{"id":14533,"date":"2025-09-29T17:34:43","date_gmt":"2025-09-29T12:04:43","guid":{"rendered":"https:\/\/www.torusdigital.com\/toruscope\/?p=14533"},"modified":"2025-09-30T12:10:49","modified_gmt":"2025-09-30T06:40:49","slug":"munish-forge-ltd-ipo-opens-key-details-investors-shouldnt-miss","status":"publish","type":"post","link":"https:\/\/www.torusdigital.com\/toruscope\/news\/munish-forge-ltd-ipo-opens-key-details-investors-shouldnt-miss\/","title":{"rendered":"Munish Forge Ltd. IPO Opens: Key Details Investors Shouldn\u2019t Miss"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_section el_id=&#8221;blog-inner-layout&#8221;][vc_row overlay_dotted=&#8221;&#8221;][vc_column el_class=&#8221;blog_primary&#8221;][vc_row_inner][vc_column_inner][vc_column_text css=&#8221;&#8221;]India\u2019s IPO market continues to gain traction in 2025, with industrial and defence-oriented companies attracting investor attention. Among these, Munish Forge Limited stands out as a high-quality manufacturer of forged components serving the <a href=\"https:\/\/www.torusdigital.com\/stocks\/sectors\/aerospace-defence\">defence<\/a>, <a href=\"https:\/\/www.torusdigital.com\/stocks\/sectors\/crude-oil-natural-gas\">oil &amp; gas<\/a>, <a href=\"https:\/\/www.torusdigital.com\/stocks\/sectors\/automobile\">automobile<\/a>, and <a href=\"https:\/\/www.torusdigital.com\/stocks\/sectors\/infrastructure-developers-operators\">infrastructure<\/a> sectors. The company is set to open its IPO on September 30, 2025, providing investors with an opportunity to participate in its growth story.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"About_Munish_Forge_Ltd\"><\/span><strong>About Munish Forge Ltd.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Incorporated in July 1986, Munish Forge Limited manufactures high-precision components such as flanges, scaffolding, auto parts, tank tracks, bomb shells, fence posts, and steel accessories, meeting both domestic and international standards. The company serves the Indian Army and various industrial sectors, including defence, oil &amp; gas, automobile, <a href=\"https:\/\/www.torusdigital.com\/stocks\/sectors\/construction\">construction<\/a>, and infrastructure.<\/p>\n<p>Munish Forge holds several certifications, including ISO 9001:2015, ISO 14001:2015, IATF 16949:2016, and PED (Pressure Equipment Directive). It produces critical defence components like Battle Tank Track Chains and Bomb Shells, tested in-house and at NABL-certified labs. The company also exports globally, adhering to international standards, and uses modern manufacturing techniques like induction furnaces, CNC machines, robotic welders, and CAD\/CAM systems.<\/p>\n<p>As of March 31, 2025, Munish Forge employs 754 people.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Competitive_Strengths\"><\/span><strong>Competitive Strengths:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Integrated manufacturing processes, from die design to packaging<\/li>\n<li>Innovation-driven engineering with advanced technology<\/li>\n<li>Prestigious OEM and Tier-1 supplier clientele in Europe, North America, the Middle East, and India<\/li>\n<li>Focus on quality, reliability, and faster delivery<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Munish_Forge_IPO_Details\"><\/span><strong>Munish Forge IPO Details<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <a href=\"https:\/\/www.torusdigital.com\/ipo\/munish-forge-ltd-ipo\">Munish Forge IPO<\/a> is a book-building issue of \u20b973.92 crore, comprising a fresh issue of 0.64 crore shares (\u20b961.02 Cr) and an offer for sale of 0.13 crore shares (\u20b912.90 Cr). The IPO will be listed on NSE SME.