Bookbuilding IPO | ₹74 Cr | Listed at NSE SME | Tue, Sep 30, 2025 - Fri, Oct 3, 2025
Munish Forge IPO is a book build issue of ₹73.92 crores. The issue is a combination of fresh issue of 0.64 crore shares aggregating to ₹61.02 crores and offer for sale of 0.13 crore shares aggregating to ₹12.90 crores.
Munish Forge IPO bidding started from Sep 30, 2025 and ended on Oct 3, 2025. The allotment for Munish Forge IPO was finalized on Oct 6, 2025. The shares got listed on NSE SME on Oct 8, 2025.
Munish Forge IPO price band is set at ₹96 per share. The lot size for an application is 1,200. The minimum amount of investment required by an individual investor (retail) is ₹2,30,400 (2,400 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (3,600 shares), amounting to ₹3,45,600.
Gretex Corporate Services Ltd. is the book running lead manager and Skyline Financial Services Pvt.Ltd. is the registrar of the issue. The Market Maker of the company areGretex Share Broking Pvt.Ltd., NNM Securities Pvt.Ltd..
Refer to Munish Forge IPO RHP for detailed Information.
IPO Open
Tue, Sep 30, 2025
IPO Close
Fri, Oct 3, 2025
Issue Price
₹96 per share
Market Cap (Pre-IPO)
₹231.07 Cr
| IPO Date | 30 Sep to 3 Oct, 2025 |
| Listed on | Wed, Oct 8, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹91 to ₹96 |
| Issue Price | ₹96 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 77,00,400 shares (agg. up to ₹74 Cr) |
| Reserved for Market Maker | 3,85,200 shares Gretex Share Broking Pvt.Ltd. (agg. up to ₹4 Cr) NNM Securities Pvt.Ltd. |
| Fresh Issue (Ex Market Maker) | 59,71,200 shares (agg. up to ₹57 Cr) |
| Offer for Sale | 13,44,000 shares of ₹10 (agg. up to ₹13 Cr) |
| Net Offered to Public | 73,15,200 shares (agg. up to ₹70 Cr) |
| Share Holding Pre Issue | 1,77,13,863 shares |
| Share Holding Post Issue | 2,40,70,263 shares |
| NSE Symbol | MUNISH |
| ISIN | INE1K8Y01018 |
Munish Forge IPO comprises a total issue size of 77,00,400 shares. The net offer to the public is 73,15,200 shares, after excluding 3,85,200 shares allotted on a firm basis. Of the Net offer 36,56,400 (49.98%) are allocated to QIB, 10,98,000 (15.01%) allocated to NII 25,60,800 (35.01%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 36,56,400 | 49.98% | 47.48% |
| − Anchor Investor Shares Offered | 21,93,600 | 28.49% | |
| − QIB (Ex. Anchor) Shares Offered | 14,62,800 | 19.00% | |
| NII (HNI) Shares Offered | 10,98,000 | 15.01% | 14.26% |
| − bNII > ₹10L | 7,32,000 | 9.51% | |
| − sNII < ₹10L | 3,66,000 | 4.75% | |
| Retail Shares Offered | 25,60,800 | 35.01% | 33.26% |
| Firm Reservations | |||
| Market Maker Shares Offered | 3,85,200 | 5.00% | |
| Total Shares Offered | 77,00,400 | 100.00% | 100.00% |
Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,400 | ₹2,30,400 |
| Individual investors (Retail) (Max) | 2 | 2,400 | ₹2,30,400 |
| S-HNI (Min) | 3 | 3,600 | ₹3,45,600 |
| S-HNI (Max) | 8 | 9,600 | ₹9,21,600 |
| B-HNI (Min) | 9 | 10,800 | ₹10,36,800 |
Munish Forge IPO raises ₹21.06 crore from anchor investors. Munish Forge IPO Anchor bid date is September 29, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Mon, Sep 29, 2025 |
| Shares Offered | 21,93,600 |
| Anchor Portion (₹ Cr.) | 21.06 |
| Anchor lock-in period end date for 50% shares (30 Days) | Wed, Nov 5, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sun, Jan 4, 2026 |
Incorporated in July 1986, Munish Forge Limited manufactures components, including flanges, scaffolding, auto parts, tank tracks, bomb shells, fence posts, and steel accessories, according to customer specifications and international standards. It serves the Indian Army and industries such as defence, oil and gas, automobile, construction, and infrastructure.
The company holds certifications like ISO 9001:2015, ISO 14001- 2015, IATF- 16949- 2016, PED (Pressure Equipment Directive).
The company manufactures key components for the Indian Army, including Battle Tank Track Chains and Bomb Shells. Rigorous testing in-house and at NABL-certified labs ensures its products meet Defence-level standards.
