Comparison between Munish Forge IPO and Systematic Industries IPO.
Munish Forge IPO is a SME Bookbuilding IPO proposed to list at NSE SME while Systematic Industries IPO is a SME Bookbuilding proposed to list at BSE SME.
| Munish Forge IPO | Systematic Industries 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. | Hem Securities Ltd. |
| Registrar | Skyline Financial Services Pvt.Ltd. | Cameo Corporate Services Ltd. |
| Market Maker | Gretex Share Broking Pvt.Ltd. | Hem Finlease 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 Munish Forge IPO is up to ₹70.23 Cr whereas the issue size of the Systematic Industries IPO is up to ₹109.75 Cr. The final issue price of Munish Forge IPO is ₹96.00 per share and of Systematic Industries IPO is ₹195.00 per share.
| Munish Forge IPO | Systematic Industries IPO | |
|---|---|---|
| Face Value | ₹10 per share | ₹10 per share |
| Issue Price (Lower) | ₹91.00 per share | ₹185.00 per share |
| Issue Price (Upper) | ₹96.00 per share | ₹195.00 per share |
| Issue Price (Final) | ₹96.00 per share | ₹195.00 per share |
| Discount (Retail) | ||
| Discount (Employee) | ||
| Market Lot Size | 1200 shares | 600 shares |
| Fresh Issue Size | 59,71,200 shares | 52,28,000 shares |
| Fresh Issue Size (Amount) | up to ₹57.32 Cr | up to ₹101.95 Cr |
| OFS Issue Size | 13,44,000 shares | 4,00,000 shares |
| OFS Issue Size (Amount) | up to ₹12.90 Cr | up to ₹7.80 Cr |
| Issue Size Total | 73,15,200 shares | 56,28,000 shares |
| Issue Size Total (Amount) | up to ₹70.23 Cr | up to ₹109.75 Cr |
Munish Forge IPO opens on Sep 30, 2025, while Systematic Industries IPO opens on Sep 24, 2025. The closing date of Munish Forge IPO and Systematic Industries IPO is Oct 03, 2025, and Sep 26, 2025, respectively.
| Munish Forge IPO | Systematic Industries IPO | |
|---|---|---|
| Anchor Bid Date | Sep 29, 2025 | Sep 23, 2025 |
| Issue Open | Sep 30, 2025 | Sep 24, 2025 |
| Issue Close | Oct 03, 2025 | Sep 26, 2025 |
| Basis Of Allotment (Tentative) | Oct 06, 2025 | Sep 29, 2025 |
| Initiation of Refunds (Tentative) | Oct 07, 2025 | Sep 30, 2025 |
| Credit of Share (Tentative) | Oct 07, 2025 | Sep 30, 2025 |
| Listing date (Tentative) | Oct 08, 2025 | Oct 01, 2025 |
| Anchor Lockin End date 1 | Nov 05, 2025 | Oct 29, 2025 |
| Anchor Lockin End date 2 | Jan 04, 2026 | Dec 28, 2025 |
Munish Forge IPO P/E ratio is 11.89, as compared to Systematic Industries IPO P/E ratio of 17.75.
| Munish Forge IPO | Systematic Industries IPO | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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)Systematic Industries Ltd.'s revenue increased by 21% and profit after tax (PAT) rose by 49% between the financial year ending with March 31, 2025 and March 31, 2024.
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| Promoter Shareholding (Pre-Issue) | 100 | 99.95 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Promoter Shareholding (Post-Issue) | 68.01 | 73.41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| P/E Ratio | 11.89 | 17.75 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Market Cap | ₹231.07 Cr. | ₹435.46 Cr. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROE | 21.22% | 25.78% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROCE | 16.44% | 16.44% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt/Equity | 0.89 | 1.23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EPS | ₹8.07 | ₹10.99 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RoNW | 26.50% | 22.84% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the Munish Forge IPO Retail Individual Investors (RII) are offered 25,60,800 shares while in Systematic Industries IPO retail investors are offered 25,60,800 shares. Qualified Institutional Buyers (QIB) are offered 14,62,800 shares in Munish Forge IPO and 11,25,600 shares in Systematic Industries IPO.
| Munish Forge IPO | Systematic Industries IPO | |
|---|---|---|
| Anchor Investor Reservation | 21,93,600 shares | 16,87,800 shares |
| Market Maker Reservation | 3,85,200 shares | 3,00,000 shares |
| QIB | 14,62,800 shares | 11,25,600 shares |
| NII | 10,98,000 shares | 8,44,200 shares |
| RII | 25,60,800 shares | 19,70,400 shares |
| Employee | 0 shares | 0 shares |
| Others | ||
| Total | 73,15,200 shares | 56,28,000 shares |
Munish Forge IPO subscribed 3.53x in total, whereas Systematic Industries IPO subscribed 6.20x.
| Munish Forge IPO | Systematic Industries IPO | |
|---|---|---|
| QIB (times) | 4.05x | 9.85x |
| NII (times) | 4.88x | 7.94x |
| Big NII (times) | 5.93x | 9.70x |
| Small NII (times) | 2.77x | 4.42x |
| RII (times) | 2.66x | 3.36x |
| Employee (times) | ||
| Other (times) | ||
| Total (times) | 3.53x | 6.20x |
