Munish Forge IPO
Munish Forge IPO
Overview
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 opens for subscription on Sep 30, 2025 and closes on Oct 3, 2025. The allotment for the Munish Forge IPO is expected to be finalized on Oct 6, 2025. Munish Forge IPO will list on NSE SME with a tentative listing date fixed as Oct 8, 2025. Munish Forge IPO price band is set at ₹91.00 to ₹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.
Issue Size
₹77,00,400
Issue Price
₹73.92 Cr
Price Band
₹91 – ₹96
Lot Size
1200 shares
Min. Investment
₹1,09,200
Max. Investment
₹1,15,200
Open Date
30 Sep, 2025
Close Date
03 Oct, 2025
Allotment
06 Oct, 2025
Listing
08 Oct, 2025
Max. Investment
₹1,15,200
Announced
30 Sep, 2025
Opening Date
30 Sep, 2025
Closing Date
03 Oct, 2025
Basis of Allotment
06 Oct, 2025
Initiation of Refunds
07 Oct, 2025
Credit of Shares
07 Oct, 2025
Listing Date
08 Oct, 2025
Live GMP
Est. Listing: ₹101
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About Munish Forge IPO
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).
<Munish Forge IPO Share Price
Issue Breakdown
Shareholding
Dilution: 35.9% increase in shares
Munish Forge IPO Promoters Holding
Munish Forge IPO Financial Health
Munish Forge IPO Lot Size
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 | 2400 | ₹2,30,400 |
| Individual investors (Retail) (Max) | 2 | 2400 | ₹2,30,400 |
| S-HNI (Min) | 3 | 3600 | ₹3,45,600 |
| S-HNI (Max) | 8 | 9600 | ₹9,21,600 |
| B-HNI (Min) | 9 | 10800 | ₹10,36,800 |
(All values in CR)
Munish Forge IPO Valuations
The market capitalization of Munish Forge IPO is ₹231.07 Cr. KPI as of Sun, Mar 31, 2024.
| Metric | Value |
|---|---|
| ROE | 10.81 |
| ROCE | 9.88 |
| Debt/Equity | 1.16 |
| RoNW | 10.81 |
| PAT Margin | 2.75 |
| Price to Book Value | 2.28 |
(All values in CR)
Munish Forge IPO Strength & Risk
Munish Forge IPO Strength:
Established presence in manufacturing critical components for defense and industrial sectors.
Diverse product portfolio catering to defense, oil & gas, automotive, and infrastructure.
Exports products to international markets, ensuring global reach.
IPO proceeds aimed at capacity expansion, debt reduction, and strengthening working capital.
Munish Forge IPO Risk:
Valuation may be considered high relative to earnings and book value.
SME IPO with potentially lower liquidity post-listing.
Dependence on debt financing increases financial risk.
Revenue and profitability sensitive to global market and sector fluctuations.
Munish Forge IPO Subscriptions Status
Munish Forge IPO subscribed 0.26 times. The public issue subscribed 0.21 times in the individual investors category, 0.36 times in QIB (Ex Anchor), and 0.25 times in the NII category by October 1, 2025 4:14:15 PM (Day 2).
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (Rs Cr.) |
|---|---|---|---|---|
| Anchor | 1.00 | 21,93,600 | 21,93,600 | 21.059 |
| Market Maker | 1.00 | 3,85,200 | 3,85,200 | 3.698 |
| QIB (Ex Anchor) | 0.36 | 14,62,800 | 5,22,000 | 5.011 |
| Non-Institutional Buyers | 0.25 | 10,98,000 | 2,70,000 | 2.592 |
| bNII (bids above ₹10L) | 0.06 | 7,32,000 | 43,200 | 0.415 |
| sNII (bids below ₹10L) | 0.62 | 3,66,000 | 2,26,800 | 2.177 |
| Individual Investors (IND category bidding for 2 Lots) | 0.21 | 25,60,800 | 5,30,400 | 5.092 |
| Total | 0.26 | 51,21,600 | 13,22,400 | 12.695 |
Munish Forge IPO GMP
Munish Forge SME IPO last GMP is ₹5, last updated Oct 1st 2025 03:37 PM. With the price band of 96.00, Munish Forge SME IPO's estimated listing price is ₹101 (cap price + today's GMP).The expected percentage gain/loss per share is 5.21%. >> Munish Forge SME IPO Retail Subject to Sauda: ₹4600 The lowest GMP is ₹0.00, while the highest GMP is ₹7.00.
Last updated 01 Oct, 2025 · Source: aggregated grey-market dealers
| Date | IPO Price | GMP | Sub2 Sauda | Est. Listing | Est. Profit | Updated |
|---|---|---|---|---|---|---|
| 01 Oct, 2025 | 96 | ₹5▼ | 4600 | ₹101 (5.21%) | 6000 | 01 Oct, 2025 |
| 30 Sep, 2025 | 96 | ₹7▲ | 6400 | ₹103 (7.29%) | 8400 | 30 Sep, 2025 |
| 29 Sep, 2025 | 96 | ₹0 | - | ₹96 (0.00%) | - | 29 Sep, 2025 |
| 28 Sep, 2025 | 96 | ₹0 | - | ₹ (0.00%) | - | 28 Sep, 2025 |
| 27 Sep, 2025 | 96 | ₹0 | - | ₹ (0.00%) | - | 27 Sep, 2025 |
| 26 Sep, 2025 | 96 | ₹0 | - | ₹ (%) | - | 26 Sep, 2025 |
Disclaimer: GMP is an unofficial signal from grey-market dealers and is not regulated by SEBI. Use it alongside subscription data and other research for informed decision-making.
How to Apply for Munish Forge IPO
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Find Munish Forge IPO under the IPO section. Select it and enter your bid details — choose lot size and price (cut-off price recommended).
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Application Confirmed
Your funds will be blocked in your account until the IPO allotment process is completed.