Munish Forge IPO Details
The key details of Munish Forge’s IPO are outlined below, covering all crucial aspects from price range to investment requirements and regulatory documents.
| IPO Size | ₹73.92 Cr |
| Price Range | ₹91 - ₹96 |
| Retail Quota | 35% |
| QIB Quota | 50% |
| NII Quota | 15% |
| Employee Discount | -- |
| Listing at | NSE |
| Minimum Quantity | 2,400 |
| Investment (cut-off price) | ₹2,30,400 |
| Pre IPO Promotor Holding | 100.00% |
| Post IPO Promotor Holding | Update soon |
| DHRP Draft | Click Here |
| RHP Draft | Click Here |
| Anchor Investors List | Click Here |
Munish Forge IPO Timelines
The IPO process for Munish Forge includes key dates for participants to know. The timeline allows for strategic planning and participation, helping investors stay informed and engaged throughout the entire process.
30/09/2025
Start Date03/10/2025
End Date07/10/2025
Refund Initiation07/10/2025
Credit of Shares to Demat Ac08/10/2025
Listing DateMunish Forge IPO Lot Size
The Munish Forge IPO has a fixed lot size of 1,200 shares, at an upper price band of ₹96 per share. For retail investors, the minimum and maximum application is 2,400 shares (2 lots) amounting to ₹2,30,400. For Small HNI (S-HNI) investors, the minimum application is 3,600 shares (3 lots) worth ₹3,45,600, while the maximum is 9,600 shares (8 lots) amounting to ₹9,21,600. Big HNI (B-HNI) investors need to apply for at least 10,800 shares (9 lots), totaling ₹10,36,800.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2400 | ₹2,30,400 |
| Retail Maximum | 2 | 2400 | ₹2,30,400 |
| S-HNI Minimum | 3 | 3600 | ₹3,45,600 |
| S-HNI Maximum | 8 | 9600 | ₹9,21,600 |
| B-HNI Minimum | 9 | 10800 | ₹10,36,800 |
Munish Forge IPO Subscription Status
The subscription status for Munish Forge IPO shows market demand across different investor categories, providing valuable insights into the offering’s performance. You can track real-time subscription data below.
| QIB | NII | Retail | EMP | Total |
|---|---|---|---|---|
| 4.05x | 4.88x | 2.66x | -- | 3.53x |
IPO Performance on Listing Day
On the listing day (October 08, 2025), Munish Forge made a strong debut on the stock exchange. The stock opened at ₹105, securing an impressive premium of 9.4% over its issue price of ₹96. The forging company gained further momentum throughout the trading session, reaching a day high of ₹110.25, while finding support at ₹102 during brief consolidation. The shares concluded their first trading day at ₹110.25, which also marked the day’s high, delivering an exceptional gain of 14.8% over the issue price, reflecting robust investor confidence in the metal forging sector and strong market enthusiasm for this industrial metal forming solutions provider.
| Opening Price | Closing Price | Day High | Day Low |
|---|---|---|---|
| ₹105.00 | ₹110.25 | ₹110.25 | ₹102.00 |
Munish Forge IPO Company Financials
Munish Forge reports robust performance in FY2025 with Total Income of ₹178.63 crores, managing expenses at ₹159.31 crores, and achieving a strong PAT (Profit After Tax) of ₹14.30 crores, demonstrating significant growth potential ahead of its public offering.
| Year | Total Income | Total Expense | PAT |
|---|---|---|---|
| FY 2023 | ₹161.18 | ₹158.77 | ₹1.97 |
| FY 2024 | ₹161.58 | ₹155.81 | ₹4.39 |
| FY 2025 | ₹178.63 | ₹159.31 | ₹14.30 |
About Company
Munish Forge Limited, incorporated in July 1986, is a manufacturing company that produces a wide range of components such as flanges, scaffolding, auto parts, tank tracks, bomb shells, fence posts, and other steel accessories. These products are made according to customer specifications and international standards, serving sectors like defence, oil and gas, automobile, construction, and infrastructure. The company is a key supplier to the Indian Army, producing critical components including battle tank track chains and bomb shells. Munish Forge holds several quality and safety certifications, including ISO 9001:2015, ISO 14001:2015, IATF 16949:2016, and the Pressure Equipment Directive, ensuring its processes and products meet stringent requirements.
