Munish Forge IPO
GMP, Subscription, Price, Dates & Financial Details
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…
Open Date
Tue, 30 Sep 2025
Close Date
Fri, 03 Oct 2025
Price Band
₹ 91 – 96
Lot Size
1200
Issue Size
₹ 73.92 Cr
Minimum Investment
₹ 230,400 (2400 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Munish Forge IPO has successfully completed its IPO process and is now listed on NSE SME Platform. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹73.92 Crore, comprising a fresh issue of 59.71 Lakh equity shares aggregating to ₹57.32 Crore and an offer for sale (OFS) of 13.44 Lakh equity shares aggregating to ₹12.90 Crore by the existing shareholders.
The Munish Forge IPO remained open for subscription from September 30, 2025, to October 03, 2025. The basis of allotment was finalized on October 06, 2025, and the company's shares were listed on NSE SME Platform on October 08, 2025.
The company had fixed the price band at ₹91 to ₹96 per share, with a lot size of 1200 shares. Retail investors were required to make a minimum investment of ₹230,400 (based on the upper price band) to apply for one lot.
Skyline Financial Services Private Ltd served as the registrar to the issue. Gretex Corporate Services Pvt Ltd acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, Munish Forge Limited is now a publicly listed company on NSE SME Platform. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
Munish Forge IPO Timeline (Tentative)
- IPO Open Date
- Tue, 30 Sep 25
- IPO Close Date
- Fri, 03 Oct 25
- Basis of Allotment
- Mon, 06 Oct 25
- Initiation of Refunds
- Tue, 07 Oct 25
- Credit of Shares to Demat
- Tue, 07 Oct 25
- Listing Date
- Wed, 08 Oct 25 — NSE & BSE
Open Date
30 September 2025
Close Date
03 October 2025
Basis Of Allotment
06 October 2025
Listing Date
08 October 2025
IPO Subscription
Check Live Subscription →The Munish Forge IPO has received bids for 1,84,60,800 shares against 51,21,600 shares offered, resulting in an overall subscription of 3.6x. the NII category is subscribed 5.23x, Retail Investors 2.66x, and QIBs 4.05x. Within the NII category, BNII is subscribed 6.46x, while SNII is subscribed 2.77x.
QIB
4.05x
NII
5.23x
BNII
6.46x
SNII
2.77x
RII
2.66x
Total
3.6x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 25,60,800 shares, representing 50% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 14,62,800 shares (28.56%), while Non-Institutional Investors (NIIs) receive 10,98,000 shares (21.44%).
| Category | Shares Offered | Shares Offered % |
|---|---|---|
| Qualified Institutions | 1,462,800 | 28.56% |
| Non-Institutional | 1,098,000 | 21.44% |
| BNII | 732,000 | 14.29% |
| SNII | 366,000 | 7.15% |
| Retail Investors | 2,560,800 | 50% |
| Total | 5,121,600 | 100% |
Financials Details(₹ 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 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Munish Forge Limited KPI Information
| Particular | KPI as of Mon |
|---|---|
| ROE % | 21.22 |
| ROCE % | 16.44 |
| Debt / Equity | 0.89 |
| RoNW % | 26.5 |
| Pat Margin % | 8.15 |
Peers Comparison
No Peer Comparision Available
About Munish Forge Limited
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.
Munish Forge IPO 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%
Munish Forge IPO Objective
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
Munish Forge Limited Address / Contact Details
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
Munish Forge IPO Lot Size
The Munish Forge IPO has a lot size of 1,200 shares. Retail investors require a minimum investment of ₹2,30,400 by applying for 2 lot (2,400 shares). The maximum application allowed for the retail category is 2 lots (2,400 shares), requiring an investment of ₹2,30,400.
| 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 |
Issue Reservation
- QIB — 28.56%
- NII — 21.44%
- RII — 50%
Book Running Lead Managers
- Gretex Corporate Services Pvt Ltd
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Munish Forge IPO?
Munish Forge IPO is a Book-building IPO with a total issue size of ₹73.92 crore. The Munish Forge IPO price band is ₹91 to 96 per share. The Munish Forge IPO subscription opens on Tue, Sep 30, 2025, and closes on Fri, Oct 3, 2025. The Munish Forge IPO will be listed on the NSE. Skyline Financial Services Private Ltd is the registrar for the Munish Forge IPO.
When will the Munish Forge IPO open for subscription?
The Munish Forge IPO opens on Tue, Sep 30, 2025 and closes on Fri, Oct 3, 2025
What is Munish Forge IPO Price Band?
Munish Forge IPO Price Band is ₹91 to 96 per share.
What is Munish Forge IPO Lot Size?
Munish Forge IPO lot size is 1200 shares, Retail investors need a minimum investment of ₹230400 based on the upper price band
What is the minimum investment for Munish Forge IPO?
The minimum investment for Munish Forge IPO is ₹230400, based on one lot of 1200 shares at the upper price band of ₹96 per share.
How to apply for Munish Forge IPO?
Investors can apply for the Munish Forge IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Fri, Oct 3, 2025. The application amount remains blocked until the Munish Forge IPO allotment is finalized.
What is Munish Forge IPO Issue Size?
Munish Forge IPO issue size is ₹73.92 crores.
What is the Munish Forge IPO Allotment Date?
Munish Forge IPO allotment date is Mon, Oct 6, 2025.
Who is the Munish Forge IPO Registrar?
The registrar for Munish Forge IPO is Skyline Financial Services Private Ltd. Investors can go to Skyline Financial Services Private Ltd website to check Munish Forge IPO allotment status, refund processing, and other IPO-related information.
What is the Munish Forge IPO GMP?
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 3.13% over the issue price.
Who is the Munish Forge IPO Lead Manager?
The book-running lead managers (BRLMs) for the Munish Forge IPO are Gretex Corporate Services Pvt Ltd. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Munish Forge IPO Red Herring Prospectus (RHP).