technoforge IPO Date & Timeline
The Metalic Technoforge IPO is officially set to open for subscription on July 21, 2026 and will close on July 23, 2026. The company filed its DRHP on March 29, 2026 and has now finalised its schedule following exchange approval. Once the subscription window closes, allotment is expected on July 24, 2026. Following this, the refunds will be initiated and shares will be credited to the demat accounts of successful investors on July 25, 2026. Finally, equity shares of Metalic Technoforge Limited are tentatively scheduled to list on the stock exchanges on July 28, 2026.
Metalic Technoforge IPO Timeline
| IPO Open Date | Tue, Jul 21, 2026 |
| IPO Close Date | Thu, Jul 23, 2026 |
| Basis of Allotment | Fri, Jul 24, 2026 |
| Initiation of Refunds | Mon, Jul 27, 2026 |
| Credit of Shares to Demat | Mon, Jul 27, 2026 |
| Listing Date | Tue, Jul 28, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Metalic Technoforge IPO Details
| Detail | Description |
|---|---|
| IPO Date | 21 to 23 Jul, 2026 |
| Listing Date | 28 Jul, 2026 |
| Face Value | ₹ 10 Per Equity Share |
| Issue Price Band | ₹ 72 to ₹ 77 |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh capital only |
| Total Issue Size | 64,88,000 shares (agg. up to ₹ 50 Cr) |
| Reserved for Market Maker | 3,28,000 shares (agg. up to ₹ 3 Cr) |
| Fresh Issue(Ex Market Maker) | 61,60,000 shares (agg. up to ₹ 47 Cr) |
| Net Offered to Public | 61,60,000 shares (agg. up to ₹ 47 Cr |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,74,96,400 shares |
| Share Holding Post Issue | 2,39,84,400 shares |
Metalic Technoforge IPO GMP (Grey Market Premium)
"Grey Market Premium" or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Metalic Technoforge IPO GMP is currently trading at ₹0, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹77, which is 0.00% above/below the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Metalic Technoforge GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 18 Jul 2026 | ₹77 | ₹0 | 18 Jul, 202610:57 AM |
| 17 Jul 2026 | ₹77 | ₹0 | 17 Jul, 202601:01 PM |
| 16 Jul, 2026 | ₹77 | ₹0 | 16 Jul, 202611:16 AM |
Company Background
Metalic Technoforge Limited was incorporated as a private limited company in 2016 and converted into a public limited company in 2024. The company is based in Rajkot, Gujarat and is engaged in the business of manufacturing of closed die forged and precision-machined components. The company is promoted by Jay Rameshbhai Rupapara and Ekta Satish Vadodariya, who oversee the company's operations and strategic direction. Metalic Technoforge operates from a manufacturing complex in Rajkot, Gujarat and serves domestic and global OEMs across automotive and non-automotive sectors.
Operations & Product Range
Metalic Technoforge operates as an integrated manufacturing facility for forging, heat treatment and machining. The company primarily deals in closed die forged and precision-machined components used in automotive and non-automotive applications. The company operates from a manufacturing complex of 5,968.51 square meters across four units in Rajkot, Gujarat. The company has a diversified product portfolio catering to automotive and non-automotive sectors and has a confirmed order book of ₹24.47 crore as of March 1, 2026.
Facilities & Capacity
Metalic Technoforge operates primarily through its manufacturing facility in Rajkot, Gujarat, with a manufacturing complex of 5,968.51 square meters across four units. The company has an integrated manufacturing facility for forging, heat treatment and machining and has a 1 MW solar power plant meeting 40-60% of energy needs. The company has stringent quality assurance with IATF 16949, ISO 14001:2015, ISO 45001:2018, PED-2014/68/EU & AD 2000 W0 and ZED Bronze certifications. Specific details regarding capacity utilisation, production volumes and facility expansion will be available in the final prospectus.
Brands & Market Presence
Metalic Technoforge operates under the "Metalic Technoforge" brand and has established itself as a manufacturer of forged and machined components. The company serves a diverse customer base, including domestic and global OEMs across automotive and non-automotive sectors. The company has long-standing customer relationships with repeat business across Germany, Finland, USA, Italy, China and Turkey. The company is widely recognised for its integrated manufacturing capabilities and quality certifications, making it a preferred partner for OEMs in automotive and non-automotive sectors.
Revenue Streams & Business Model
Metalic Technoforge generates its revenue primarily from the sale of closed die forged and precision-machined components to automotive and non-automotive OEMs, operating on a B2B model with long-term relationships and repeat orders from domestic and global customers. Key revenue streams include sale of forged components for gears, transmission systems and other automotive applications, sale of precision-machined components for automotive and non-automotive sectors and value-added services such as heat treatment and secondary machining, which enhance margins and customer stickiness. The business model is asset-heavy and integrated, with in-house capabilities for forging, heat treatment and machining, enabling better quality control, shorter lead times and cost efficiencies. The company's revenue is driven by order book visibility, capacity utilisation and the ability to win new customers across automotive and non-automotive segments.
Financial Performance
Metalic Technoforge has demonstrated strong financial performance over the past three years, reporting revenue from operations of ₹47.13 crore in FY23, ₹51.50 crore in FY24 and ₹75.64 crore in FY25, representing a revenue CAGR of 26.69% over the period. The company's profit after tax (PAT) grew from ₹1.26 crore in FY23 to ₹4.26 crore in FY24 and further to ₹9.03 crore in FY25, reflecting a PAT growth of 111.97% in FY25.
