Comparison between Justo Realfintech IPO and Munish Forge IPO.
Justo Realfintech IPO is a SME Bookbuilding IPO proposed to list at BSE SME while Munish Forge IPO is a SME Bookbuilding proposed to list at NSE SME.
| Justo Realfintech IPO | Munish Forge IPO | |
|---|---|---|
| Logo |  |  |
| Issue Category | SME | SME |
| Issue Type | IPO | IPO |
| Process Type | Bookbuilding | Bookbuilding |
| Listing At | BSE SME | NSE SME |
| Lead Managers | Vivro Financial Services Pvt.Ltd. | Gretex Corporate Services Ltd. |
| Registrar | Purva Sharegistry (India) Pvt.Ltd. | Skyline Financial Services Pvt.Ltd. |
| Market Maker | Rikhav Securities Ltd. | Gretex Share Broking Pvt.Ltd. |
| DRHP | DRHP  | DRHP |
| RHP | RHP | RHP |
| Final Prospectus | Final Prospectus | Final Prospectus |
| Anchor Investor | Anchor Investor | Anchor Investor |
| IPO Allotment URL | IPO Allotment URL | IPO Allotment URL |
The total issue size of Justo Realfintech IPO is up to ₹59.82 Cr whereas the issue size of the Munish Forge IPO is up to ₹70.23 Cr. The final issue price of Justo Realfintech IPO is ₹127.00 per share and of Munish Forge IPO is ₹96.00 per share.
| Justo Realfintech IPO | Munish Forge IPO | |
|---|---|---|
| Face Value | ₹10 per share | ₹10 per share |
| Issue Price (Lower) | ₹120.00 per share | ₹91.00 per share |
| Issue Price (Upper) | ₹127.00 per share | ₹96.00 per share |
| Issue Price (Final) | ₹127.00 per share | ₹96.00 per share |
| Discount (Retail) | ||
| Discount (Employee) | ||
| Market Lot Size | 1000 shares | 1200 shares |
| Fresh Issue Size | 47,10,000 shares | 59,71,200 shares |
| Fresh Issue Size (Amount) | up to ₹59.82 Cr | up to ₹57.32 Cr |
| OFS Issue Size | 0 shares | 13,44,000 shares |
| OFS Issue Size (Amount) | up to ₹0.00 Cr | up to ₹12.90 Cr |
| Issue Size Total | 47,10,000 shares | 73,15,200 shares |
| Issue Size Total (Amount) | up to ₹59.82 Cr | up to ₹70.23 Cr |
Justo Realfintech IPO opens on Sep 24, 2025, while Munish Forge IPO opens on Sep 30, 2025. The closing date of Justo Realfintech IPO and Munish Forge IPO is Sep 26, 2025, and Oct 03, 2025, respectively.
| Justo Realfintech IPO | Munish Forge IPO | |
|---|---|---|
| Anchor Bid Date | Sep 23, 2025 | Sep 29, 2025 |
| Issue Open | Sep 24, 2025 | Sep 30, 2025 |
| Issue Close | Sep 26, 2025 | Oct 03, 2025 |
| Basis Of Allotment (Tentative) | Sep 29, 2025 | Oct 06, 2025 |
| Initiation of Refunds (Tentative) | Sep 30, 2025 | Oct 07, 2025 |
| Credit of Share (Tentative) | Sep 30, 2025 | Oct 07, 2025 |
| Listing date (Tentative) | Oct 01, 2025 | Oct 08, 2025 |
| Anchor Lockin End date 1 | Oct 28, 2025 | Nov 05, 2025 |
| Anchor Lockin End date 2 | Dec 27, 2025 | Jan 04, 2026 |
Justo Realfintech IPO P/E ratio is 11.55, as compared to Munish Forge IPO P/E ratio of 11.89.
| Justo Realfintech IPO | Munish Forge IPO | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Financials | Company Financials (Restated Consolidated)Justo Realfintech Ltd.'s revenue increased by 37% and profit after tax (PAT) rose by 127% between the financial year ending with March 31, 2025 and March 31, 2024.
| Company Financials (Restated)Munish Forge Ltd.'s revenue increased by 11% and profit after tax (PAT) rose by 226% between the financial year ending with March 31, 2025 and March 31, 2024.
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| Promoter Shareholding (Pre-Issue) | 51.87 | 100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Promoter Shareholding (Post-Issue) | 38.18 | 68.01 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| P/E Ratio | 11.55 | 11.89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Market Cap | ₹238.74 Cr. | ₹231.07 Cr. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROE | 38.84% | 21.22% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROCE | 44.18% | 16.44% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt/Equity | 0.32 | 0.89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EPS | ₹10.99 | ₹8.07 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RoNW | 38.84% | 26.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the Justo Realfintech IPO Retail Individual Investors (RII) are offered 16,50,000 shares while in Munish Forge IPO retail investors are offered 16,50,000 shares. Qualified Institutional Buyers (QIB) are offered 9,42,000 shares in Justo Realfintech IPO and 14,62,800 shares in Munish Forge IPO.
| Justo Realfintech IPO | Munish Forge IPO | |
|---|---|---|
| Anchor Investor Reservation | 14,10,000 shares | 21,93,600 shares |
| Market Maker Reservation | 2,51,000 shares | 3,85,200 shares |
| QIB | 9,42,000 shares | 14,62,800 shares |
| NII | 7,08,000 shares | 10,98,000 shares |
| RII | 16,50,000 shares | 25,60,800 shares |
| Employee | 0 shares | 0 shares |
| Others | ||
| Total | 47,10,000 shares | 73,15,200 shares |
Justo Realfintech IPO subscribed 4.57x in total, whereas Munish Forge IPO subscribed 3.53x.
| Justo Realfintech IPO | Munish Forge IPO | |
|---|---|---|
| QIB (times) | 7.21x | 4.05x |
| NII (times) | 6.81x | 4.88x |
| Big NII (times) | 8.54x | 5.93x |
| Small NII (times) | 3.38x | 2.77x |
| RII (times) | 2.10x | 2.66x |
| Employee (times) | ||
| Other (times) | ||
| Total (times) | 4.57x | 3.53x |
