Munish Forge IPO Sees Moderate Demand, Subscribed 3.53x by Day 3

Munish Forge Limited's initial public offering (IPO) has demonstrated moderate investor interest through its third day of subscription, with Munish Forge's stock price band set at ₹91-96 per share reflecting steady market reception. The ₹73.92 crore IPO reached 3.53 times by 5:14:12 PM on day three.

Munish Forge IPO non-institutional investors segment leads with strong 4.88 times subscription, whilst qualified institutional buyers (ex-anchor) demonstrate moderate participation at 4.05 times, and individual investors show moderate interest at 2.66 times, whilst anchor investors show complete participation at 1.00 times.

Subscription Status of Munish Forge IPO

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Subscription Details (as of Day 3 – October 3, 2025, 5:14:12 PM)

Key Highlights - Day 3

• Overall subscription reached moderate 3.53 times, showing exceptional improvement from day two's 0.27 times
• Non-institutional investors category displaying strong interest at 4.88 times, building substantially from day two's 0.26 times
• Qualified institutional buyers (ex-anchor) showing moderate growth at 4.05 times, building substantially from day two's 0.36 times
• Individual investors displaying moderate confidence at 2.66 times, building substantially from day two's 0.23 times
• Total applications reached 3,517, indicating strong investor participation for this SME IPO
• Cumulative bid amount reached ₹173.53 crores, significantly exceeding the issue size of ₹73.92 crores

Munish Forge IPO - Day 2 Subscription at 0.27 Times

• Overall subscription reaching limited 0.27 times, unchanged from day one's 0.27 times
• Non-institutional investors showing limited performance at 0.26 times, declining from day one's 0.52 times
• Qualified institutional buyers (ex-anchor) showing limited performance at 0.36 times, unchanged from day one's 0.36 times
• Individual investors displaying limited confidence at 0.23 times, building substantially from day one's 0.11 times

Munish Forge IPO - Day 1 Subscription at 0.27 Times

• Overall subscription reached limited 0.27 times, showing cautious initial investor interest
• Non-institutional investors showing limited performance at 0.52 times, indicating weak HNI appetite
• Qualified institutional buyers showing limited performance at 0.36 times, indicating weak institutional appetite
• Individual investors displaying minimal confidence at 0.11 times, showing very weak retail sentiment

About Munish Forge Limited

Incorporated in 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, serving the Indian Army and industries such as defence, oil and gas, automobile, construction, and infrastructure with integrated manufacturing capabilities.