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Munish Forge Ltd. 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 ₹96.00 per share . The lot size for an application is 1,200. The minimum amount of investment required by an individual investor (retail) is ₹2,30,400.00 (2,400 shares) (based on upper price). The minimum lot size investment for 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 Date | September 30, 2025 to October 3, 2025 |
| Listing Date | October 8, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹91 to ₹96 per share |
| Issue Price Final | ₹96 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 77,00,400 shares (aggregating up to ₹73.92 Cr) |
| Reserved for Market Maker | 3,85,200 shares Gretex Share Broking Pvt.Ltd. (aggregating up to ₹3.70 Cr) NNM Securities Pvt.Ltd. |
| Fresh Issue (Ex Market Maker) | 59,71,200 shares (aggregating up to ₹57.32 Cr) |
| Offer for Sale | 13,44,000 shares of ₹10 (aggregating up to ₹12.90 Cr) |
| Net Offered to Public | 73,15,200 shares (aggregating up to ₹70.23 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 |
Munish Forge IPO offers total 77,00,400 shares. Out of which 36,56,400 (47.48%) allocated to QIB, 14,62,800 (19.00%) allocated to QIB (Ex- Anchor), 10,98,000 (14.26%) allocated to NII 25,60,800 (33.26%) allocated to RII and 21,93,600 (28.49%) allocated to Anchor investors.
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 3,85,200 (5.00%) |
| QIB Shares Offered | 36,56,400 (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 (14.26%) |
| − bNII > ₹10L | 7,32,000 (9.51%) |
| − sNII < ₹10L | 3,66,000 (4.75%) |
| Retail Shares Offered | 25,60,800 (33.26%) |
| Total Shares Offered | 77,00,400 (100.00%) |
Munish Forge IPO raises ₹21.06 crore from anchor investors. Munish Forge IPO Anchor bid date is September 29, 2025. Munish Forge IPO Anchor Investors list
| Bid Date | September 29, 2025 |
| Shares Offered | 21,93,600 |
| Anchor Portion Size (In Cr.) | 21.06 |
| Anchor lock-in period end date for 50% shares (30 Days) | November 5, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | January 4, 2026 |
Munish Forge IPO opens on September 30, 2025, and closes on October 3, 2025.
| IPO Open Date | Tue, Sep 30, 2025 |
| IPO Close Date | Fri, Oct 3, 2025 |
| Tentative Allotment | Mon, Oct 6, 2025 |
| Initiation of Refunds | Tue, Oct 7, 2025 |
| Credit of Shares to Demat | Tue, Oct 7, 2025 |
| Tentative Listing Date | Wed, Oct 8, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri, Oct 3, 2025 |
Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| 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 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
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 | |||
KPI as of Mon, Mar 31, 2025.
| KPI | Values |
|---|---|
| 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 |
| Market Capitalization | 231.07 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 8.07 | 5.94 |
| P/E (x) | 11.89 | 16.16 |
The Company Munish Forge IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Capital expenditure towards Civil construction and Purchase of additional Plant & Machinery | 7.19 |
| 2 | Repayment/Pre-payment of Certain Debt Facilities | 10.08 |
| 3 | Working Capital Requirements | 110.35 |
| 4 | General Corporate Purposes | 2.84 |
[Dilip Davda] MFL is engaged in the manufacturing and marketing of premium forged and cast components. Its extra ordinary performance for FY25 raises eyebrows and concern over its sustainability. The company is operating in a highly competitive and fragmented segment. Based on its recent financial data, the issue appears fully priced. Well-informed investors may park funds for medium to long term. Read detail review...
| Listing Date | October 8, 2025 |
| BSE Script Code | |
| NSE Symbol | MUNISH |
| ISIN | INE1K8Y01018 |
| Final Issue Price | ₹96 per share |
| NSE Listing Group | ST (Trade to Trade) |
| Price Details | NSE SME |
|---|---|
| Final Issue Price | ₹96.00 |
| Open | ₹105.00 |
| Low | ₹102.00 |
| High | ₹110.25 |
| Last Trade | ₹110.25 |
Munish Forge Ltd.
Village-Gobindgarh,
Adj. Phase-VII
Focal Point,
Ludhiana, Punjab, 141010
Phone: +91 94177 30280
Email: cs@munishforge.com
Website: https://munishforge.com/
Skyline Financial Services Pvt.Ltd.
Phone: 02228511022
Email: ipo@skylinerta.com
Website: https://www.skylinerta.com/ipo.php
Munish Forge IPO is a SME IPO of 77,00,400 equity shares of the face value of ₹10 aggregating up to ₹73.92 Crores. The issue is priced at ₹96 per share. The minimum order quantity is 1200.
The IPO opens on September 30, 2025, and closes on October 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 September 30, 2025 and closes on October 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 Tuesday, October 7, 2025. Check the Munish Forge IPO allotment status.
The Munish Forge IPO listing date is on Wednesday, October 8, 2025.
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