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"IPO_Timeline\"><\/span><strong>IPO Timeline:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<td><strong>Event<\/strong><\/td>\n<td><strong>Date (Tentative)<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>IPO Open Date<\/td>\n<td>Sep 30, 2025<\/td>\n<\/tr>\n<tr>\n<td>IPO Close Date<\/td>\n<td>Oct 3, 2025<\/td>\n<\/tr>\n<tr>\n<td>Tentative Allotment<\/td>\n<td>Oct 6, 2025<\/td>\n<\/tr>\n<tr>\n<td>Initiation of Refunds<\/td>\n<td>Oct 7, 2025<\/td>\n<\/tr>\n<tr>\n<td>Credit of Shares to Demat<\/td>\n<td>Oct 7, 2025<\/td>\n<\/tr>\n<tr>\n<td>Tentative Listing Date<\/td>\n<td>Oct 8, 2025<\/td>\n<\/tr>\n<tr>\n<td>Cut-off time for UPI mandate confirmation<\/td>\n<td>5 PM on Oct 3, 2025<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Key_IPO_Details\"><\/span><strong>Key IPO Details:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<td><strong>Parameter<\/strong><\/td>\n<td><strong>Details<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Face Value<\/td>\n<td>\u20b910 per share<\/td>\n<\/tr>\n<tr>\n<td>Issue Price Band<\/td>\n<td>\u20b991 \u2013 \u20b996 per share<\/td>\n<\/tr>\n<tr>\n<td>Lot Size<\/td>\n<td>1,200 shares<\/td>\n<\/tr>\n<tr>\n<td>Total Issue Size<\/td>\n<td>77,00,400 shares (\u20b973.92 Cr)<\/td>\n<\/tr>\n<tr>\n<td>Fresh Issue (Ex Market Maker)<\/td>\n<td>59,71,200 shares (\u20b957.32 Cr)<\/td>\n<\/tr>\n<tr>\n<td>Offer for Sale<\/td>\n<td>13,44,000 shares (\u20b912.90 Cr)<\/td>\n<\/tr>\n<tr>\n<td>Reserved for Market Maker<\/td>\n<td>3,85,200 shares (\u20b93.70 Cr)<\/td>\n<\/tr>\n<tr>\n<td>Net Offered to Public<\/td>\n<td>73,15,200 shares (\u20b970.23 Cr)<\/td>\n<\/tr>\n<tr>\n<td>Issue Type<\/td>\n<td>Bookbuilding IPO<\/td>\n<\/tr>\n<tr>\n<td>Listing At<\/td>\n<td>NSE SME<\/td>\n<\/tr>\n<tr>\n<td>Shareholding Pre-Issue<\/td>\n<td>1,77,13,863 shares<\/td>\n<\/tr>\n<tr>\n<td>Shareholding Post-Issue<\/td>\n<td>2,40,70,263 shares<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><a href=\"https:\/\/torusdigital.go.link\/hgQeE\" target=\"_blank\"><br \/>\n<img decoding=\"async\" src=\"https:\/\/www.torusdigital.com\/toruscope\/wp-content\/uploads\/2025\/07\/Desktop-1.jpg\" alt=\"\" class=\"responsive-img\" \/><br \/>\n<\/a><\/p>\n<style>\n  .responsive-img {\n    display: block;\n    margin-left: auto;\n    margin-right: auto;\n    width: 100%;\n    max-width: 900px;\n<\/style>\n<h3><span class=\"ez-toc-section\" id=\"Investor_Category_Reservation\"><\/span><strong>Investor Category Reservation:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><strong>QIB:<\/strong> Not more than 50% of Net Offer<\/li>\n<li><strong>Retail:<\/strong> Not less than 35% of Net Offer<\/li>\n<li><strong>NII:<\/strong> Not less than 15% of Net Offer<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Lot_Size_Investment\"><\/span><strong>Lot Size &amp; Investment:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<td><strong>Application<\/strong><\/td>\n<td><strong>Lots<\/strong><\/td>\n<td><strong>Shares<\/strong><\/td>\n<td><strong>Amount<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Retail (Min)<\/td>\n<td>2<\/td>\n<td>2,400<\/td>\n<td>\u20b92,30,400<\/td>\n<\/tr>\n<tr>\n<td>Retail (Max)<\/td>\n<td>2<\/td>\n<td>2,400<\/td>\n<td>\u20b92,30,400<\/td>\n<\/tr>\n<tr>\n<td>S-HNI (Min)<\/td>\n<td>3<\/td>\n<td>3,600<\/td>\n<td>\u20b93,45,600<\/td>\n<\/tr>\n<tr>\n<td>S-HNI (Max)<\/td>\n<td>8<\/td>\n<td>9,600<\/td>\n<td>\u20b99,21,600<\/td>\n<\/tr>\n<tr>\n<td>B-HNI (Min)<\/td>\n<td>9<\/td>\n<td>10,800<\/td>\n<td>\u20b910,36,800<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Promoter_Holding\"><\/span><strong>Promoter Holding:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Promoters include Mr. Davinder Bhasin, Mr. Dev Arjun Bhasin, Ms. Minakshi Bhasin, Munish Promoters and Developers Pvt. Ltd., and Dev Arjuna Enterprises Pvt. Ltd.