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Munish Forge IPO
Munish Forge IPO is a book-built issue worth ₹73.92 crore. The IPO comprises a fresh issue of 0.64 crore shares and an offer for sale (OFS) of 0.13 crore shares. The price band is fixed at ₹91 to ₹96 per share with a lot size of 1,200 shares. The minimum investment required for retail investors is ₹2,30,400 (2,400 shares). The IPO opens on September 30, 2025, and closes on October 3, 2025. Shares will be listed on the NSE SME platform, with a tentative listing date of October 8, 2025.
Company Background
Munish Forge Ltd., incorporated in July 1986 and headquartered in Ludhiana, Punjab, is a leading manufacturer of forged components. The company produces a wide range of products including flanges, scaffolding, auto parts, tank tracks, and bomb shells. It caters to diverse industries such as defence, oil & gas, automobiles, construction, and infrastructure. Munish Forge also supplies critical defence components like battle tank track chains and bomb shells to the Indian Army. The company leverages modern manufacturing technologies such as solar power and induction furnaces to improve efficiency while reducing environmental impact.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Munish Forge IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Munish Forge IPO Details
| Detail | Description |
|---|---|
| IPO Date | September 30, 2025 to October 3, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹91 to ₹96 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 77,00,400 shares (aggregating up to ₹73.92 Cr) |
| Reserved for Market Maker | 3,85,200 shares (aggregating up to ₹3.70 Cr) |
| Fresh Issue(Ex Market Maker) | 59,71,200 shares (aggregating up to ₹57.32 Cr) |
| Offer for Sale | 13,44,000 shares of ₹10 (aggregating up to ₹12.90 Cr) |
| Net Offered to Public | 73,15,200 shares (aggregating up to ₹70.23 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,77,13,863 shares |
| Share Holding Post Issue | 2,40,70,263 shares |
Munish Forge IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Tue, Sep 30, 2025 |
| IPO Close Date | Fri, Oct 3, 2025 |
| Tentative Allotment | Mon, Oct 6, 2025 |
| Initiation of Refunds | Tue, Oct 7, 2025 |
| Credit of Shares to Demat | Tue, Oct 7, 2025 |
| Tentative Listing Date | Wed, Oct 8, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri, Oct 3, 2025 |
Munish Forge IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,400 | ₹2,30,400 |
| Individual investors (Retail) (Max) | 2 | 2,400 | ₹2,30,400 |
| S-HNI (Min) | 3 | 3,600 | ₹3,45,600 |
| S-HNI (Max) | 8 | 9,600 | ₹9,21,600 |
| B-HNI (Min) | 9 | 10,800 | ₹10,36,800 |
Munish Forge IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 100.00% |
| Promoter Holding Post Issue | - |
Competitive Strength:
- • Servers' original equipment manufacturers and Tier 1 suppliers across Europe, North America, the Middle East, and India.
- • Use high-technology machines, robotic welders, and advanced simulation tools to maintain product reliability and reduce production time, which provides innovations and wider usage of tools.
Munish Forge IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Dec 2024 | 146.78 | 130.93 | 10.53 | 51.09 | 60.78 | |||||||||||||||||||||||||||||||||||
| 31 Dec 2024 | 113.22 | 161.58 | 4.39 | 40.61 | 47.16 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 107.01 | 161.18 | 1.97 | 36.03 | 50.22 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2022 | 121.41 | 125.10 | 1.43 | 34.11 | 59.14 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 10.81% |
| ROCE | 9.88% |
| Debt/Equity | 1.16 |
| RoNW | 10.81% |
| PAT Margin | 2.75% |
| Price to Book Value | 2.28 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 2.48 | 5.84 |
| P/E (x) | 38.74 | 16.45 |
Conclusion
The Munish Forge IPO provides investors with an opportunity to participate in a well-established engineering and defence manufacturer with strong industry presence and consistent revenue growth. IPO proceeds will be utilised for capacity expansion, working capital requirements, and debt repayment, supporting long-term growth and enhancing investor confidence. With its diversified client base and focus on sustainability, Munish Forge is well-positioned for future expansion in high-demand sectors.
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