IPO Details

Bidding Dates

30 Sep '25 - 03 Oct '25

Minimum Investment

₹2,30,400 / 2 Lots (2,400 Shares)

Price Range

₹91 to ₹96 per share

Maximum Investment

₹2,30,400 / 2 Lots (2,400 Shares)

Retail Discount

To be announced

Issue Size

₹73.92 Crore

Investor category and sub category

Retail Individual Investors (RII)   |   Non-institutional Investors (NII)  |   Qualified Institutional Buyers (QIB)   |  

About Munish Forge IPO

Munish Forge Ltd. is launching an IPO to raise ₹73.92 crore through a book-building process. The issue consists of a fresh issue of 0.64 crore shares worth ₹61.02 crore and an offer-for-sale of 0.13 crore shares worth ₹12.90 crore.

The IPO opens on September 30, 2025, and closes on October 3, 2025. The allotment is expected to be finalized on October 6, 2025, and the shares are likely to list on NSE SME around October 8, 2025.

The price band for the IPO is set between ₹91 and ₹96 per share. The minimum application lot size is 1,200 shares, which means a retail investor must invest at least ₹2,30,400 at the upper price of ₹96. High Net Worth Individuals (HNIs) must apply for a minimum of 3 lots (3,600 shares), requiring an investment of ₹3,45,600.

Gretex Corporate Services Ltd. is the book-running lead manager, while Skyline Financial Services Pvt. Ltd. is handling the registrar responsibilities for the issue. The IPO provides investors an opportunity to participate in Munish Forge’s growth through both fresh shares and existing shareholder sales. 

Munish Forge IPO Objectives 

  1. The company plans to invest ₹627.88 lakh from the IPO proceeds in civil construction and purchase of additional plant and machinery to expand production capacity.
  2. Approximately ₹1,100 lakh from the IPO proceeds will be used to repay or pre-pay certain existing debt facilities, reducing the company’s financial leverage.
  3. ₹3,000 lakh of the IPO proceeds will be allocated to working capital requirements, while a portion (up to 15% of gross issue proceeds or ₹10 crore, whichever is lower) will be used for general corporate purposes to support overall business operations and growth.

About Munish Forge

Munish Forge Limited, established in 1986, is a trusted manufacturer of forged and cast components for a wide range of industries, including Defence, Automotive, Oil & Gas, Agriculture, Construction, and Infrastructure. The company produces high-quality products such as flanges, scaffolding clamps, auto parts, tank track chains, bomb shells, fence posts, and steel accessories, meeting international standards and customer specifications.

With over 40 years of experience, Munish Forge has built a strong presence in the Defence sector, supplying critical components to the Indian Army. Recently, the company expanded into casting through its Munish Forge Casting Division, allowing it to manufacture complex components like JCB parts and specialized track chains, enhancing its production capabilities.

The company emphasizes quality, using advanced machinery like CNC die-making, hydraulic and mechanical presses, robotic arms, and multi-torch welding, along with in-house testing labs for chemical, physical, and endurance tests.

By sourcing raw materials from reliable local suppliers and exporting to markets such as the USA, UK, Canada, and Europe, Munish Forge ensures consistent quality and growth. Its integrated operations position it as a one-stop solution for forged and cast products, making it an attractive opportunity for investors.

Industry Outlook

  1. With infrastructure investments projected to rise to ₹51–53 trillion in FY25-29, demand for forged and cast components used in roads, railways, irrigation, and power projects will increase. Munish Forge, with its capabilities in manufacturing high-quality components, is well-positioned to benefit from this rising demand.
  2. Government schemes like PMAY and execution of deferred projects are expected to drive building construction. Munish Forge’s scaffolding, flanges, and steel accessory products cater directly to these projects, offering growth opportunities in the building sector.
  3. Industrial construction spending, supported by expansion in oil, gas, metals, and PLI schemes, will require precision-engineered components. Munish Forge’s auto, industrial, and defense-grade products align with these needs, allowing the company to capture new orders and expand its revenue base.

How To Apply for the Munish Forge IPO Online?

  1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
  2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
  3. Select IPO: Find and select the Munish Forge IPO from the list of open IPOs.
  4. Enter the Lot Size: Specify the number of lots you want to bid for.
  5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
  6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Check the Allotment Status of Munish Forge IPO?

Steps to check IPO allotment status on Angel One’s app:

  1. Log in to the Angel One app.
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Munish Forge IPO 

Registered office: Village-Gobindgarh, Adj. Phase-VII, Focal Point, Ludhiana, Punjab, 141010

Phone: +91 94177 30280 
Email: cs@munishforge.com

Munish Forge IPO Reservation

Investor Category

Shares Offered

QIB (Qualified Institutional Buyers)

Not more than 50% of the Net Offer

Retail Investors

Not less than 35% of the Net Offer

NII (Non-Institutional Investors)

Not less than 15% of the Net Offer

Munish Forge IPO Lot Size Details

Application Category

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 Promoter Holding

The promoters of Munish Forge Limited are Mr. Davinder Bhasin, Mr. Dev Arjun Bhasin, Ms. Minakshi Bhasin, Munish Promoters and Developers Private Limited, and Dev Arjuna Enterprises Private Limited. 

