Metalic Technofforge IPO Lists at ₹87 with a 13% Premium and Trades 8% Above Its Issue Price on NSE SME

Metalic Technoforge Limited, a manufacturer of closed-die forgings and precision-machined components, made a strong debut on the NSE SME platform on Tuesday, July 28, 2026. Metalic Technoforge's share price listed at ₹87, a 13% premium over its IPO issue price of ₹77. The stock gave up part of its listing gains and traded at ₹83.50 around 11:30 AM, still about 8% above the issue price amid cautious market sentiment.

Metalic Technoforge IPO Listing Details

Metalic Technoforge launched its ₹50 crore NSE SME IPO at an issue price of ₹77 per share. The public issue comprised an entirely fresh issue of 64.88 lakh equity shares.

The IPO remained open for subscription from July 21 to July 23 and received an overall subscription of nearly 6 times. The shares were listed on the NSE SME platform on July 28.

First-Day Trading Performance

Listing Price: Metalic Technoforge's share price opened at ₹87 on the NSE SME platform, representing a 13% premium over the IPO issue price of ₹77.

The stock later pared some gains and traded at ₹83.50 around 11:30 AM, remaining approximately 8% above its issue price. The positive debut came despite cautious sentiment in the broader market.

Growth Drivers and Challenges

Growth Drivers

Diversified Product Portfolio: Manufactures closed-die forgings and precision-machined components for multiple industrial applications.

Strong End-Market Presence: Supplies products to automotive, agricultural equipment, hydraulics, construction machinery and general engineering sectors.

Capacity Expansion: Proposed Manufacturing Unit IV and facility upgrades are expected to enhance production capacity.

Export and OEM Opportunities: Serves domestic and international original equipment manufacturers, supporting long-term growth potential.

Challenges

Cyclical End Markets: Demand depends on the performance of automotive and industrial manufacturing sectors.

Execution Risk: Timely completion of the new manufacturing unit is critical for planned expansion.

Raw Material Cost Volatility: Fluctuations in steel and other input prices may affect profitability.

Competitive Industry: Faces competition from established domestic and international forging manufacturers.

Utilisation of IPO Proceeds

The company plans to utilise the IPO proceeds as follows:

₹30.8 crore to establish its proposed Manufacturing Unit IV and upgrade existing facilities at its Rajkot manufacturing plant.

₹6.72 crore towards the repayment or prepayment of certain borrowings.
The remaining amount for general corporate purposes.

Financial Performance

Metalic Technoforge Limited manufactures closed-die forgings and precision-machined components, including rings, ball studs, gears and coupling assemblies, catering to domestic and international OEMs across automotive, agricultural equipment, hydraulics, construction machinery and general engineering industries.

Despite an overall subscription of nearly 6 times, the company delivered a strong listing, debuting at a 13% premium to its issue price. Although the stock trimmed some of its initial gains during early trade, it continued to trade above the issue price, reflecting positive investor interest on its listing day.