Established in 1986 as Gaisu Forge Private Limited, the company evolved through several transformations before becoming a public limited entity in December 2024. Now known as Munish Forge, it is a leading manufacturer of high-precision forging and casting components for sectors such as Defense, Oil & Gas, Automotive, Railways, Agriculture, and Infrastructure. Its product range includes flanges, scaffolding, auto parts, tank track chains, bomb shells, and fence posts. As a key supplier to the Indian Army, it manufactures critical defense components. With a strong presence in India, the USA, UK, Canada, and Europe, Munish Forge is recognized for its integrated production, innovation, and commitment to quality.
Price Band₹91 - ₹96 |
Dates30 Sep - 03 Oct |
GMP₹0 (0.00%) |
Subscriptions3.60 times |
Issue Size₹73.92 Crs |
Munish Forge IPO Objects
- Capital expenditure towards Civil construction and Capital expenditure towards purchase of additional machinery
- Repayment/Pre-payment of Certain Debt Facilities
- Working Capital Requirements
- General Corporate Purposes
Munish Forge IPO Details
Price Band₹91 - ₹96 |
Listing AtNSE SME |
IPO Issue Type100% Book Built Offer |
Fresh Issue₹61.02 Cr (0.64 Cr Shares) |
Offer For Sale₹12.90 Cr (0.13 Cr Shares) |
Total Issue₹73.92 Cr (0.77 Cr Shares) |
Face Value₹10 per equity share |
Munish Forge IPO Lot Information
| Investor Category | Lot | Shares | Amount | |
|---|---|---|---|---|
| Individual Investor |
Minimum
2
2,400
2,30,400
Maximum
2
2,400
2,30,400
|
|||
| Small HNI |
Minimum
3
3,600
3,45,600
Maximum
8
9,600
9,21,600
|
|||
| Big HNI |
Minimum
9
10,800
10,36,800
|
|||
Munish Forge IPO Subscription
Updated as on 03-Oct-2025 19:00:43 hrs
| Investor Category | Subscription (times) | Shares Offered | Shared Bid |
|---|---|---|---|
| QIB | 4.04 | 14,64,000 | 59,18,400 |
| NII | 5.23 | 10,96,800 | 57,40,800 |
| bNII | 6.47 | 7,30,800 | 47,25,600 |
| sNII | 2.77 | 3,66,000 | 10,15,200 |
| Individual Investor | 2.66 | 25,60,800 | 68,01,600 |
| Total | 3.60 | 51,21,600 | 1,84,60,800 |
Munish Forge IPO GMP
The estimated Grey Market Premium of Munish Forge IPO is ₹0 per share (0.00%)
Category Allocation
| Particulars | Allocation |
|---|---|
| QIB | Not more than 50% of Net Offer |
| NII | Not less than 35% of Net Offer |
| Retail | Not less than 15% of Net Offer |
| Market Maker | 385200 EQ Shares |
Munish Forge IPO Financials
Key Performance Indicators
| KPI | KPI |
|---|---|
| EBITDA | 13.89% |
| PAT | 8.15% |
| ROE | 21.22% |
| ROCE | 16.44% |
| PE Ratio | 6.51 |
| PB Ratio | 2.34 |
| Mkt Cap (in Crs.) | 231.07 |
- All the data pertains to FY 2024-25.
- PE, PB, and market capitalization are calculated based on the Upper Price Band.
Munish Forge IPO Peer Comparision
Munish Forge IPO Peer Comparision
Promoter Details
| Name | Shareholding |
|---|---|
| Davinder Bhasin | 69.92% |
| Minakshi Bhasin | 5.99% |
| Dev Arjun Bhasin | 5.37% |
| Others | 18.72% |
| Total | 100.00% |
Management Details
| Name | Designation |
|---|---|
| Davinder Bhasin | Managing Director |
| Manoj Kumar Pandey | CFO |
Company Details
Name: Munish Forge Limited
Address: Village-Gobindgarh, Adj. Phase-VII, Focal Point,
Ludhiana, Ludhiana - 141010, Punjab, India
Number: +91 94177 30280
Email: info@munishforge.com
Website: www.munishforge.com
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Find answers to common questions that come in your mind related to IPO.
Munish Forge IPO is a SME IPO having an issue size of Rs. ₹73.92 Crs. Munish Forge IPO is priced at ₹91 - ₹96 per share. The issue opens on 30 Sep 25 and closes on 03 Oct 25.
Munish Forge IPO opens on 30 Sep 25 and closes on 03 Oct 25.
The estimated Grey Market Premium of Munish Forge IPO is ₹0 per share (0.00%).
The minimum lot size of Munish Forge IPO is 1200 shares & the minimum application amount is Rs. 115200.
The allotment date of Munish Forge IPO is 06 Oct 25.
The listing date of Munish Forge IPO is 08 Oct 25.
Munish Forge IPO is subscribed 3.60 times.
Munish Forge IPO is priced at ₹91 - ₹96 per share.
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