Munish Forge was incorporated on July 25, 1986. The company manufactures precision components like flanges, scaffolding, auto parts, tank track chains, bomb shells, and steel accessories for defense and multiple industries. With 40+ years of expertise, it is a trusted defense supplier, ensuring quality through stringent testing and serving both Indian and global markets
| Bidding Dates |
|---|
| 30 Sep 2025 - 03 Oct 2025 |
| Subscription |
|---|
| 3.35x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,18,400 | 2 | 2 | 1200 | 7.7 M | ₹91 - ₹96 | 68.01 % | ₹700.7 M - ₹739.2 M | RHP DOC |
Munish Forge IPO SUBSCRIPTION STATUS
03 Oct '25Munish Forge IPO overall subscription rate was 3.35 times the total available shares
Munish Forge IPO retail subscription rate was 3.53 times in the retail segment
Munish Forge IPO non-institutional investor subscription rate was 6.95 times in the non-institutional investor category
Munish Forge IPO Qualified Institutional Bidder subscription rate was 2.15 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
03 Oct 2025 (Day 3) | 3.53x | 6.95x | 2.15x |
01 Oct 2025 (Day 2) | 0.3x | 0.81x | 0.19x |
30 Sep 2025 (Day 1) | 0.11x | 0.49x | 0.14x |
Munish Forge FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY25 | 175.4 | 14.3 | 5.5 | -8.2 | 13.9% |
| FY24 | 159.9 | 4.4 | 4.3 | -0.6 | 7.2% |
| FY23 | 160.1 | 2.0 | 19.8 | 19.1 | 5.7% |
Munish Forge IPO SUBSCRIPTION STATUS DETAILS
Munish Forge had 7.7 M shares on offer
Munish Forge IPO offer price was in the range ₹91 - ₹96
Munish Forge IPO minimum Investment was ₹218400
Munish Forge IPO issue size was ₹ 700.7 M - ₹ 739.2 M
Munish Forge had a minimum lot size of 1200 Shares per application
Munish Forge NUMBER OF SHARES ON OFFER
Munish Forge IPO IMPORTANT DATES
| Issue Open Date | 30 Sep 2025 |
| Issue close Date | 03 Oct 2025 |
| Allotment Date | 06 Oct 2025 |
| Refund Date | 07 Oct 2025 |
| Demat Account Credit Date | 07 Oct 2025 |
| Listing Date | 08 Oct 2025 |
| Listing on Exchange(s) | NSE |
| Munish Forge Allotment Status | Exchange/ Registrar |
Munish Forge IPO subscription opened on 30 Sep 2025, and closed on 03 Oct 2025
IPO allotment for Munish Forge was finalized on Monday, 06 Oct 2025
IPO listing for Munish Forge was on NSE on Wednesday, 08 Oct 2025
Munish Forge IPO LISTING GAINS
| Issue Price (adjusted) | 96.0 |
| Listing Open Price | 105.0 |
| Listing Close Price | 110.3 |
| Listing Gain% | 9.4% |
| Current Gain% | -15.6% |
Munish Forge Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Munish Forge Ltd. | 81 | 195.1 | 19.4 | -0.7 | 1.1 | 8 | 4.8 | 183.8 | 2.9 | 10.1 | -29.6 | 4.2 | -29.6 |
| Bharat Forge Ltd. | 2265.2 | 108296.6 | 97.7 | 5.5 | 6.4 | 11.3 | 4.8 | 17010.3 | 10.9 | 1079.7 | 14.7 | 23.2 | 17.7 |
| AIA Engineering Ltd. | 4776 | 44569.8 | 35.1 | 1.8 | 10.1 | 15.8 | 14.9 | 4893.9 | 6 | 1270.2 | 19.7 | 136.1 | 19.7 |
| Indo-MIM Ltd. | 867.4 | 42888.8 | 18.9 | 10.9 | 4320.7 | 28.1 | 533.5 | 25.9 | |||||
| Happy Forgings Ltd. | 1906.2 | 17990.5 | 54.9 | 2.5 | 11 | 14.2 | 11.4 | 1577.1 | 9 | 301.6 | 12.8 | 34.7 | 21.6 |
| Ramkrishna Forgings Ltd. | 726.6 | 13138.1 | 122.9 | -1.6 | 3 | 2.2 | 1 | 4251.2 | 4.7 | 71.8 | -82.7 | 5.9 | -78.7 |
Munish Forge INFORMATION ON IPO ISSUE
About Munish Forge
Munish Forge was incorporated on July 25, 1986. The company manufactures precision components like flanges, scaffolding, auto parts, tank track chains, bomb shells, and steel accessories for defense and multiple industries. With 40+ years of expertise, it is a trusted defense supplier, ensuring quality through stringent testing and serving both Indian and global markets