The company emphasizes quality through rigorous in-house testing and validation at NABL-certified laboratories, particularly for its defence-grade products. Munish Forge also exports to international markets, adhering to global standards and maintaining strict quality controls. With a focus on efficiency and sustainability, the company uses modern manufacturing technologies such as induction furnaces and solar power. Continuous investment in technology and process improvement supports its competitiveness in both domestic and global markets. As of March 31, 2025, the company employs a total of 754 individuals.
| Incorporation Date | Sector | Managing Director |
|---|---|---|
| 1986 | Automobile & Ancillaries | Davinder Bhasin |
Know Before Investing
Munish Forge IPO Strengths
- Munish Forge Limited has over 40 years of experience in manufacturing forged and cast components, providing a strong foothold in the engineering and manufacturing sectors.
- The company produces a wide range of products including scaffolding systems, flanges, auto parts, tank tracks, bomb shells, fence posts, and steel accessories, catering to multiple industries like defense, oil & gas, automobiles, and infrastructure.
- Munish Forge has attained the Two Star Export House status, showcasing its expanding footprint and acceptance in international markets.
- Adoption of advanced manufacturing techniques such as induction furnaces and solar power solutions enhances efficiency and sustainability.
- The company demonstrated healthy growth in revenue and profit, with improved operating margins, reflecting operational efficiencies.
- Emphasis on strict quality control and adherence to international standards strengthens the products’ reliability and customer trust.
Munish Forge IPO Risks
- Significant exposure to industries like defense, oil & gas, and infrastructure may subject the company to cyclical downturns in these sectors.
- Fluctuations in the prices of steel and other raw materials can impact production costs and profit margins.
- Manufacturing businesses require significant working capital to manage raw materials, inventory, and receivables, which can strain liquidity.
- Manufacturing operations are susceptible to disruptions due to machinery breakdown, labor issues, or supply chain interruptions.
- Faces intense competition from both domestic and international manufacturers, which can affect pricing power.
- Compliance with environmental and labor regulations can lead to increased costs or potential operational constraints.
Swot Analysis for Munish Forge IPO
Strengths
Strong Industry Experience, Modern Manufacturing Techniques, Global Market Presence
Weaknesses
Moderate Scale, Regional Concentration, Product Lifecycle & Innovation
Opportunities
Growing Infrastructure and Defense Spending, Product Innovation & Certification, Sustainable Manufacturing
Threats
Intense Competition, Regulatory and Import Policies, Technological Obsolescence
Company Details
Munish Forge Ltd.
Village-Gobindgarh, Adj. Phase-VII, Focal Point, Ludhiana, Ludhiana – 141010, Punjab, India
Phone: +91 94177 30280
Email: cs@munishforge.com
Website: https://munishforge.com/
IPO Registar Details
Skyline Financial Services Pvt. Ltd.
Phone: 02228511022
Email: ipo@skylinerta.com
Website: https://www.skylinerta.com/ipo.php
FAQs
The key objectives of Munish Forge SME IPO are:
- Capital expenditure towards Civil construction and Purchase of additional Plant & Machinery
- Repayment/Pre-payment of Certain Debt Facilities
- Working Capital Requirements
- General Corporate Purposes
Gretex Corporate Services Ltd. is the book-running lead managers for the Munish Forge IPO.
Munish Forge IPO demonstrates strong growth potential driven by defense and infrastructure demand, supplying critical components like battle tank track chains and bomb shells to the Indian Army. Backed by diversified industries, experienced management, and a solid order pipeline, the company is well-positioned for sustainable expansion despite sectoral risks.
The issue price for the Munish Forge IPO is set between ₹91 to ₹96 per share.
To invest in two lot of Munish Forge IPO, you need ₹2,18,400 at the lower price band (₹91 per share) or ₹2,30,400 at the upper price band (₹96 per share) for a lot size of 2400 shares.
Munish Forge IPO shares are scheduled to be listed on the National Stock Exchange (NSE) on October 8, 2025.
Refund/unblocking of funds for Munish Forge IPO will begin on October 7, 2025. ASBA/UPI blocks will be removed within 1 working day.
You can sell shares your Munish Forge IPO shares on listing day (October 8, 2025) after they are credited to your demat account. If you want to sell in the pre-open market, the timing for that session is from 9:00 AM to 9:15 AM. Otherwise, you can sell after 10:00 AM during regular trading hours.