<\/p>\n<ul>\n<li>Pre-IPO: 100%<\/li>\n<li>Post-IPO: NA<\/li>\n<\/ul>\n<p><strong>Book Running Lead Manager:<\/strong> <a href=\"https:\/\/www.torusdigital.com\/stocks\/gretex-corporate-services-ltd-share-price\">Gretex Corporate Services Ltd.<\/a><br \/>\n<strong>Registrar:<\/strong> Skyline Financial Services Pvt. Ltd.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Munish_Forge_Ltd_Financials\"><\/span><strong>Munish Forge Ltd.: Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Financial_Highlights_%E2%82%B9_Crore\"><\/span><strong>Financial Highlights (\u20b9 Crore):<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<thead>\n<tr>\n<td><strong>Period Ended<\/strong><\/td>\n<td><strong>31 Dec 2024<\/strong><\/td>\n<td><strong>31 Mar 2024<\/strong><\/td>\n<td><strong>31 Mar 2023<\/strong><\/td>\n<td><strong>31 Mar 2022<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Assets<\/td>\n<td>146.78<\/td>\n<td>113.22<\/td>\n<td>107.01<\/td>\n<td>121.41<\/td>\n<\/tr>\n<tr>\n<td>Total Income<\/td>\n<td>130.93<\/td>\n<td>161.58<\/td>\n<td>161.18<\/td>\n<td>125.10<\/td>\n<\/tr>\n<tr>\n<td>Profit After Tax<\/td>\n<td>10.53<\/td>\n<td>4.39<\/td>\n<td>1.97<\/td>\n<td>1.43<\/td>\n<\/tr>\n<tr>\n<td>Net Worth<\/td>\n<td>51.09<\/td>\n<td>40.61<\/td>\n<td>36.03<\/td>\n<td>34.11<\/td>\n<\/tr>\n<tr>\n<td>Reserves &amp; Surplus<\/td>\n<td>34.71<\/td>\n<td>41.46<\/td>\n<td>4.58<\/td>\n<td>26.39<\/td>\n<\/tr>\n<tr>\n<td>Total Borrowing<\/td>\n<td>60.78<\/td>\n<td>47.16<\/td>\n<td>50.22<\/td>\n<td>59.14<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Key_Performance_Indicators_KPI\"><\/span><strong>Key Performance Indicators (KPI):<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><strong>Market Cap:<\/strong> \u20b9231.07 Cr<\/li>\n<li><strong>ROE:<\/strong> 10.81%<\/li>\n<li><strong>ROCE:<\/strong> 9.88%<\/li>\n<li><strong>Debt\/Equity:<\/strong> 1.16<\/li>\n<li><strong>RoNW:<\/strong> 10.81%<\/li>\n<li><strong>PAT Margin:<\/strong> 2.75%<\/li>\n<li><strong>Price to Book Value:<\/strong> 2.28<\/li>\n<li><strong>EPS Pre-IPO:<\/strong> \u20b92.48 |<strong> Post-IPO:<\/strong> \u20b95.84<\/li>\n<li><strong>P\/E Pre-IPO:<\/strong> 38.74x |<strong> Post-IPO:<\/strong> 16.45x<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Objects_of_the_Issue\"><\/span><strong>Objects of the Issue<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The IPO proceeds are proposed to be used as follows:<\/p>\n<table>\n<thead>\n<tr>\n<td><strong>Object<\/strong><\/td>\n<td><strong>Expected Amount (\u20b9 Million)<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Capital expenditure towards civil construction and the purchase of additional plant &amp; machinery<\/td>\n<td>62.79<\/td>\n<\/tr>\n<tr>\n<td>Repayment\/Prepayment of Certain Debt Facilities<\/td>\n<td>110.00<\/td>\n<\/tr>\n<tr>\n<td>Working Capital Requirements<\/td>\n<td>1,123.83<\/td>\n<\/tr>\n<tr>\n<td>General Corporate Purposes<\/td>\n<td>Balance<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Industry_Outlook\"><\/span><strong>Industry Outlook<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Indian