Munish Forge IPO

Munish Forge Limited manufactures a wide range of components, including flanges, scaffolding, auto parts, tank tracks, bomb shells, fence posts, and steel accessories, catering to the Indian Army and industries such as defence, oil and gas, automobile, construction, and infrastructure. Holding certifications like ISO 9001:2015, ISO 14001:2015, IATF 16949:2016, and PED, the company ensures high-quality standards. With modern manufacturing techniques, strict quality controls, and ongoing technological investments, Munish Forge produces reliable products for domestic and global markets. As of 31 March 2025, it employs 754 personnel.

Munish Forge Limited IPO Overview

Munish Forge Ltd. IPO is a book-built issue with a total size of ₹73.92 crores. The issue comprises a fresh issue of 0.64 crore shares aggregating to ₹61.02 crores, and an offer for sale of 0.13 crore shares aggregating to ₹12.90 crores. The IPO opens for subscription on 30 September 2025 and closes on 3 October 2025, with allotment expected to be finalised on 6 October 2025. Munish Forge Ltd. will list on NSE SME, with a tentative listing date set for 8 October 2025.

The price band for the IPO is fixed between ₹91.00 and ₹96.00 per share. The lot size for an application is 1,200 shares, and the minimum investment required for individual retail investors is ₹2,30,400, based on the upper price band for 2,400 shares. High Net Worth Investors (HNI) can apply for a minimum of three lots, amounting to 3,600 shares or ₹3,45,600. Gretex Corporate Services Ltd. is the book running lead manager, while Skyline Financial Services Pvt. Ltd. is the registrar for the issue.

Munish Forge Limited IPO Details

Particulars	Details
IPO Date	30 September 2025 to 3 October 2025
Listing Date	8 October 2025
Face Value	₹10 per share
Issue Price Band	₹91 to ₹96 per share
Lot Size	1,200 Shares
Total Issue Size	77,00,400 shares (aggregating up to ₹73.92 Cr)
Fresh Issue	59,71,200 shares (aggregating up to ₹57.32 Cr)
Offer for Sale	13,44,000 shares (aggregating up to ₹12.90 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
Market Maker Portion	3,85,200 shares

Munish Forge Limited IPO Reservation

Investor Category	Shares Offered
QIB	Not more than 50% of the Net Issue
Retail	Not less than 35% of the Net Issue
NII (HNI)	Not less than 15% of the Net Issue

Munish Forge Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	2	2,400	₹2,30,400
Retail (Max)	2	2,400	₹2,30,400
S-HNI (Min)	3	3,600	₹3,45,600
B-HNI (Min)	9	10,800	₹10,36,800

Munish Forge Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	100.00%
Post-Issue	TBD

Munish Forge Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	Pre IPO – ₹2.48; Post IPO – ₹5.84
Price/Earnings (P/E) Ratio	Pre – 38.74x; Post – 16.45x
Return on Net Worth (RoNW)	10.81%
Net Asset Value (NAV)	₹42.14 per share
Return on Equity	10.81%
Return on Capital Employed (ROCE)	9.88%
EBITDA Margin	NA
PAT Margin	2.75%
Debt to Equity Ratio	1.16

Objectives of the Proceeds

• Capital expenditure for civil construction and purchase of plant & machinery – ₹62.79 Mn

• Repayment/pre-payment of certain debt facilities – ₹110.00 Mn

• Funding working capital requirements – ₹1,123.83 Mn

• General corporate purposes – balance amount

Key Financials (in ₹ Crore)

Particulars	31 Dec 2024	31 Mar 2024	31 Mar 2023	31 Mar 2022
Assets	146.78	113.22	107.01	121.41
Revenue	130.93	161.58	161.18	125.10
Profit After Tax	10.53	4.39	1.97	1.43
Reserves and Surplus	34.71	41.46	4.58	26.39
Total Borrowings	60.78	47.16	50.22	59.14