Munish Forge exports many products globally, ensuring compliance with international standards. Strict quality controls maintain reliability across product lines.
The company uses modern manufacturing techniques, like induction furnaces and solar power, to enhance efficiency and minimise environmental impact. Ongoing investment in technology and process improvements keeps Munish Forge competitive.
As of March 31, 2025, there is a total of 754 employees on the company's payroll.
Competitive Strength:
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.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 161.54 | 113.09 | 106.88 |
| Total Income | 178.63 | 161.58 | 161.18 |
| Profit After Tax | 14.30 | 4.39 | 1.97 |
| EBITDA | 24.36 | 11.43 | 9.14 |
| NET Worth | 67.40 | 40.52 | 35.94 |
| Reserves and Surplus | 49.69 | 30.89 | 26.30 |
| Total Borrowing | 60.20 | 47.16 | 50.22 |
| Amount in ₹ Crore | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Capital expenditure towards Civil construction and Purchase of additional Plant & Machinery | 7.19 |
| 2 | Repayment/Pre-payment of Certain Debt Facilities | 9.70 |
| 3 | Working Capital Requirements | 30.00 |
| 4 | General Corporate Purposes | 2.84 |
| Total | 49.73 |
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 21.22% |
| ROCE | 16.44% |
| Debt/Equity | 0.89 |
| RoNW | 26.50% |
| PAT Margin | 8.15% |
| EBITDA Margin | 13.89% |
| Price to Book Value | 2.34 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 8.07 | 5.94 |
| P/E (x) | 11.89 | 16.16 |
| Promoter Holding | 100% | 68.01% |
| Market Cap | ₹231.07 Cr. |
The Munish Forge IPO is subscribed 3.53 times on October 3, 2025 6:19:17 PM (Day 3). The public issue subscribed 2.66 times in the individual investors category, 4.05 times in the QIB category, and 4.88 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for | Total Application |
|---|---|---|---|---|
| QIB (Ex Anchor) | 4.05 | 14,62,800 | 59,18,400 | 5 |
| NII* | 4.88 | 10,98,000 | 53,55,600 | 678 |
| bNII (bids above ₹10L) | 5.93 | 7,32,000 | 43,40,400 | |
| sNII (bids below ₹10L) | 2.77 | 3,66,000 | 10,15,200 | |
| Individual Investor | 2.66 | 25,60,800 | 68,01,600 | 2,834 |
| Total | 3.53 | 51,21,600 | 1,80,75,600 | 3,517 |
Total Application : 3,517
*Market Maker portion is not included to NII/HNI.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees payable to BRLM and commission (including selling commission, brokerage and underwriting commission) | 9.75 |
| 2 | Commission/processing fee for SCSBs, Sponsor Bank and Bankers to the Offer and bidding/uploading charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | 0.05 |
| 3 | Fees payable to Registrar to Issue | 0.02 |
| 4 | Market Making Fees | 0.06 |
| 5 | Fees payable to Regulators including Stock Exchange and other Intermediaries | 0.05 |
| 6 | Printing & Distribution Expenses | 0.01 |
| 7 | Marketing & Selling Expenses | 1.26 |
| 8 | Fees to Legal Counsel | 0.03 |
| 9 | Miscellaneous (including fees payable to auditors, consultants, market research firms and other professional agencies) | 0.06 |
| Price Details | NSE SME |
|---|---|
| Final Issue Price | ₹96.00 |
| Open | ₹105.00 |
| Low | ₹102.00 |
| High | ₹110.25 |
| Last Trade | ₹110.25 |
Lead Manager Reports
Munish Forge IPO is a SME IPO of 77,00,400 equity shares of the face value of ₹10 aggregating up to ₹74 Crores. The issue is priced at ₹96 per share. The minimum order quantity is 1200.
The IPO opens on Tue, Sep 30, 2025, and closes on Fri, Oct 3, 2025.
Skyline Financial Services Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on NSE SME.
Zerodha customers can apply online in Munish Forge IPO using UPI as a payment gateway. Zerodha customers can apply in Munish Forge IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Munish Forge IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Munish Forge IPO opens on Tue, Sep 30, 2025 and closes on Fri, Oct 3, 2025.
Munish Forge IPO lot size is 1200, and the minimum amount required for application is ₹2,30,400, with 2 lots being the minimum application size.
You can apply in Munish Forge IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Munish Forge IPO will be done on Monday, October 6, 2025, and the allotted shares will be credited to your demat account by Tue, Oct 7, 2025. Check the Munish Forge IPO allotment status.
The Munish Forge IPO listing date is on Wed, Oct 8, 2025.
