Munish Forge Limited
Bookbuilding IPO · NSE
- Price band
- ₹91 - ₹96
- Lot size
- 1,200 shares
- Issue amount
- ₹73.92 cr
- Total subscription
- 3.6×
- Opens
- 30 Sept 2025
- Closes
- 3 Oct 2025
- Allotment
- 6 Oct 2025
- Listing
- 8 Oct 2025
Offer at a glance
Issue overview
- Issue size
- 77,00,400 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,09,200
- Fresh issue
- ₹61.02 cr
- Offer for sale
- ₹12.9 cr
- Registrar
- Skyline Financial Services Private Limited
- Listing exchange
- NSE
- Maximum investment
- ₹1,15,200
- Issue type
- Bookbuilding IPO
- Shares before issue
- 1,77,13,863
- Shares after issue
- 2,40,70,263
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 2,400 | ₹2,30,400 |
| sHNI | 3 | 3,600 | ₹3,45,600 |
| bHNI | 9 | 10,800 | ₹10,36,800 |
Share reservation
Subscription & GMP
Subscription by category
Reported 3 Oct 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| QIB | 0 | 5 |
| NIB | 0 | 678 |
| RETAIL | 1,067 | 2,834 |
| HNIs(10L +) | 203 | 399 |
| HNIs (2-10L) | 102 | 279 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 14.04 | 56.82 |
| FIIs | 0 | 5.01 |
| Others | 0 | 51.81 |
| RETAIL | 24.58 | 65.3 |
| HNIs 2+ | 3.51 | 9.75 |
| HNIs 10+ | 7.03 | 45.37 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| EPS | 8.7 | 2.68 | 1.2 |
| ROE | 21.22 | 10.83 | 5.47 |
| ROCE | 16.44 | 9.89 | 7.06 |
| RONW | 0 | 0 | 0 |
| PRE IPO(PE) | 0 | 0 | 0 |
| POST IPO(PE) | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Munish Forge Limited | NA | NA | NA | 40.99 | 26.50 | 8.70 |
| Ramkrishna Forgings Limited | 34.80 | NA | NA | 166.28 | 13.35 | 22.22 |
| Happy Forgings Limited | NA | NA | NA | 196.27 | 14.47 | 973.85 |
Company information
Company profile
Munish Forge Limited, incorporated in July 1986, manufactures a wide range of components such as flanges, scaffolding, auto parts, tank tracks, bomb shells, fence posts, and steel accessories, meeting both customer specifications and international standards. Serving the Indian Army and industries like defence, oil and gas, automobile, construction, and infrastructure, the company holds certifications including ISO 9001:2015, ISO 14001:2015, IATF 16949:2016, and PED. It produces critical defence components like battle tank track chains and bomb shells, with rigorous testing in-house and at NABL-certified labs. Munish Forge also exports products globally, adhering to international standards, and uses advanced manufacturing methods, including induction furnaces and solar power, to improve efficiency and reduce environmental impact. As of March 31, 2025, the company employed 754 people.
Strengths
- Complete In-House Manufacturing: End-to-end processes provide better quality, faster delivery, and operational efficiency.
- Technology-Driven Engineering: CNC machines, robotics, CAD/CAM, and simulation tools improve reliability and reduce production time.
- Robust Process Capability: Can produce diverse, complex, and customized products efficiently.
Risk factors
- International Market Exposure Risk: Business is vulnerable to political, regulatory, and economic uncertainties in overseas markets.
- Key Leadership Dependence: Heavy reliance on promoters and directors; loss of leadership could disrupt operations.
- Compliance & Regulatory Risk: Errors or lapses in corporate filings may result in penalties and weaken financial standing.
Promoters
Mr. Davinder Bhasin
Mr. Dev Arjun Bhasin
Ms. Minakshi Bhasin
Munish Promoters and Developers Private Limited
Dev Arjuna Enterprises Private Limited
Registrar & documents
Lead manager
Gretex Corporate Services Limited
Registrar & contacts
Skyline Financial Services Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Village-Gobindgarh, Adj. Phase-VII Focal Point, Ludhiana, Punjab, 141010
+91 94177 30280
[email protected]Company website ↗Understanding MUNISH IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.