Munish Forge IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Sep 30 to Oct 03 2025
Price Band
₹91 - 96
Current GMP
₹105.0 (+9.38%)
Subscription
3.53 times
IPO Details
| IPO Date | September 30, 2025 to October 3, 2025 |
| Listing Date | October 8, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹91 to ₹96 per share |
| Issue Price Final | ₹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)Gretex Share Broking Pvt.Ltd. NNM Securities Pvt.Ltd. |
| 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 |
IPO Date
September 30, 2025 to October 3, 2025
Listing Date
October 8, 2025
Face Value
₹10 per share
Issue Price Band
₹91 to ₹96 per share
Issue Price Final
₹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)Gretex Share Broking Pvt.Ltd. NNM Securities Pvt.Ltd.
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
IPO Subscription Details
| Anchor Investors | 1 |
| Market Maker | 1 |
| QIB (Ex Anchor) | 4.05 |
| Non-Institutional Buyers*** | 4.88 |
| bNII (bids above ₹10L) | 5.93 |
| sNII (bids below ₹10L) | 2.77 |
| Individual Investors (IND category bidding for 2 Lots) | 2.66 |
| Total ** | 3.53 |
Anchor Investors
1
Market Maker
1
QIB (Ex Anchor)
4.05
Non-Institutional Buyers***
4.88
bNII (bids above ₹10L)
5.93
sNII (bids below ₹10L)
2.77
Individual Investors (IND category bidding for 2 Lots)
2.66
Total **
3.53
Day Wise Sub
| Day | QIB (Ex Anchor) | NII* | NII (> ₹10L) | NII (< ₹10L) | Individual Investors | Total |
|---|---|---|---|---|---|---|
| Day 1 Sep 30, 2025 | 0.36 | 0.52 | 0.53 | 0.50 | 0.11 | 0.27 |
| Day 2 Oct 1, 2025 | 0.36 | 0.26 | 0.07 | 0.62 | 0.23 | 0.27 |
| Day 3 Oct 3, 2025 | 4.05 | 4.88 | 5.93 | 2.77 | 2.66 | 3.53 |
DayDay 1
Sep 30, 2025
QIB (Ex Anchor)0.36
NII*0.52
NII (> ₹10L)0.53
NII (< ₹10L)0.50
Individual Investors0.11
Total0.27
DayDay 2
Oct 1, 2025
QIB (Ex Anchor)0.36
NII*0.26
NII (> ₹10L)0.07
NII (< ₹10L)0.62
Individual Investors0.23
Total0.27
DayDay 3
Oct 3, 2025
QIB (Ex Anchor)4.05
NII*4.88
NII (> ₹10L)5.93
NII (< ₹10L)2.77
Individual Investors2.66
Total3.53
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 08-10-2025 | 96.00 | 0(0.00%) | 96 |
| 07-10-2025 | 96.00 | 0(0.00%) | 96 |
| 06-10-2025 | 96.00 | 0(0.00%) | 96 |
| 05-10-2025 | 96.00 | 0(0.00%) | 96 |
| 04-10-2025 | 96.00 | 0(0.00%) | 96 |
| 03-10-2025 | 96.00 | 0(0.00%) | 96 |
| 02-10-2025 | 96.00 | 3(3.12%) | 99 |
| 01-10-2025 | 96.00 | 3(3.12%) | 99 |
| 30-09-2025 | 96.00 | 7(7.29%) | 103 |
| 29-09-2025 | 96.00 | 0(0.00%) | 96 |
| 28-09-2025 | 96.00 | 0(0.00%) | (0.00%) |
| 27-09-2025 | 96.00 | 0(0.00%) | (0.00%) |
| 26-09-2025 | 96.00 | 0(%) | (%) |
Date08-10-2025
Price96.00
GMP0(0.00%)
Estimate List Price96
Date07-10-2025
Price96.00
GMP0(0.00%)
Estimate List Price96
Date06-10-2025
Price96.00
GMP0(0.00%)
Estimate List Price96
Date05-10-2025
Price96.00
GMP0(0.00%)
Estimate List Price96
Date04-10-2025
Price96.00
GMP0(0.00%)
Estimate List Price96
Date03-10-2025
Price96.00
GMP0(0.00%)
Estimate List Price96
Date02-10-2025
Price96.00
GMP3(3.12%)
Estimate List Price99
Date01-10-2025
Price96.00
GMP3(3.12%)
Estimate List Price99
Date30-09-2025
Price96.00
GMP7(7.29%)
Estimate List Price103
Date29-09-2025
Price96.00
GMP0(0.00%)
Estimate List Price96
Date28-09-2025
Price96.00
GMP0(0.00%)
Estimate List Price(0.00%)
Date27-09-2025
Price96.00
GMP0(0.00%)
Estimate List Price(0.00%)
Date26-09-2025
Price96.00
GMP0(%)
Estimate List Price(%)
IPO Important Dates
| 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 |
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
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 |
ApplicationIndividual investors (Retail) (Min)
Lots2
Shares2,400
Amount₹2,30,400
ApplicationIndividual investors (Retail) (Max)
Lots2
Shares2,400
Amount₹2,30,400
ApplicationS-HNI (Min)
Lots3
Shares3,600
Amount₹3,45,600
ApplicationS-HNI (Max)
Lots8
Shares9,600
Amount₹9,21,600
ApplicationB-HNI (Min)
Lots9
Shares10,800
Amount₹10,36,800
Financial Information
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 161.54 | 113.09 | 106.88 |
| Total Income | 178.63 | 161.58 | 161.18 |
| Profit After Tax | 14.30 | 4.39 | 1.97 |
| EBITDA | 24.36 | 11.43 | 9.14 |
| NET Worth | 67.40 | 40.52 | 35.94 |
| Reserves and Surplus | 49.69 | 30.89 | 26.30 |
| Total Borrowing | 60.20 | 47.16 | 50.22 |
Period EndedPeriod Ended
