Comparison between Munish Forge IPO and Ravelcare IPO.
Munish Forge IPO is a SME Bookbuilding IPO proposed to list at NSE SME while Ravelcare IPO is a SME Bookbuilding proposed to list at BSE SME.
| Munish Forge IPO | Ravelcare IPO | |
|---|---|---|
| Logo |  | |
| Issue Category | SME | SME |
| Issue Type | IPO | IPO |
| Process Type | Bookbuilding | Bookbuilding |
| Listing At | NSE SME | BSE SME |
| Lead Managers | Gretex Corporate Services Ltd. | Marwadi Chandarana Intermediaries Brokers Pvt.Ltd. |
| Registrar | Skyline Financial Services Pvt.Ltd. | Kfin Technologies Ltd. |
| Market Maker | Gretex Share Broking Pvt.Ltd. | SS Corporate Securities 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 Munish Forge IPO is up to ₹70.23 Cr whereas the issue size of the Ravelcare IPO is up to ₹22.88 Cr. The final issue price of Munish Forge IPO is ₹96.00 per share and of Ravelcare IPO is ₹130.00 per share.
| Munish Forge IPO | Ravelcare IPO | |
|---|---|---|
| Face Value | ₹10 per share | ₹10 per share |
| Issue Price (Lower) | ₹91.00 per share | ₹123.00 per share |
| Issue Price (Upper) | ₹96.00 per share | ₹130.00 per share |
| Issue Price (Final) | ₹96.00 per share | ₹130.00 per share |
| Discount (Retail) | ||
| Discount (Employee) | ||
| Market Lot Size | 1200 shares | 1000 shares |
| Fresh Issue Size | 59,71,200 shares | 17,60,000 shares |
| Fresh Issue Size (Amount) | up to ₹57.32 Cr | up to ₹22.88 Cr |
| OFS Issue Size | 13,44,000 shares | 0 shares |
| OFS Issue Size (Amount) | up to ₹12.90 Cr | up to ₹0.00 Cr |
| Issue Size Total | 73,15,200 shares | 17,60,000 shares |
| Issue Size Total (Amount) | up to ₹70.23 Cr | up to ₹22.88 Cr |
Munish Forge IPO opens on Sep 30, 2025, while Ravelcare IPO opens on Dec 01, 2025. The closing date of Munish Forge IPO and Ravelcare IPO is Oct 03, 2025, and Dec 03, 2025, respectively.
| Munish Forge IPO | Ravelcare IPO | |
|---|---|---|
| Anchor Bid Date | Sep 29, 2025 | Nov 28, 2025 |
| Issue Open | Sep 30, 2025 | Dec 01, 2025 |
| Issue Close | Oct 03, 2025 | Dec 03, 2025 |
| Basis Of Allotment (Tentative) | Oct 06, 2025 | Dec 04, 2025 |
| Initiation of Refunds (Tentative) | Oct 07, 2025 | Dec 05, 2025 |
| Credit of Share (Tentative) | Oct 07, 2025 | Dec 05, 2025 |
| Listing date (Tentative) | Oct 08, 2025 | Dec 08, 2025 |
| Anchor Lockin End date 1 | Nov 05, 2025 | Jan 03, 2026 |
| Anchor Lockin End date 2 | Jan 04, 2026 | Mar 04, 2026 |
Munish Forge IPO P/E ratio is 11.89, as compared to Ravelcare IPO P/E ratio of 12.38.
| Munish Forge IPO | Ravelcare IPO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Financials | 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.
| Company Financials (Restated)Ravelcare Ltd.'s revenue increased by 14% and profit after tax (PAT) rose by 5% between the financial year ending with March 31, 2025 and March 31, 2024.
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| Promoter Shareholding (Pre-Issue) | 100 | 99.96 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Promoter Shareholding (Post-Issue) | 68.01 | 72.95 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| P/E Ratio | 11.89 | 12.38 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Market Cap | ₹231.07 Cr. | ₹89.17 Cr. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROE | 21.22% | 68.04% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROCE | 16.44% | 68.32% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt/Equity | 0.89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EPS | ₹8.07 | ₹10.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RoNW | 26.50% | 50.77% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the Munish Forge IPO Retail Individual Investors (RII) are offered 25,60,800 shares while in Ravelcare IPO retail investors are offered 25,60,800 shares. Qualified Institutional Buyers (QIB) are offered 14,62,800 shares in Munish Forge IPO and 3,51,000 shares in Ravelcare IPO.
| Munish Forge IPO | Ravelcare IPO | |
|---|---|---|
| Anchor Investor Reservation | 21,93,600 shares | 5,25,000 shares |
| Market Maker Reservation | 3,85,200 shares | 94,000 shares |
| QIB | 14,62,800 shares | 3,51,000 shares |
| NII | 10,98,000 shares | 2,64,000 shares |
| RII | 25,60,800 shares | 6,20,000 shares |
| Employee | 0 shares | 0 shares |
| Others | ||
| Total | 73,15,200 shares | 17,60,000 shares |
Munish Forge IPO subscribed 3.53x in total, whereas Ravelcare IPO subscribed 437.60x.
| Munish Forge IPO | Ravelcare IPO | |
|---|---|---|
| QIB (times) | 4.05x | 155.91x |
| NII (times) | 4.88x | 752.16x |
| Big NII (times) | 5.93x | 879.74x |
| Small NII (times) | 2.77x | 505.50x |
| RII (times) | 2.66x | 463.13x |
| Employee (times) | ||
| Other (times) | ||
| Total (times) | 3.53x | 437.60x |
