Munish Forge IPO shares list at 9% premium over IPO Price on NSE SME platform

Munish Forge, a long-established industrial manufacturer serving defence, oil and gas, and automobile sectors, debuted NSE SME platform on Wednesday. The stock listed at Rs 105 apiece, marking a 9.4% premium over the IPO price of Rs 96.

The 73.92 crore IPO closed with strong investor demand across categories.

The book-built issue received healthy participation across investor categories. The QIB portion was subscribed 4.05 times, non-institutional investors 4.88 times, and retail investors 2.66 times. The anchor book had already raised Rs 21.06 crore on September 29 from institutional investors.


However, the absence of any premium in unofficial trading suggests that market sentiment remains cautious despite the strong headline numbers.

Priced in the band of Rs 91–96 per share, Munish Forge’s IPO comprised a fresh issue of Rs 61.02 crore and an offer for sale of Rs 12.9 crore. The minimum investment for retail investors was Rs 2.30 lakh for 2,400 shares.

Munish Forge manufactures forged and cast components including flanges, auto parts, tank tracks, bomb shells, and industrial fittings.

The company supplies critical components to the Indian Army and exports products to clients across Europe, North America, and the Middle East. Its integrated setup handles all stages — from die design and forging to machining, plating, and packaging — ensuring control over quality and delivery.

The company's revenue rose 11% to Rs 178.6 crore in FY25, while profit after tax surged more than three times to Rs 14.3 crore from Rs 4.4 crore a year earlier.

If market sentiment turns supportive, Munish Forge could still see some post-listing buying interest due to its solid fundamentals and strong institutional participation. But for now, expectations remain muted.

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