31 Mar 202531 Mar 2025
31 Mar 202431 Mar 2024
31 Mar 202331 Mar 2023
Period EndedAssets
31 Mar 2025161.54
31 Mar 2024113.09
31 Mar 2023106.88
Period EndedTotal Income
31 Mar 2025178.63
31 Mar 2024161.58
31 Mar 2023161.18
Period EndedProfit After Tax
31 Mar 202514.30
31 Mar 20244.39
31 Mar 20231.97
Period EndedEBITDA
31 Mar 202524.36
31 Mar 202411.43
31 Mar 20239.14
Period EndedNET Worth
31 Mar 202567.40
31 Mar 202440.52
31 Mar 202335.94
Period EndedReserves and Surplus
31 Mar 202549.69
31 Mar 202430.89
31 Mar 202326.30
Period EndedTotal Borrowing
31 Mar 202560.20
31 Mar 202447.16
31 Mar 202350.22
Peers Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|---|
| Munish Forge Limited | 8.70 | 8.70 | 40.99 | 26.50 | ||
| Ramkrishna Forgings Ltd. | 22.22 | 22.22 | 166.28 | 34.80 | 13.35 | 3.39 |
| Happy Forgings Limited | 973.85 | 973.85 | 196.27 | 27.70 | 14.47 | 4.96 |
Company NameMunish Forge Limited
EPS (Basic)8.70
EPS (Diluted)8.70
NAV (per share) (Rs)40.99
P/E (x)
RoNW (%)26.50
P/BV Ratio
Company NameRamkrishna Forgings Ltd.
EPS (Basic)22.22
EPS (Diluted)22.22
NAV (per share) (Rs)166.28
P/E (x)34.80
RoNW (%)13.35
P/BV Ratio3.39
Company NameHappy Forgings Limited
EPS (Basic)973.85
EPS (Diluted)973.85
NAV (per share) (Rs)196.27
P/E (x)27.70
RoNW (%)14.47
P/BV Ratio4.96
IPO Reservation
| Market Maker Shares Offered | 3,85,200 (5.00%) |
| QIB Shares Offered | 36,56,400 (47.48%) |
| − Anchor Investor Shares Offered | 21,93,600 (28.49%) |
| − QIB (Ex. Anchor) Shares Offered | 14,62,800 (19.00%) |
| NII (HNI) Shares Offered | 10,98,000 (14.26%) |
| − bNII > ₹10L | 7,32,000 (9.51%) |
| − sNII < ₹10L | 3,66,000 (4.75%) |
| Retail Shares Offered | 25,60,800 (33.26%) |
| Total Shares Offered | 77,00,400 (100.00%) |
Market Maker Shares Offered
3,85,200 (5.00%)
QIB Shares Offered
36,56,400 (47.48%)
− Anchor Investor Shares Offered
21,93,600 (28.49%)
− QIB (Ex. Anchor) Shares Offered
14,62,800 (19.00%)
NII (HNI) Shares Offered
10,98,000 (14.26%)
− bNII > ₹10L
7,32,000 (9.51%)
− sNII < ₹10L
3,66,000 (4.75%)
Retail Shares Offered
25,60,800 (33.26%)
Total Shares Offered
77,00,400 (100.00%)
Information about company
Incorporated in July 1986, Munish Forge Limited manufactures components, including flanges, scaffolding, auto parts, tank tracks, bomb shells, fence posts, and steel accessories, according to customer specifications and international standards. It serves the Indian Army and industries such as defence, oil and gas, automobile, construction, and infrastructure.
The company holds certifications like ISO 9001:2015, ISO 14001- 2015, IATF- 16949- 2016, PED (Pressure Equipment Directive).
The company manufactures key components for the Indian Army, including Battle Tank Track Chains and Bomb Shells. Rigorous testing in-house and at NABL-certified labs ensures its products meet Defence-level standards.
Munish Forge exports many products globally, ensuring compliance with international standards. Strict quality controls maintain reliability across product lines.
The company uses modern manufacturing techniques, like induction furnaces and solar power, to enhance efficiency and minimise environmental impact. Ongoing investment in technology and process improvements keeps Munish Forge competitive.
As of March 31, 2025, there is a total of 754 employees on the company's payroll.
Competitive Strength:
Integrated Manufacturing: From die design and forging to machining, heat treatment, plating, and packaging — all processes are handled in-house for better control and faster delivery.
Innovation-Driven Engineering: Use of CNC machines, robotic welders, CAD/CAM systems, and advanced simulation tools to maintain product reliability and reduce production time.
Clientele: Serves prestigious OEMs (Original Equipment Manufacturers) and Tier-1 suppliers across Europe, North America, the Middle East, and India.
Objectives of IPO
The Company Munish Forge IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
S.No.
Objects of the Issue
Expected Amount (₹ in crores)
1
Capital expenditure towards Civil construction and Purchase of additional Plant & Machinery
7.19
2
Repayment/Pre-payment of Certain Debt Facilities
10.08
3
Working Capital Requirements
110.35
4
General Corporate Purposes
Disclaimer
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