Management & Shareholding
Metalic Technoforge's promoters are Jay Rameshbhai Rupapara and Ekta Satish Vadodariya, who hold a significant stake in the company. Pre-issue promoter holding is approximately 72.5% and post-issue it will be approximately 55.3%. There is no OFS in this issue and the entire issue is a fresh issue of 64,88,000 equity shares.
Board & Key Management
Metalic Technoforge is led by its promoters, Jay Rameshbhai Rupapara and Ekta Satish Vadodariya, who oversee daily operations and strategic direction. Specific details on the full board composition, independent directors and other key management personnel will be available in the final prospectus.
Metalic Technoforge IPO Financial Information
Latest Revenue
42.20
₹ Crore
Profit After Tax
5.28
₹ Crore
Net Worth
26.33
₹ Crore
Total Borrowing
17.17
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2025 | 76.56 | 42.20 | 5.28 | 26.33 | 25.30 | — | |||
| 31 Mar 2025 | 65.10 | 74.37 | 9.03 | 17.40 | 16.40 | 17.17 | |||
| 31 Mar 2024 | 33.67 | 50.85 | 4.26 | 7.72 | 7.37 | 4.70 | |||
| 31 Mar 2023 | 21.23 | 46.91 | 1.26 | 3.46 | 3.11 | 2.08 | |||
| Amount in ₹ Crore | |||||||||
Metalic Technoforge Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 71.87 % |
| ROCE | 31.88 % |
| Debt/Equity | 1.61 |
| RoNW | 51.88 % |
| PAT Margin | 12.14 % |
| EBITDA Margin | 21.62 % |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 7.41 | - |
| P/E (x) | - | - |
Metalic Technoforge IPO Objectives
The IPO proceeds are earmarked for specific strategic purposes, including:
- • Funding of capital expenditure for setting up Manufacturing Unit IV and upgradation of existing units in Rajkot (₹30.81 crore)
- • Full or part repayment/prepayment of certain outstanding secured borrowings (₹6.72 crore)
- • General corporate purposes (₹3 crore)
Metalic Technoforge IPO Review
Metalic Technoforge operates in the forging and machining sector as an integrated manufacturer serving automotive and non-automotive OEMs. Financially, the company has demonstrated strong growth with revenues rising from ₹47.13 crore in FY23 to ₹75.64 crore in FY25, while PAT has grown from ₹1.26 crore to ₹9.03 crore over the same period. The company has a diversified product portfolio, integrated manufacturing capabilities and a confirmed order book of ₹24.47 crore as of March 1, 2026.
Still, investors need to be aware of potential risks, including dependence on a limited number of key customers; concentration of revenue in Gujarat, Maharashtra and Uttar Pradesh; negative cash flows in past years; dependence on a specific manufacturing facility; concentration of revenue in gears and transmission components; and inadvertent errors in corporate records/ROC filings. To summarise, Metalic Technoforge's IPO represents a growth-stage SME company with strong financial performance, integrated manufacturing capabilities and a diversified customer base, but investors should carefully evaluate the risk factors before investing.
Conclusion
Metalic Technoforge IPO will allow investors to participate in a growth-stage SME company in the forging and machining sector. The business strengths include its integrated manufacturing facility, diversified product portfolio, strong financial performance with revenue CAGR of 26.69% and PAT growth of 111.97% in FY25 and a confirmed order book of ₹24.47 crore. Through the offering, the firm intends to expand its manufacturing capacity, repay debt and fund general corporate purposes. The most important monitorables from the IPO are expected to be the final pricing, subscription levels and post-listing performance.
Frequently Asked Questions
Recommended Advisory Services
Ready to take your company public? Explore our specialized IPO advisory services tailored for Indian enterprises.
The India IPO Publication is managed by an editorial team that includes highly experienced finance journalists, market researchers and professionals from the capital markets industry who strive to create high-quality content based on credible sources. Our editors write about IPOs, capital markets, corporate news, capital-raising strategies, regulations and other business matters to ensure our audience stays updated with the latest information. We conduct detailed research and fact-check all information before publishing any content to ensure credibility.
Competitive Strengths
Integrated manufacturing facility for forging, heat treatment and machining with a manufacturing complex of 5,968.51 square meters across four units
Diversified product portfolio catering to automotive and non-automotive sectors
Stringent quality assurance with IATF 16949, ISO 14001:2015, ISO 45001:2018, PED-2014/68/EU & AD 2000 W0 and ZED Bronze certifications
Confirmed order book of ₹24.47 crore as of March 1, 2026
Long-standing customer relationships with repeat business across Germany, Finland, USA, Italy, China and Turkey
1 MW solar power plant meeting 40-60% of energy needs
Experienced promoters and management team
SStrong financial performance with revenue CAGR of 26.69% over the past 3 years and PAT growth of 111.97% in FY25
Download regulatory filings
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 3200 | 246400 |
| Individual investors (Retail) (Max) | 2 | 3200 | 246400 |
| S-HNI (Min) | 3 | 4800 | 369600 |
| S-HNI (Max) | 8 | 12800 | 985600 |
| B-HNI (Min) | 9 | 14400 | 1108800 |