Object of the Issue
- Capital expenditure towards civil construction and capital expenditure towards purchase of additional machinery
- Repayment/pre-payment of certain debt facilities
- Working capital requirements
- General corporate purposes
Munish Forge - PROMOTERS
| Name |
|---|
| Davinder Bhasin |
| Minakshi Bhasin |
| Dev Arjun Bhasin |
Munish Forge - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Davinder Bhasin | Managing Director |
| Dev Arjun Bhasin | Executive Director |
| Vishal Anand | Executive Director |
| Priya Begana | Independent Director |
| Arshdeep Singh Bedi | Independent Director |
| Khushvinder Bir Singh | Independent Director |
Munish Forge Book Running Lead Manager
Gretex Corporate Services Limited
info@gretexgroup.com
Munish Forge Registrar to the issue
Skyline Financial Services Private Limited
ipo@skylinerta.com
Munish Forge Strengths
Integrated manufacturing facility
The company invests in advanced infrastructure and technology to ensure efficient manufacturing and adapt to market demands. Supported by specialised departments across production, quality, and logistics, it maintains high product standards and timely delivery
Quality assurance & control
The company follows a stringent three-tier quality system—Incoming, In-Process, and Outgoing—ensuring all products meet customer specifications. ISO 9001:2015 certified, it conducts extensive testing to deliver safe, durable, and high-performance products
Diversified business model
The company’s diversified business spans infrastructure, defense, and automotive markets across India, the US, Canada, the UK, Saudi Arabia, and the Middle East. This broad portfolio mitigates risks, supports long-term growth, and enables adaptation to changing market conditions
Munish Forge Risks
Inventory risks
The company maintains high inventory levels, which could become obsolete if business models or market demand change, potentially leading to write-offs and financial losses. While no such instances have occurred, careful management is needed to protect profitability and operational efficiency
Dependent on machinery
The company relies heavily on machinery, and breakdowns could cause operational delays and increased repair costs. Without insurance for such events, any disruptions may negatively impact business performance and financial results
Counterparty credit risk
The company faces counterparty credit risk, relying on timely customer payments and order fulfillment. Delays, cancellations, or non-payment can adversely affect cash flows, revenue, and profitability, especially under challenging economic or regulatory conditions
IPO FAQs
This IPO consists of an offer for sale of up to Rs 12.9 crore, of 1,344,000 shares. It also consists of a fresh issue of Rs 61.0 crore.
The promoters of the company are Davinder Bhasin, Minakshi Bhasin and Dev Arjun Bhasin.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 91.0 - 96.0.
The IPO application opens on Sep 30, 2025 and closes on Oct 03, 2025.
The minimum lot size for the IPO is 2400. The maximum lot size for the IPO is 2400.
For all category investors, the minimum application amount for this IPO is Rs. 218,400.0, the maximum value for this IPO is Rs 230,400.0.
This IPO will be allotted on Oct 06, 2025.
The refund will be credited to your account on Oct 07, 2025.
The allotted shares will be credited to your demat on Oct 07, 2025.
Munish Forge Ltd.’s shares listed on the stock exchanges on Oct 08, 2025.