Munish Forge IPO Date, Review, Price, Allotment Details
Munish Forge Limited’s IPO opens on September 30, 2025 and closes on October 3, 2025. It is a Book Built Issue through which the company aims to raise approximately ₹73.92 crore, including a fresh issue of ₹61.02 crore and an offer for sale of up to 13,44,000 equity shares with a face value of ₹10 each. The IPO price band is set at ₹91 to ₹96 per share, with allocation quotas of 35% for retail investors, 50% for QIBs, and 15% for HNIs. The allotment date is October 6, 2025, and the shares are expected to list on the NSE on October 8, 2025.
The company reported a revenue of ₹178.63 crore in FY2025, up from ₹161.58 crore in FY2024, while profit increased significantly to ₹14.30 crore in FY2025 from ₹4.39 crore in FY2024. Given the strong financial performance and growth potential, the IPO is recommended for investors seeking long-term wealth creation.
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 ₹[.] to ₹[.] Per Share Issue Size Approx ₹[.] Crores Fresh Issue Approx ₹[.] Crores Offer for Sale: Approx 13,44,000 Equity Shares Issue Type Book Built Issue IPO Listing NSE SME DRHP Draft Prospectus 
Munish Forge IPO Market Lot
The minimum market lot for the Munish Forge IPO is [.] shares, requiring an application amount of ₹[.].
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 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 will open on September 30 and close on October 3. The allotment is scheduled for October 6, with 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 Munish Forge 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 the 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
Founded in July 1986, Munish Forge Limited is a leading manufacturer of industrial and defense components, including flanges, scaffolding, auto parts, tank tracks, bomb shells, fence posts, and steel accessories. The company serves the Indian Army as well as industries such as defense, oil & gas, automobile, construction, and infrastructure. Its products are designed to meet both customer requirements and international standards, backed by certifications including ISO 9001:2015, ISO 14001:2015, IATF 16949:2016, and PED (Pressure Equipment Directive).
Munish Forge specializes in critical defense components, particularly Battle Tank Track Chains and Bomb Shells, which undergo rigorous testing in in-house NABL-certified laboratories to ensure compliance with stringent defense standards. As of March 31, 2025, the company employed 754 professionals, reflecting its strong operational capacity and commitment to quality, reliability, and excellence in manufacturing.
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 December 2024 ₹130.93 ₹116.77 ₹10.53 ₹146.78
Munish Forge IPO Valuation – FY2024
Check Munish Forge IPO valuation details like Earnings Per Share (EPS), Price/Earnings (P/E) Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
KPI Values ROE: 10.81% ROCE: 9.88% EBITDA Margin: 7.15% PAT Margin: 2.75% Debt to equity ratio: 1.16 Earning Per Share (EPS): ₹2.68 (Basic) Price/Earnings (P/E) Ratio: N/A Return on Net Worth (RoNW): 10.81% Net Asset Value (NAV): ₹42.14
Peer Group Comparison
Company EPS PE Ratio RoNW % NAV Income Ramkrishna Forgings Limited 19.36 35.71 16.31% 147.84 3,489.61 Cr. Happy Forgings Limited 26.78 33.23 15.07% 171.17 1,358.24 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: cs@munishforge.com
Website: https://munishforge.com/
IPO Registrar
Skyline Financial Services Pvt. Ltd.
Phone: 02228511022
Email: ipo@skylinerta.com
Website: https://www.skylinerta.com/ipo.php