forging and steel component sector continues to grow steadily, supported by:<\/p>\n<ul>\n<li>Rising demand from the defence and industrial sectors<\/li>\n<li>Expanding infrastructure and automobile projects<\/li>\n<li>Government push for Make in India and domestic defence manufacturing<\/li>\n<li>Export opportunities to Europe, North America, and the Middle East<\/li>\n<\/ul>\n<p>Munish Forge\u2019s integrated manufacturing, certifications, and clientele across defence and industrial segments position it well to benefit from this growth.<\/p>\n<h2 data-start=\"103\" data-end=\"142\"><span class=\"ez-toc-section\" id=\"Munish_Forge_IPO_Peer_Comparison\"><\/span><strong data-start=\"103\" data-end=\"140\">Munish Forge IPO: Peer Comparison<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"144\" data-end=\"483\">Munish Forge IPO can be compared with peers like Laxmi Precision Ltd, <a href=\"https:\/\/www.torusdigital.com\/stocks\/bharat-forge-ltd-share-price\">Bharat Forge Ltd<\/a>, Mahindra Sintered Components Ltd, <a href=\"https:\/\/www.torusdigital.com\/stocks\/jay-bharat-maruti-ltd-share-price\">Jay Bharat Maruti Ltd<\/a>, and <a href=\"https:\/\/www.torusdigital.com\/stocks\/steel-strips-wheels-ltd-share-price\">Steel Strips Wheels Ltd<\/a>. Reviewing these companies helps investors gauge Munish Forge\u2019s position in the forging and industrial components sector and make informed investment decisions.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Munish Forge Ltd. presents an interesting investment opportunity with strong capabilities in manufacturing precision forged components. While revenue and profit have shown steady growth, investors should consider risks such as exposure to cyclical industrial demand, dependence on a few large clients, and global supply chain fluctuations.<\/p>\n<p>If you are exploring more investment opportunities, check out our dedicated page on <a href=\"https:\/\/www.torusdigital.com\/ipo\/upcoming-ipo\">upcoming IPO listings<\/a> to stay updated on the latest market offerings.[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text css=&#8221;&#8221;][\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner el_id=&#8221;share_rating&#8221;][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h6>Rate this article<\/h6>\n<!-- FeedbackWP Plugin --><div  class=\"rmp-widgets-container rmp-wp-plugin rmp-main-container js-rmp-widgets-container js-rmp-widgets-container--14533 \"  data-post-id=\"14533\">    <!-- Rating widget -->  <div class=\"rmp-rating-widget js-rmp-rating-widget\">            <div class=\"rmp-rating-widget__icons\">      <ul class=\"rmp-rating-widget__icons-list js-rmp-rating-icons-list\">                  <li class=\"rmp-rating-widget__icons-list__icon js-rmp-rating-item\" data-descriptive-rating=\"Terrible!\" data-value=\"1\">              <i class=\"js-rmp-rating-icon rmp-icon rmp-icon--ratings rmp-icon--star rmp-icon--full-highlight\"><\/i>          <\/li>                  <li class=\"rmp-rating-widget__icons-list__icon js-rmp-rating-item\" data-descriptive-rating=\"Bad!\" data-value=\"2\">              <i class=\"js-rmp-rating-icon rmp-icon rmp-icon--ratings rmp-icon--star \"><\/i>          <\/li>                  <li class=\"rmp-rating-widget__icons-list__icon js-rmp-rating-item\" data-descriptive-rating=\"Okay!\" data-value=\"3\">              <i class=\"js-rmp-rating-icon rmp-icon rmp-icon--ratings rmp-icon--star \"><\/i>          <\/li>                  <li class=\"rmp-rating-widget__icons-list__icon js-rmp-rating-item\" data-descriptive-rating=\"Good!