Munish Forge IPO
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Schedule of Munish Forge
| Issue open date | 30 Sep 2025 |
| Issue close date | 03 Oct 2025 |
| UPI mandate deadline | 03 Oct 2025 (5 PM) |
| Allotment finalization | 06 Oct 2025 |
| Refund initiation | 07 Oct 2025 |
| Share credit | 07 Oct 2025 |
| Listing date | 08 Oct 2025 |
| Mandate end date | 18 Oct 2025 |
| Lock-in end date for anchor investors (50%) | 05 Nov 2025 |
| Lock-in end date for anchor investors (remaining) | 04 Jan 2025 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Munish Forge
Munish Forge Limited, founded in 1986, is a leading manufacturer of premium forged and cast components for defence, oil & gas, automobile, construction and infrastructure sectors. With over 40 years of expertise, it supplies critical parts like tank track chains and bomb shells to the Indian Army and exports to markets in the USA, UK, Canada and Europe. The company recently expanded into casting through its new division and is actively entering the railway sector, offering one-stop, high-quality, precision-engineered solutions meeting global standards.
Financials of Munish Forge
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹73.92 crores |
| Fresh Issue | ₹57.32 crores |
| Offer for Sale | ₹12.90 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Civil construction & plant & machinery | 6.28 (10.96%) |
| Repayment/Pre-payment of Certain Debt Facilities | 11 (19.19%) |
| Working Capital Requirements | 30 (52.33%) |
| General Corporate Purpose | 10.04 (17.52%) |
Strengths
- 40+ years’ legacy in forging and casting, supplying to Defence, Oil & Gas, Automotive, Agriculture, and Infrastructure sectors.
- Approved supplier to the Indian Army for tank tracks and bomb shells with NABL-certified testing.
- Diversified product range including flanges, scaffolding parts, auto components, and ground-engaging tools.
- Integrated manufacturing with robotic welding arms, advanced CNC and quality systems, and ISO/IATF certifications.
- Strong promoter experience and expanding into Railways and new export markets (USA, UK, Canada, Europe).
Risks
- High dependency on a few key customers; top 10 contribute major share of revenue.
- Single manufacturing location risk with exposure to operational disruptions.
- Pending approvals and licenses due to recent conversion from private to public company.
- Vulnerability to raw material price volatility and supplier concentration.
- Exposure to regulatory, labour, and geopolitical risks across Defence and export operations.
Allotment Status for Munish Forge
To check your allotment status – click here.
Subscription Figures for Munish Forge
As per media reports (Link), the Grey Market Premium (GMP) of Munish Forge is reported at ₹0 over the IPO price. This metric is not reliable, and to track IPO interest, it is better to check subscription numbers published by exchanges, which are considered more reliable indicators.
Subscription numbers as of 5:00 PM on September 30, 2025:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 14.62 | 5.22 | 0.36x |
| NII | 10.98 | 5.68 | 0.52x |
| Retail | 25.60 | 2.92 | 0.11x |
| Total | 51.21 | 13.83 | 0.27x |