Munish Forge IPO

₹1,09,200/1,200 shares

Minimum Investment

IPO Details

Open Date

30 Sep 25

Close Date

03 Oct 25

Minimum Investment

₹1,09,200

Lot Size

1,200

Price Range

₹91 to ₹96

Listing Exchange

NSE

Issue Size

₹73.92 Cr

Listing Date

08 Oct 25

Open Free Demat Account

Munish Forge IPO Timeline

Bidding Start

30 Sep 25

Bidding Ends

03 Oct 25

Allotment Finalisation

06 Oct 25

Refund Initiation

07 Oct 25

Demat Transfer

07 Oct 25

Listing

08 Oct 25

Munish Forge Limited

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

SWOT Analysis of Munish Forge IPO

Strength and Opportunities

Integrated in-house manufacturing ensures quality and timely delivery
Strong defence sector presence with Indian Army as client
Global exports across multiple industries and geographies
Certified with ISO and PED, meeting global quality standards

Risks and Threats

High debt-to-equity ratio adds financial pressure
Margins remain modest despite revenue growth
Dependent on cyclical sectors like automobile and construction
Competition from established forging companies with larger scale

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About Munish Forge Limited

Munish Forge IPO Strengths

Integrated in-house manufacturing ensures quality and timely delivery.

Strong presence in defence sector, serving the Indian Army.

Global exports across multiple industries and geographies.

Certified with ISO and PED, ensuring international quality standards.

Use of modern manufacturing techniques like CNC machines and induction furnaces.

Experienced management team with decades of technical expertise.

Long-term client relationships supporting repeat orders.

Large manufacturing facility supporting operational efficiency.

Peer Group Comparison (as on March 28, 2024)

Company Name	EPS (Basic)	EPS (Diluted)	NAV (₹)	P/E (x)	RoNW (%)	P/BV Ratio
Munish Forge Limited	2.68	2.68	42.14	–	10.81	–
Peer Group
Ramkrishna Forgings Ltd.	19.36	19.36	147.84	35.71	16.31	4.70
Happy Forgings Limited	26.78	26.78	171.17	33.23	15.07	5.20

How to apply IPO with HDFC SKY?

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1Login to your HDFC SKY Account

2Select Issue

3Enter Number of Lots and your Price.

4Enter UPI ID

5Complete Transaction on Your UPI App