\" data-value=\"4\">              <i class=\"js-rmp-rating-icon rmp-icon rmp-icon--ratings rmp-icon--star \"><\/i>          <\/li>                  <li class=\"rmp-rating-widget__icons-list__icon js-rmp-rating-item\" data-descriptive-rating=\"Great!\" data-value=\"5\">              <i class=\"js-rmp-rating-icon rmp-icon rmp-icon--ratings rmp-icon--star \"><\/i>          <\/li>              <\/ul>    <\/div>    <p class=\"rmp-rating-widget__hover-text js-rmp-hover-text\"><\/p>    <button class=\"rmp-rating-widget__submit-btn rmp-btn js-submit-rating-btn\">      Submit Rating    <\/button>    <p class=\"rmp-rating-widget__results js-rmp-results \">       <span class=\"rmp-rating-widget__results__rating js-rmp-avg-rating\">1<\/span> \/ 5.  <span class=\"rmp-rating-widget__results__votes js-rmp-vote-count\">1<\/span>    <\/p>    <p class=\"rmp-rating-widget__not-rated js-rmp-not-rated rmp-rating-widget__not-rated--hidden\">          <\/p>    <p class=\"rmp-rating-widget__msg js-rmp-msg\"><\/p>  <\/div>  <!--Structured data -->        <\/div>\n<div id=\"emoji-overlay\" style=\"display: none;\">\n<div id=\"overlay-emoji\"><\/div>\n<div id=\"overlay-description\" class=\"emoji-text\"><\/div>\n<\/div>\n<div id=\"rating-popup\">\n<p><span id=\"popup-close\">\u00d7<\/span><\/p>\n<div class=\"popup_message\">\n<div id=\"popup-emoji\"><\/div>\n<div class=\"popup_innermsg\">\n<h5>Thank You for Rating Our Article!<\/h5>\n<p>Your feedback is incredibly valuable to us, and we&#8217;re thrilled to hear your thoughts.<\/p><\/div>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h6>Share this article<\/h6>\n<div class=\"cscra-social square cscra-socials-679c8a1122c00\">\n        <a href=\"\/\/www.facebook.com\/sharer\/sharer.php?u=https%3A%2F%2Fwww.torusdigital.com%2Ftoruscope%2Fnews%2Fmunish-forge-ltd-ipo-opens-key-details-investors-shouldnt-miss%2F&t=Munish+Forge+Ltd.+IPO+Opens%3A+Key+Details+Investors+Shouldn%E2%80%99t+Miss\" class=\"facebook\" data-toggle=\"tooltip\" data-placement=\"top\" title=\"Share On Facebook\" target=\"_blank\"><i class=\"fa fa-facebook\"><\/i><\/a>\n        <a href=\"\/\/twitter.com\/intent\/tweet?text=Munish+Forge+Ltd.+IPO+Opens%3A+Key+Details+Investors+Shouldn%E2%80%99t+Miss&url=https%3A%2F%2Fwww.torusdigital.com%2Ftoruscope%2Fnews%2Fmunish-forge-ltd-ipo-opens-key-details-investors-shouldnt-miss%2F\" class=\"twitter\" data-toggle=\"tooltip\" data-placement=\"top\" title=\"Share On Twitter\" target=\"_blank\"><i class=\"fa-brands fa-x-twitter\"><\/i><\/a>\n        <a href=\"https:\/\/api.whatsapp.com\/send?text=Munish+Forge+Ltd.+IPO+Opens%3A+Key+Details+Investors+Shouldn%E2%80%99t+Miss - 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Among these, Munish Forge Limited stands out as a high-quality manufacturer of forged components serving the defence, oil &amp; gas, automobile, and infrastructure sectors. The company is set to open its IPO on September","protected":false},"author":1,"featured_media":14024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_sitemap_exclude":false,"_sitemap_priority":"","_sitemap_frequency":"","footnotes":""},"categories":[5,169],"tags":[],"class_list":["post-14533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Munish Forge IPO Opens: Key Details Investors Must Know<\/title>\n<meta name=\"description\" content=\"Munish Forge IPO offers investors a chance to invest in a leading manufacturer of steel and forged components for defence and industrial sectors. 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