Particulars

Holding (%)

Promoter Holding (Pre-Issue)

100.00

Promoter Holding (Post-Issue)

-

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue. 

Key Performance Indicators for Munish Forge IPO 

KPI

Value

ROE (%)

10.81

ROCE (%)

9.88

Debt/Equity (Times)

1.16

PAT Margin (%)

2.75

Price to Book Value (Times)

2.28

Munish Forge IPO Prospectus

Munish Forge IPO Registrar and Lead Managers

Munish Forge IPO Lead Managers

  • Gretex Corporate Services Ltd.

Registrar for Munish Forge IPO 

Skyline Financial Services Pvt. Ltd.

  • Phone: 02228511022

Financial Performance of Munish Forge

Particulars Dec 31, 2024 Mar 31, 2024 Mar 31, 2023
Revenue from Operations (₹ Lakhs) 12,808.73 15,988.71 16,012.47
EBITDA (₹ Lakhs) 1,731.47 1,143.38 913.68
EBITDA Margin (%) 13.52 7.15 5.71
PAT (₹ Lakhs) 1,053.44 438.92 196.72
PAT Margin (%) 8.22 2.75 1.23

Know before investing

Strengths

8

  1. Experienced promoters with strong industry knowledge drive business growth and expansion globally.

  2. Integrated manufacturing facility ensures operational efficiency, technological upgrades, and timely product delivery.

  3. Stringent three-tier quality control guarantees durable, reliable, and high-performance products consistently.

  4. ISO 9001:2015 certification reflects commitment to international quality standards and customer satisfaction.

  5. Strong global presence with over 60% of products exported internationally successfully.

  6. Consistent financial performance with growing revenue, EBITDA, and improving PAT margins demonstrated.

  7. Strong customer relationships built on trust, collaboration, and excellent after-sales service.

  8. Diversified business model mitigates risks and captures opportunities across multiple global industries.

Risks

8

  1. Heavy reliance on a few customers, with top ten contributing over 79% revenue.

  2. Significant exposure to foreign market risks, including currency fluctuations and regulatory changes.

  3. Operations depend critically on promoters and key managerial personnel for business continuity.

  4. Past discrepancies in corporate filings may attract regulatory penalties or compliance scrutiny.

  5. Vulnerable to natural disasters and man-made incidents, potentially disrupting operations and records.

  6. Bank guarantees expose the company to financial, operational, and liquidity risks if invoked.

  7. High inventory levels risk obsolescence, scrapping, and reduced operational efficiency.

  8. Negative cash flows in operating, investing, and financing activities may constrain growth.

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Munish Forge Peer Comparison

Competitor EPS (₹) RONW (%) NAV (₹) Revenue from Operations (₹ Lakh)
Munish Forge Limited 2.68 10.81 42.14 15,988.71
Ramkrishna Forgings Limited 19.36 16.31 147.84 3,48,960.75
Happy Forgings Limited 26.78 15.07 171.17 1,35,823.58

Munish Forge IPO FAQs

What is the Munish Forge IPO?

Munish Forge is launching an SME IPO via book building process to raise ₹73.92 crores by issuing fresh shares. 

What are the bidding dates of the Munish Forge IPO?

The IPO opens on September 30, 2025, and closes on October 3, 2025. 

When will the Munish Forge IPO allotment happen?

The basis of allotment is expected to be finalised on October 6, 2025. 

What is the minimum lot size for retail investors?

The lot size is 1,200 shares. Retail investors must apply for a minimum of 2 lots (2,400 shares), amounting to an investment of ₹2,30,400 at the upper price band. 

When will the IPO be listed?

The IPO is expected to be listed on the NSE SME platform on October 8, 2025. 

What would be the listing gains on the Munish Forge IPO?

Listing gains cannot be predicted in advance. They depend on market demand, subscription levels, and overall investor sentiment on the listing day. 

How to increase your chances of getting a Munish Forge IPO allotment?

  1. Multiple Submissions: Use different Demat accounts to make multiple applications.
  2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
  3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.

How do I approve the UPI mandate request for the Munish Forge IPO?

After submitting your IPO application, log in to your UPI app and approve the mandate request to block funds. 

Can I submit more than one application using one PAN for the Munish Forge IPO?

No. Only one application per PAN is allowed in an IPO. 

How to read the financial statements of the company?

You can access the company’s financials by downloading the DRHP document. 

What is ‘pre-apply’ for the Munish Forge IPO?

Pre-apply allows investors to submit their IPO application up to two days before the subscription window opens, ensuring early placement. 

If I pre-apply for the Munish Forge IPO, when will my order get placed?

Your order will be placed when the IPO opens on September 26, 2025, and the UPI request will follow within 24 hours. 

When will I know if my Munish Forge IPO order is placed?

You’ll receive a notification once your order is successfully submitted to the exchange after bidding begins. 

Who is the registrar for the Munish Forge IPO?

The registrar is Skyline Financial Services Pvt. Ltd. They are responsible for allotment and investor grievance handling. 

Where is the Munish Forge IPO getting listed?

The IPO will be listed on the NSE SME platform.