Munish Forge SME IPO Opens ₹73.92 Crore on NSE Emerge; Anchors Commit ₹21.06 Crore Ahead of Listing

Mumbai, 30 September 2025: Munish Forge Limited, a Ludhiana-based manufacturer of forged and cast components catering to industrial and defence sectors, has launched its ₹73.92 crore SME Initial Public Offering (IPO) today on the NSE Emerge platform. The book build issue is a combination of fresh issue of 0.64 crore shares aggregating to ₹61.02 crores and offer for sale of 0.13 crore shares aggregating to ₹12.90 crores.

Ahead of the subscription, anchor investors were allotted 21.94 lakh equity shares, raising ₹21.06 crore at the upper price band of ₹96 per share, reflecting strong institutional interest before the IPO opens to the public.

Incorporated in 1986 as Gaisu Forge Pvt Ltd and later renamed Munish Forge Limited, the company manufactures forged and cast components, including flanges, scaffolding, auto parts, defence-grade track chains, shells, and fabricated structures. With a long-standing presence in defence supplies and exports to multiple global markets, Munish Forge leverages advanced manufacturing infrastructure and technical expertise to cater to industrial and defence clients, positioning itself as a diversified, export-led industrial player.

Munish Forge IPO Anchor Investors Commit ₹21.06 Crore at ₹96 per Share, Providing Early Capital Backing

On 29 September 2025, the company allocated shares to 10 anchor investors at the top end of the price band. Major allocations included Saint Capital Fund receiving 5.73 lakh shares worth ₹5.51 crore, and other institutional participants such as Strategic Sixth Sense Capital Fund, Next Orbit Growth Fund III, and Arnesta Global Opportunities Fund PCC receiving allocations ranging between ₹1 crore and ₹2 crore each. This pre-IPO anchor commitment strengthens the company’s capital position ahead of the NSE Emerge listing.

Munish Forge IPO Structure: ₹73.92 Crore Fresh and Offer for Sale, Price Band ₹91-₹96 Per Share

Munish Forge IPO comprises a fresh issue of 63.56 lakh shares and an offer for sale of 13.44 lakh shares by promoter Davinder Bhasin, aggregating to a total of ₹73.92 crore. Investors can bid in lots of 1,200 shares, with the subscription window open until 3 October 2025, and tentative listing scheduled for 8 October 2025. The structured allocation allows the company to raise fresh capital for expansion while providing an exit opportunity for the promoter’s partial stake.

Munish Forge IPO Financial Performance: Munish Forge Posts 3x Jump in PAT with Margins Expanding Significantly

Munish Forge has demonstrated strong financial growth, with revenue from operations rising to ₹17,544.60 lakh in FY25 from ₹15,988.71 lakh in FY24, supported by robust export and defence orders. Profit after tax (PAT) surged threefold to ₹1,430.13 lakh, reflecting an increase in operational efficiency and margin expansion, with PAT margin improving to 8.15% from 2.75% in FY24. EBITDA also increased to ₹2,436.16 lakh with a margin of 13.89%, while net worth strengthened to ₹6,740.29 lakh, indicating a solid financial foundation for future growth.

Munish Forge IPO Capital Deployment: Proceeds Focused on Plant Expansion, Debt Repayment, and Working Capital

The company intends to utilise the IPO proceeds for capital expenditure on civil construction and additional plant & machinery (₹62.79 million), repayment or pre-payment of certain debt facilities (₹110 million), working capital requirements (₹1,123.83 million), and general corporate purposes. This allocation is designed to support operational expansion, strengthen balance sheet health, and enhance capacity to meet growing domestic and international demand.

Munish Forge IPO Key Dates for Investors to Remember

• IPO Open Date: Tuesday, 30 September 2025
• IPO Close Date: Friday, 3 October 2025
• Tentative Allotment Date: Monday, 6 October 2025
• Initiation of Refunds: Tuesday, 7 October 2025
• Credit of Shares to Demat Accounts: Tuesday, 7 October 2025
• Tentative Listing Date: Wednesday, 8 October 2025

The anchor investor commitment and fresh capital raised through the IPO equip Munish Forge Limited with resources to expand manufacturing capacity, enhance operational efficiency, and manage debt obligations effectively. The structured deployment of funds supports the company’s long-term focus on scaling industrial production and meeting the rising demand in defence and export markets.

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