Munish Forge Limited Link 
Allotment
Munish Forge Ltd. IPO is a book-built issue amounting to ₹73.92 crore. The issue comprises a fresh issue of 0.64 crore equity shares aggregating to ₹61.02 crore and an offer for sale (OFS) of 0.13 crore equity shares aggregating to ₹12.90 crore.
The IPO opened for subscription on September 30, 2025, and closed on October 3, 2025. The basis of allotment was finalized on October 6, 2025, and the equity shares were listed on the NSE SME platform on October 8, 2025.
The price band for the Munish Forge IPO was fixed at ₹96 per share. The minimum lot size for application was 1,200 shares. Retail investors were required to apply for a minimum of 2 lots (2,400 shares), translating to a minimum investment of ₹2,30,400 at the upper price band. For High Net-worth Individuals (HNIs), the minimum application size was 3 lots (3,600 shares), amounting to ₹3,45,600.
Gretex Corporate Services Ltd. acted as the Book Running Lead Manager for the issue, while Skyline Financial Services Pvt. Ltd. served as the registrar. The market makers for the IPO were Gretex Share Broking Pvt. Ltd. and NNM Securities Pvt. Ltd.
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Open
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HIgh - Low
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Previous Close
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Total Traded Value
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52 Weeks High
₹96
52 Weeks Low
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Updates On
Sep 24, 2025
IPO. Open
Sep 30, 2026
IPO. Close
Oct 3, 2026
IPO. Price
₹98.00
IPO Market price
₹231.07 Cr
IPO Details
| IPO Date | 8 Oct |
| IPO Listing Date | 8 Oct |
| IPO Face Value | ₹10 per share |
| IPO Price Range | ₹98.00 |
| IPO Issue Size | 77,00,400 shares |
| IPO Sale Type | Fresh Capital & OFS |
| Employee Discount | - |
| IPO Issue Type | 100 % Book Building |
| IPO Listing | NSE SME Platform |
| hare Holding Pre Issue | 1,77,13,863 shares |
IPO Timeline
| IPO Open Date | 30 Sep |
| IPO Close Date | 3 Oct |
| IPO Allotment (Tentative) | 6 Oct |
| Refunds | 7 Oct |
| Credit to Demat Account | 7 Oct |
| IPO Listing Date | 8 Oct |
IPO Reservation
| Category | Offer |
|---|---|
| QIB Shares Offered | 36,56,400 |
| NII (HNI) Shares Offered | 10,98,000 |
| Retail Shares Offered | 25,60,800 |
IPO Lot Size
Investors can place bids for a minimum of 2,400 shares, and any additional shares must be in multiples of 1,200.
| Application | Lots | Share | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,30,400 |
| 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 |
Incorporated in July 1986, Munish Forge Limited is a leading manufacturer of engineered components produced in accordance with customer specifications and international quality standards. The company’s diverse product portfolio includes flanges, scaffolding components, automobile parts, tank track chains, bomb shells, fence posts, and various steel accessories. Munish Forge caters primarily to the Indian Army and serves a wide range of industries such as defence, oil & gas, automobile, construction, and infrastructure.
Munish Forge holds several globally recognized certifications, including ISO 9001:2015, ISO 14001:2015, IATF 16949:2016, and PED (Pressure Equipment Directive), reflecting its strong commitment to quality, environmental management, and operational excellence.
The company plays a critical role in defence manufacturing, supplying key components such as Battle Tank Track Chains and Bomb Shells to the Indian Army. Its products undergo rigorous in-house testing as well as testing at NABL-accredited laboratories to ensure compliance with stringent defence-grade standards.
Munish Forge has a strong export presence, supplying products to international markets while adhering to global quality benchmarks. Strict quality control processes ensure consistent reliability across all product lines.
To enhance operational efficiency and reduce environmental impact, the company employs modern manufacturing practices, including the use of induction furnaces, CNC machinery, robotic welding systems, and solar power. Continuous investment in technology, automation, and process improvements enables Munish Forge to remain competitive in the global market.
As of March 31, 2025, Munish Forge employed 754 personnel across its operations.
Competitive Strengths:
* Integrated Manufacturing Capabilities: Complete in-house control from die design and forging to machining, heat treatment, plating, and packaging, ensuring quality consistency and faster turnaround times.
* Innovation-Driven Engineering: Advanced infrastructure including CNC machines, robotic welders, CAD/CAM systems, and simulation tools to enhance precision, reliability, and productivity.
* Strong Global Clientele: Serves reputed OEMs and Tier-1 suppliers across India, Europe, North America, and the Middle East.
Strategic Expansion :
Effective April 1, 2024, Munish Forge achieved a significant milestone by commencing operations in its new casting division, previously operated under Dev Arjuna Cast and Forge Private Limited (DACF), now renamed the Munish Forge Casting Division. This expansion was undertaken through the acquisition of all plant and machinery from DACF, along with the leasing of its land, enabling the company to strengthen its manufacturing capabilities and broaden its product offerings.
Company Financials (Consolidated)
| Assets | 161.54 | 113.09 | 106.88 |
| Total Income | 178.63 | 161.58 | 161.18 |
| Profit After Tax | 14.3 | 4.39 | 1.97 |
| EBITDA | 24.36 | 11.43 | 9.14 |
| NET Worth | 67.4 | 40.52 | 35.94 |
| Reserves and Surplus | 49.69 | 30.89 | 26.3 |
| Total Borrowing | 60.2 | 47.16 | 50.22 |
Key Performance Indicator (KPI)
| 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 |
IPO Objects of the Issue
| S.No. | Objects of the ipo Resources Detail | IPO Amount |
|---|---|---|
| 1 | Funding capital expenditure requirements for the purchase of equipment/machineries | 7.19 |
| 2 | To meet out the expenses of Working Capital Requirement | 110.35 |
| 3 | To meet out the General Corporate Purposes; | 2.84 |
| 4 | Offer for Sale (OFS) | - |
Contact Details
Munish Forge Ltd. Address
Village-Gobindgarh,
Adj. Phase-VII
Focal Point,
Ludhiana, Punjab, 141010
Phone: +91 94177 30280
Email: cs@munishforge.com
Website: https://munishforge.com/
Detail Registrar
Registrar and Transfer Agents:
Skyline Financial Services Pvt Ltd
D-153/A, 1st Floor, Okhla Industrial Area,
Phase – I, New Delhi
Tel.: 011-40450193-97 & 011-26812682-83
Email.: info@munishforge.com
The IPO is a book-built issue worth ₹73.92 crore, including a fresh issue of 0.64 crore shares and an offer for sale of 0.13 crore shares.
The IPO opened on September 30, 2025, and closed on October 3, 2025. Allotment was finalized on October 6, 2025, and listing occurred on October 8, 2025.
The issue price was fixed at ₹96 per share. The minimum application lot is 1,200 shares, with retail investors required to apply for at least 2 lots (2,400 shares).
Retail investors applied for a minimum of 2 lots (2,400 shares). Small HNIs applied for 3 lots (3,600 shares), and big HNIs applied for at least 9 lots (10,800 shares).
Gretex Corporate Services Ltd. was the Book Running Lead Manager, Skyline Financial Services Pvt. Ltd. served as the registrar, and market makers included Gretex Share Broking and NNM Securities Pvt. Ltd.
For FY2025, Munish Forge reported revenue of ₹178.63 crore and PAT of ₹14.3 crore, an 11% revenue growth and a 226% increase in profit compared to FY2024.
The company has integrated manufacturing capabilities, advanced CNC and robotic infrastructure, a strong global clientele, defence sector specialization, and strategic expansion via its new casting division.
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