Munish Forge IPO
Open SmeCurrent GMP
₹3 (+3.13%)
Price Band
₹ 91 – 96
Lot Size
1200
Issue Size
₹73.92 Cr
Minimum Investment
₹230400 (2400 Shares)
Listing Date
08 October 2025
Subscription
3.6x
About the Company
Munish Forge Limited
Incorporated in July 1986, Munish Forge Limited is engaged in the manufacturing of precision-engineered components such as flanges, scaffolding, auto parts, tank tracks, bomb shells, fence posts, and other steel accessories, produced as per customer specifications and international quality standards.
The company serves diverse sectors including defence, oil & gas, automobile, construction, and infrastructure, with the Indian Army as one of its key clients. It manufactures critical defence components such as Battle Tank Track Chains and Bomb Shells, which undergo stringent testing both in-house and at NABL-certified laboratories to meet defence-grade requirements.
Munish Forge holds multiple quality and process certifications, including ISO 9001:2015, ISO 14001:2015, IATF 16949:2016, and PED (Pressure Equipment Directive), reinforcing its commitment to international standards. The company also exports its products globally, ensuring reliability and compliance across markets.
To enhance efficiency and sustainability, the company employs modern manufacturing technologies, including induction furnaces and solar power systems, while continuously investing in technology upgrades and process improvements to maintain competitiveness.
As of March 31, 2025, the company has a workforce of 754 employees.
Promoters
- Mr. Davinder Bhasin
- Mr. Dev Arjun Bhasin
- Ms. Minakshi Bhasin
- Munish Promoters and Developers Private Limited
- Dev Arjuna Enterprises Private Limited
Promoters Holding
Holding Pre Issue
100.00%
Holding Post Issue
0.00%
Objects of the Issue
The Company Munish Forge IPO proposes to utilise the Net Proceeds from the Issue towards the following objects.
- Capital expenditure towards purchase of additional Plant & Machinary and Modernization of old Machinery, civil construction and expansion of Solar PV Power Plant by 135 kWp
- Repayment/Pre-payment of Certain Debt Facilities
- Working Capital Requirements
- General Corporate Purposes
Address / Contact Info
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/
IPO Snapshot
IPO Timeline (Tentative)
IPO Open Date
Tuesday, 30 September 2025
IPO Close Date
Friday, 03 October 2025
Basis of Allotment
Monday, 06 October 2025
Initiation of Refunds
Tuesday, 07 October 2025
Credit of Shares to Demat
Tuesday, 07 October 2025
Listing Date
Wednesday, 08 October 2025 — NSE & BSE
Important Dates
Open Date
30 September 2025
Close Date
03 October 2025
Basis Of Allotment
06 October 2025
Listing Date
08 October 2025
Financial Performance (₹ in Crores)
| Particular | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 161.54 | 113.09 | 106.88 |
| Revenue | 178.63 | 161.58 | 161.18 |
| Profit After Tax | 14.3 | 4.39 | 1.97 |
| Net Worth | 67.4 | 40.52 | 35.94 |
| Reserve & Surplus | 49.69 | 30.89 | 26.3 |
| Total Borrowings | 60.2 | 47.16 | 50.22 |
EPS Pre
8.07%
EPS Post
5.94%
P/E Pre
11.89
P/E (Post Issue)
16.16x
Company Financial Information
KPI Information (₹ in Crores)
| Particular | KPI as of Mon |
|---|---|
| ROE % | 21.22 |
| ROCE % | 16.44 |
| Debt / Equity | 0.89 |
| RoNW % | 26.5 |
| PbW | 0 |
| Pat Margin % | 8.15 |
Return Ratio
IPO Reservations
| Category | Shares Offered | Shares Offered % | Max Allotee |
|---|---|---|---|
| Qualified Institutions | 1462800 | 28.56 | 0 |
| Non-Institutional | 1098000 | 21.44 | 0 |
| BNII | 732000 | 14.29 | 0 |
| SNII | 366000 | 7.15 | 0 |
| Retail Investors | 2560800 | 50 | 0 |
| Total | 5121600 | 100 | 0 |
Subscription Status ( Fri, 03 Oct 25 01:50 PM)
| Category | Shares Offered | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutions | 1462800 | 5918400 | 4.05x |
| Non-Institutional | 1098000 | 5740800 | 5.23x |
| BNII | 732000 | 4725600 | 6.46x |
| SNII | 366000 | 1015200 | 2.77x |
| Retail Investors | 2560800 | 6801600 | 2.66x |
| Total | 5121600 | 18460800 | 3.6x |
Subscription figures are updated periodically and may change until issue closing. Data reflects bids placed across exchanges.
Peer Comparision
No Peer Comparision Available
Lot Size & Investment Details
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | 230,400.00 |
| Retail (Max) | 2 | 2,400 | 230,400.00 |
| S-HNI (Min) | 3 | 3,600 | 345,600.00 |
| S-HNI (Max) | 7 | 9,600 | 921,600.00 |
| B-HNI (Min) | 8 | 10,800 | 1,036,800.00 |
Registrar
Skyline Financial Services Private Ltd
02228511022
info@skylinerta.com
https://www.skylinerta.com
Book Running Lead Managers
- Gretex Corporate Services Pvt Ltd
RHP Document
DRHP Document
Disclaimer: This data is for informational purposes only and does not constitute investment advice. Figures shown are illustrative sample data.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
Munish Forge IPO is a Book-building IPO worth ₹73.92 crores. The price band is ₹91 to 96 per share. The IPO opens on Tue, Sep 30, 2025 and closes on Fri, Oct 3, 2025. It will be listed on BSE and NSE. Skyline Financial Services Private Ltd is the registrar.
The Munish Forge IPO opens on Tue, Sep 30, 2025 and closes on Fri, Oct 3, 2025
Munish Forge IPO Price Band is ₹91 to 96.
Munish Forge IPO lot size is 1200, and the minimum amount required for application is ₹230400.
The minimum investment for Munish Forge IPO is approximately ₹230400 based on the upper price band.
To apply for the Munish Forge IPO, investors can use the ASBA (Application Supported by Blocked Amount) process via their bank's net banking or apply through UPI using a registered broker or trading app. The IPO is available in retail, HNI, and institutional investor categories. Investors must select the lot size, enter bid details within the price band, and submit their application before the IPO closing date of Fri, Oct 3, 2025. After submission, funds are blocked until the basis of allotment of Munish Forge IPO is finalised.
Munish Forge IPO issue size is ₹73.92 crores.
Munish Forge IPO allotment date is Sat, Jun 27, 2026.
The registrar for Munish Forge IPO is Skyline Financial Services Private Ltd. Investors can go to Skyline Financial Services Private Ltd website for IPO allotment status, refund processing, and other queries related to Munish Forge IPO through their official website or helpline.
The Munish Forge IPO GMP (Grey Market Premium) is ₹3 as of Fri, Oct 3, 2025. Based on the upper price band of ₹96 per share, the estimated Munish Forge IPO listing price is ₹99, indicating a potential listing gain of approximately 31% over the issue price.