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Munish Forge LtdMunish Forge Ltd

Munish Forge IPO

  • Status: Closed
  • RHP:
  • ₹ 218,400 / 2400 shares

    Minimum Investment

IPO Listing Details

  • Listing Date

    08 Oct 2025

  • Listing Price

    ₹ 105.00

  • Listing Change

    9.38%

  • Last Traded Price

    ₹ 101.30

Munish Forge IPO Details

  • Open Date

    30 Sep 2025

  • Close Date

    03 Oct 2025

  • Listing Date

    08 Oct 2025

  • IPO Price Range

    ₹ 91 to ₹96

  • IPO Size

    ₹ 73.92 Cr

  • Listing Exchange

    NSE SME

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Munish Forge IPO Timeline

Munish Forge IPO Subscription Status

Last Updated: 03 October 2025 6:50 PM by 5paisa

Munish Forge Limited is a Ludhiana-based manufacturer specialising in the production of closed-die forgings, machined components, and precision-engineered parts catering to automotive, agricultural machinery, railway, and industrial equipment sectors. Established with decades of industry presence, the company has built capabilities in producing high-quality forged parts using carbon steel, alloy steel, stainless steel, and non-ferrous materials. Its operations are integrated with facilities for forging, machining, heat treatment, and testing, allowing it to provide end-to-end solutions from design to finished components.

The company supplies both domestic and international markets, with a growing emphasis on export-driven revenue. Munish Forge is known for its focus on quality certifications, adherence to global standards, and ability to deliver customised solutions to OEMs and tier-1 suppliers. Over the years, it has developed long-standing client relationships across industries, benefiting from rising demand in automotive and engineering sectors. With expansion in capacity, investment in modern technology, and a skilled workforce, the company is positioned to capture emerging opportunities in both the Indian manufacturing ecosystem and international supply chains, particularly as India strengthens its position as a global hub for auto components and engineering goods.


Established year: 1986

Managing director: Davinder Bhasin

Peers:

Ramkrishna Forgings Limited
Happy Forgings Limited
 
 

Munish Forge Objectives

Funding capital expenditure for capacity expansion and technology upgrades
Augmenting working capital requirements to support growth
Strengthening the balance sheet by repayment or prepayment of borrowings
Enhancing brand visibility and market positioning through listing
General corporate purposes
 

Munish ForgeIPO Size

Types Size
Total IPO Size ₹73.92 Cr
Offer For Sale ₹12.90 Cr
Fresh Issue ₹61.02 Cr

Munish Forge IPO Lot Size

Application Lots Shares Amount
Retail (Min) 2 2,400 2,18,400
Retail (Max) 2 2,400 2,30,400

Munish Forge IPO Reservation

Investors Category Subscription (times) Shares Offered Shares bid for Total Amount (Cr.)*
QIB 4.05 14,62,800 59,18,400 56.817
NII (HNI) 4.88 10,98,000 53,55,600 51.414
Retail Investors 2.66 25,60,800 68,01,600 65.295
Total** 3.53 51,21,600 1,80,75,600 173.526

 

*The "Shares Offered" and "Total Amount" are calculated using the upper limit of the issue price range.
**Shares allocated to anchor investors (or market makers) are excluded from the total number of shares offered.

Profit and Loss

Balance Sheet

Particulars (In ₹Crores.) FY22 FY23 FY24
Revenue 124.52 160.12 159.88
EBITDA 9.28 9.13 11.43
PAT 1.42 1.96 4.38
Particulars (In ₹Crores.) FY22 FY23 FY24
Total Assets 121.41 107.00 113.21
Share Capital 9.63 9.63 9.63
Total Borrowing 59.13 50.22 47.16
Particulars (In ₹Crores.) FY22 FY23 FY24
Net Cash Generated From / (used in) operating activities 5.69 19.75 4.29
Net Cash Generated From / (used in) Investing Activities 1.33 -0.43 -4.65
Net Cash Generated From / (used in) financing activities -4.98 -13.64 -7.64
Net Increase (Decrease) In Cash And Cash Equivalents 2.04 5.68 -8.01


Strengths

1. Long-standing expertise in forging industry
2. Integrated operations from forging to machining
3. Diversified product base across industries
4. Established domestic and global clientele
5. Strong focus on quality certifications
 

Weaknesses

1. Moderate scale compared to larger peers
2. High dependence on automotive sector demand
3. Working capital-intensive business model
4. Exposure to raw material price volatility
5. Limited geographical diversification in exports
 

Opportunities

1. Rising demand in auto and railways
2. India’s emergence as a manufacturing hub
3. Growth in export opportunities post-China+1 shift
4. Expanding product portfolio for new industries
5. Partnerships with OEMs and tier-1 suppliers
 

Threats

1. Intense competition from domestic and global forgers
2. Cyclical downturns in auto and engineering sectors
3. Currency fluctuation risks on export revenue
4. Regulatory and environmental compliance challenges
5. Supply chain disruptions impacting raw materials
 

1. Established track record in the forging industry
2. Integrated operations ensuring quality and efficiency
3. Strong presence in automotive and industrial segments
4. Opportunity to capture export-led growth in forging
5. Beneficiary of India’s “Make in India” push
6. Plans for capacity expansion and modernisation
7. Attractive play on global supply chain diversification
 

The Indian forging industry is closely linked with the automotive, railway, and industrial machinery sectors, all of which are witnessing steady growth. With the push towards indigenisation, rising infrastructure investments, and increasing exports, the forging sector is expected to expand in both volume and value terms. Munish Forge, with its integrated operations and established clientele, is well-positioned to benefit from these trends. Additionally, global supply chain diversification has opened opportunities for Indian exporters, and the company can leverage its expertise to strengthen its international footprint. While raw material price volatility and competition remain challenges, its planned capacity expansion and focus on quality can drive sustainable growth in the coming years.
 

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FAQs

Munish Forge IPO opens from September 30, 2025 to October 3, 2025.

The size of Munish Forge IPO is ₹73.92 Cr.

The price band of Munish Forge  IPO is fixed at ₹91 to ₹96 per share.
 

To apply for Munish Forge IPO, follow the steps given below:
 
●    Login to your 5paisa demat account and select the issue in the current IPO section    
●    Enter the number of lots and the price at which you wish to apply for the Munish Forge  IPO.    
●    Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.    
 
You will receive a mandate notification to block funds in your UPI app.
 
 

The minimum lot size of the Munish Forge  IPO is of 2,400 shares and the investment required is ₹2,18,400.

The share allotment date of Munish Forge  IPO is October 6, 2025.
 

The Munish Forge  IPO will likely be listed on October 8, 2025.

Gretex Corporate Services Ltd. is the book running lead manager and Skyline Financial Services Pvt.Ltd. is the registrar of the issue.
 

Munish Forge  plans to utilise the raised capital from the IPO for:
● Funding capital expenditure for capacity expansion and technology upgrades
● Augmenting working capital requirements to support growth
● Strengthening the balance sheet by repayment or prepayment of borrowings
● Enhancing brand visibility and market positioning through listing
● General corporate purposes