Munish Forge IPO Description – Incorporated in 1986, Munish Forge is a Ludhiana, Punjab-based manufacturer engaged in forging and casting of precision-engineered components. The company has evolved from a small cycle parts manufacturer into a globally recognized supplier of forged and cast products catering to Defence, Oil & Gas, Automobile, Construction, Infrastructure, and Railways. The company’s product portfolio includes flanges, scaffolding systems, auto parts, tank track chains, bomb shells, fence posts, and steel accessories, with recent expansion into cast components through its new Munish Forge Casting Division.
Munish Forge holds a 40+ year legacy in forging and is an approved supplier to the Indian Army, manufacturing critical defence products such as battle tank track chains and bomb shells, tested both in-house and at NABL-certified laboratories. Its facilities integrate forging, machining, fabrication, robotic welding, CNC die-making, and painting, enabling a “One Stop Shop” model. The company’s forging plants are capable of producing parts ranging from 300 g to 150 kg.
Promoters of Munish Forge – Mr. Davinder Bhasin, Mr Dev Arjun Bhasin, Ms Minakshi Bhasin, Munish Promoters and Developers Private, and Dev Arjuna Enterprises Private Limited
Table of Contents
Munish Forge Offer Details
| Munish Forge IPO Dates | 30 September – 3 October 2025 |
| Munish Forge Issue Price | INR 91 – 96 per share |
| Fresh Issue | 63,56,400 shares (INR 57.84 – 61.02 crore) |
| Offer For Sale | 13,44,000 shares (INR 12.23 – 12.90 crore) |
| Total IPO Size | 77,00,400 shares (INR 70.07 – 73.92 crore) |
| Minimum Bid | 2,400 shares (INR 2,30,400) |
| Lot Size | 1,200 shares (INR 1,15,200) |
| Face Value | INR 10 per share |
| Individual Allocation | 35% |
| Listing On | NSE EMERGE |
Munish Forge Financial Performance
| FY 2023 | FY 2024 | FY 2025 | |
| Revenue | 160.12 | 159.89 | 175.45 |
| Expenses | 158.77 | 155.81 | 159.31 |
| Net income | 1.97 | 4.39 | 14.30 |
Munish Forge Offer News
- Munish Forge RHP
- Munish Forge Draft Prospectus
- ASBA IPO Forms
- Live IPO Subscription Status
- Highest SME IPO Subscription in 2025
Munish Forge Valuations & Margins
| FY 2023 | FY 2024 | FY 2025 | |
| EPS | 1.20 | 2.68 | 8.70 |
| PE ratio | – | – | 10.46 – 11.03 |
| RONW (%) | 5.78 | 11.48 | 26.50 |
| NAV | 21.94 | 24.74 | 40.99 |
| ROCE (%) | 7.06 | 9.89 | 16.44 |
| EBITDA (%) | 5.71 | 7.15 | 13.89 |
| Debt/Equity | 1.40 | 1.16 | 0.89 |
Munish Forge IPO GMP Today
| Date | Consolidated IPO GMP | Subject to Sauda |
| 7 October 2025 | 10 | 7,500 |
| 6 October 2025 | 9 | 7,000 |
| 4 October 2025 | 9 | 7,000 |
| 3 October 2025 | 10 | 7,500 |
| 1 October 2025 | 7 | 6,000 |
| 30 September 2025 | 10 | 11,000 |
Munish Forge IPO Subscription – Live Updates
| Category | QIB | NII | Individual | Total |
|---|---|---|---|---|
| Shares Offered | 14,62,800 | 10,98,000 | 25,60,800 | 51,21,600 |
| 3 Oct 2025 | 4.05 | 5.23 | 2.66 | 3.60 |
| 1 Oct 2025 | 0.36 | 0.61 | 0.23 | 0.35 |
| 30 Sep 2025 | 0.36 | 0.34 | 0.10 | 0.22 |
The market maker reservation portion of 3,85,200 shares and the anchor investor portion of 21,93,600 shares are not included in the above calculations.
Munish Forge IPO Allotment Status
Munish Forge IPO allotment status is now available on the Skyline Financial Services website. Click on this link to get the allotment status.
Munish Forge IPO Dates & Listing Performance
| IPO Opening Date | 30 September 2025 |
| IPO Closing Date | 3 October 2025 |
| Finalization of Basis of Allotment | 6 October 2025 |
| Initiation of refunds | 7 October 2025 |
| Transfer of shares to demat accounts | 7 October 2025 |
| IPO Listing Date | 8 October 2025 |
| Opening Price on NSE SME | INR 105 per share (up 9.38%) |
| Closing Price on NSE SME | INR 110.25 per share (up 14.84%) |
Munish Forge Offer Lead Manager
GRETEX CORPORATE SERVICES LIMITED
A-401, Floor 4th, Plot FP-616, (PT), Naman Midtown,
Senapati Bapat Marg, Near Indiabulls, Dadar (w), Delisle
Road, Mumbai 400013, Maharashtra,
Phone: +91 93319 26937
Email: [email protected]
Website: www.gretexcorporate.com
Munish Forge Offer Registrar
SKYLINE FINANCIAL SERVICES PRIVATE LIMITED
D-153A, First Floor, Okhla Industrial Area,
Phase – I, New Delhi – 110020
Tel: 011- 40450193 – 97
E-mail: [email protected]
Website: www.skylinerta.com
Munish Forge Contact Details
MUNISH FORGE LIMITED
Village Gobindgarh, Adjoining Phase – VII,
Focal point, Ludhiana-141010, Punjab,
Phone: +91-161-5218900
E-mail: [email protected]
Website: www.munishforge.com
IPO FAQs
What is the Munish Forge offer size?
Munish Forge’s offer size is INR 70.07 – 73.92 crores.
What is the Munish Forge offer price band?
Munish Forge’s public offer price is INR 91 – 96 per share.
What is the lot size of the Munish Forge IPO?
Munish Forge offer lot size is 1,200 shares.
What is the Munish Forge IPO GMP today?
Munish Forge IPO GMP today is INR 10 per share.
What is the Munish Forge kostak rate today?
Munish Forge kostak rate today is INR NA per application.
What is the Munish Forge IPO Subject to Sauda rate today?
Munish Forge Subject to Sauda rate today is INR 7,500 per application.