Forging and Castings components maker Munish Forge Limited files ready to open its IPO subscription to raise up to ₹74 crore

Munish Forge Limited, a Ludhiana-based manufacturer of high-precision forged and cast components, has filed preliminary papers with markets regulator SEBI for an initial public offering (IPO) aggregating up to ₹74 crore. The IPO consists of a fresh issue of up to 63,56,800 equity shares and an offer for sale (OFS) of up to 13,44,000 equity shares by promoter shareholder Mr. Davinder Bhasin. The equity shares, with a face value of ₹10 each and price band of ₹91–₹96 per share, are proposed to be listed on the NSE Emerge platform. The IPO opens on September 30, 2025, and closes on October 3, 2025. Munish Forge proposes to use the net proceeds from the fresh issue primarily to fund capital expenditure for capacity expansion, meet working capital requirements, repay or prepay certain borrowings, and for general corporate purposes. Of the total proceeds, approximately ₹7 crore will be directed towards plant and machinery capex, ₹30 crore towards working capital, and about ₹10 crore for debt repayment. Incorporated in 1986, Munish Forge is a leading supplier to the Indian Defence, Railways oil & gas, automotive, railways, agriculture, and infrastructure sectors. Railways and defence constitute a small part of the revenue, but it will add up to 40% of the revenue in the next 2 years. The company manufactures flanges, scaffolding, auto parts, tank track chains, bomb shells, and fence posts, and is an approved supplier to the Indian Army, producing battle tank track chains and artillery bomb shells. It operates a 13-acre integrated manufacturing facility in Ludhiana with an installed capacity of 35,266 tonnes and exports to 17 countries including the USA, UK, Canada, and Europe. The company’s order book currently stands at ₹125 crore. Munish Forge employs over 750 workers and is certified to quality standards including DGAQA, NABL, ISO, ASTM, and ASME. A push to expand railways business is underway, leveraging the company’s defence-grade quality assurance and certifications. In FY25, Munish Forge reported revenue from operations of ₹175 crore and profit after tax of ₹14.3 crore. The company posted an EBITDA margin of 13.8% and its exports accounted for 60–70% of overall turnover. Munish Forge has no listed peer in India. Its diversified export profile and strong sector position set it apart in the forging and casting industry.