Munish Forge IPO Details
| IPO Open Date | September 30, 2025 |
| IPO Close Date | October 3, 2025 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹91 to ₹96 Per Share |
| Issue Size | Approx ₹73.92 Crores |
| Fresh Issue | Approx ₹61.02 Crores |
| Offer for Sale: | Approx 13,44,000 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | NSE SME |
| DRHP Draft Prospectus |  |
| RHP Draft Prospectus | |
Munish Forge IPO Review & Key Points
- Review:
Munish Forge IPO Market Lot
The Munish Forge IPO minimum market lot is 2,400 shares with ₹2,30,400 application amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 2 | 2,400 | ₹2,30,400 |
| Retail Maximum | 2 | 2,400 | ₹2,30,400 |
| S-HNI Minimum | 3 | 3,600 | ₹3,45,600 |
IPO Reservation
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | 21,93,600 Shares | 28.49% |
| QIB (Ex. Anchor) | 14,62,800 Shares | 19.00% |
| NII Shares Offered | 10,98,000 Shares | 14.26% |
| Retail Shares Offered | 25,60,800 Shares | 33.26% |
Munish Forge IPO Anchor Investors
| Anchor Bidding Date | September 29, 2025 |
| Anchor Investors List | |
| Shares Offered | 21,93,600 Shares |
| Anchor Size | 21.06 Cr. |
| lock-in period end date 50% shares (30 Days) | November 5, 2025 |
| lock-in period end date 50% shares (90 Days) | January 4, 2026 |
Munish Forge IPO Dates
The Munish Forge IPO date is September 30 and the close date is October 3. The Munish Forge IPO allotment will be finalized on October 6 and the IPO listing on October 8.
| IPO Open Date: | September 30, 2025 |
| IPO Close Date: | October 3, 2025 |
| Basis of Allotment: | October 6, 2025 |
| Refunds: | October 7, 2025 |
| Credit to Demat Account: | October 7, 2025 |
| IPO Listing Date: | October 8, 2025 |
| IPO Bidding Cut-off Time: | October 3, 2025 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Mr. Davinder Bhasin, Mr. Dev Arjun Bhasin, Ms. Minakshi Bhasin, Munish Promoters and Developers Private Limited and Dev Arjuna Enterprises Private Limited.
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 1,77,13,863 | 100.00% |
| Promoter Holding Post Issue | 2,40,70,663 | 73.59% |
Objects of the Issue & Utilisation of proceeds
| Purpose | Crores |
| Capital expenditure towards Civil construction and Purchase of additional Plant & Machinery | 6.28 |
| Repayment/Pre-payment of Certain Debt Facilities | 11.00 |
| Working Capital Requirements | 112.38 |
| General Corporate Purpose | – |
About Munish Forge IPO
Munish Forge Limited, founded in July 1986, is one of the leading manufacturers of components, including flanges, scaffolding, auto parts, tank tracks, bomb shells, fence posts, and steel accessories. The company offers its services to support the Indian Army and industries like defence, oil & gas, automobile, construction, and infrastructure. The company manufactures products like flanges, scaffolding, auto parts, tank track chains, bomb shells, fence posts, and steel accessories that meet customer needs and international standards. ISO 9001:2015, ISO 14001- 2015, IATF- 16949- 2016, and PED (Pressure Equipment Directive) are some of the certifications the company holds.
Moreover, the company develops important components, especially for the Indian Army’s Battle Tank Track Chains and Bomb Shells. All of these products undergo strict testing in-house at NABL-certified labs to ensure they meet defence standards. As of March 31, 2025, the company had 754 employees.
Munish Forge IPO Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2022 | ₹125.10 | ₹123.92 | ₹1.43 | ₹121.41 |
| 2023 | ₹161.18 | ₹158.77 | ₹1.97 | ₹107.01 |
| 2024 | ₹161.58 | ₹155.81 | ₹4.39 | ₹113.22 |
| 2025 | ₹178.63 | ₹159.31 | ₹14.30 | ₹161.54 |
Munish Forge IPO Valuation – FY2025
Check Munish Forge IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | 21.22% |
| ROCE: | 16.44% |
| EBITDA Margin: | 13.89% |
| PAT Margin: | 8.15% |
| Debt to equity ratio: | 0.89 |
| Earning Per Share (EPS): | ₹8.70 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 26.50% |
| Net Asset Value (NAV): | ₹40.99 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Ramkrishna Forgings Limited | 22.22 | 34.80 | 13.35% | 166.28 | 3,634.30 Cr. |
| Happy Forgings Limited | 28.40 | 27.70 | 14.47% | 196.27 | 1,408.89 Cr. |
IPO Lead Managers aka Merchant Bankers
- Gretex Corporate Services Ltd.
Company Address
Munish Forge Ltd.
Village-Gobindgarh,
Adj. Phase-VII
Focal Point,
Ludhiana, Punjab, 141010
Phone: +91 94177 30280
Email: [email protected]
Website: https://munishforge.com/
IPO Registrar
Skyline Financial Services Pvt. Ltd.
Phone: 02228511022
Email: [email protected]
Website: https://www.skylinerta.com/ipo.php
Munish Forge IPO FAQs
What is Munish Forge IPO?
When Munish Forge IPO will open for subscription?
What is Munish Forge IPO Investors Portion?
How to Apply the Munish Forge IPO?
What is Munish Forge IPO Issue Size?
What is Munish Forge IPO Price Band?
What is Munish Forge IPO Lot Size?
What is the Munish Forge IPO Allotment Date?
What is the Munish Forge IPO Listing Date?
Note: The Munish Forge IPO price band and date are officially announced. The (Munish Forge IPO grey market premium) will be added to the IPO GMP page as it will start).
