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Forge Auto International IPO
Price Band
₹102.0–108.0
Issue Size
₹31.1 Cr
Lot Size
1,200 shares
Min Investment
₹129,600
GMP
+₹15.0 (13.89%)
Issue Price
₹108.0
Subject to Sauda
₹13700
Paid only if allotted
Forge Auto International IPO AI Summary
- Forge Auto International IPO is listed on NSE SME in the Auto Components & Equipments sector.
- Price band: ₹102.0–₹108.0 per share, lot size 1,200 shares (min. investment ₹129,600).
- Subscription window: 26 Sep–30 Sep 2024, listing on 04 Oct 2024.
- Current GMP is +₹15.0 (13.89%), an estimated listing price of ₹123 — unofficial and can change daily.
Forge Auto International Limited is an engineering firm focused on manufacturing forged components for various industries. With a strong revenue growth and profitability trend, the company is positioned for potential growth in the auto components sector. Investors should consider the associated risks and market conditions before participating in the IPO.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Forge Auto International IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 30 Sep 2024 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Forge Auto International IPO Grey Market Premium (GMP) Today
GMP
+₹15.0
GMP %
+13.89%
Est. Listing
₹123.0
Updated: 25 Jul 2026 14:03
About the Company
Incorporated in 2001, Forge Auto International Limited is an engineering company that forges and manufactures complex, safety-critical, forged, and precision-machined components for the auto industry (automobiles, tractors, railways) and non-auto sectors (agriculture parts, hydraulic parts, striking tools). The company serves its customers, including domestic and global original equipment manufacturers ("OEMs") engaged in manufacturing for both the automotive and non-automotive sectors. Its products are used across various industries by a diverse customer base. The company's revenue from the sale of machined and forging products increased from ?10951.99 lakhs in Fiscal 2021 to Rs 17664.85 lakhs in Fiscal 2023, reflecting a 27% CAGR, demonstrating its heightened focus on its products. The company manufactures short and long forks, flange yokes, ball studs, gear blanks, and stub axle assemblies for commercial vehicles, railway bogies, tractors, agricultural equipment, and sledgehammers. The company is certified with the following standards: ISO 9001:2015 for quality management systems, ISO 14001:2015 for environmental management systems, OHSAS 18001:2007 for occupational health and safety management systems, IATF 16949:2016 for doing business with OEMs manufacturing components in the automotive industry, and ZED GOLD by the Government of India for sustainability with Zero Effect and Zero Defect. Competitive Strength The company's manufacturing facility has an installed capacity of 20000MT for forging and 25 lakh units for the machining section. The company has long-standing relationships with its customers because of its commitment to quality, timely delivery, prompt payments, and adaptability. The company has obtained certifications by the Government of India for sustainability with zero effect and zero defect for its manufacturing facility. As of March 31, 2024, the company has an in-house sales and marketing team of 14 employees. As of March 31, 2024, the company has 366 permanent employees in various departments.
Company Financials (₹ Cr)
As of 2024-03-31
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|
| Assets | 101.49 | 82.74 | 56.78 |
| Total Income | 181.57 | 177.64 | 134.00 |
| Profit After Tax | 6.69 | 4.96 | 2.64 |
| NET Worth | 20.21 | 16.60 | 13.68 |
| Reserves and Surplus | 12.77 | ||
| Total Borrowing | 40.46 | 31.83 | 26.20 |
Key Ratios
EPS
₹8.32
NAV
₹25.88
ROE
35.76%
ROCE
17.60%
RoNW
32.14%
P/B Value
4.17
P/E Ratio
12.98
Market Cap
₹117.94 Cr
PAT Margin
3.71%
Debt/Equity
1.94
Peer Comparison
| Company | RoNW | P/E (x) | EPS Basic | EPS Diluted | NAV |
|---|---|---|---|---|---|
| Samrat Forgings Ltd | 9.42% | 62.34 | 5.95 | 5.95 | — |
| Happy Forgings Limited | 15.07% | 45.32 | 26.78 | 26.75 | — |
| MM Forging Limited | 17.11% | 10.34 | 55.94 | 55.94 | — |
| Balu Forge Industries Limited | 16.94% | 81.87 | 9.8 | 9.74 | — |
| Forge Auto International Limited This IPO | 32.14% | 12.98 | 10.21 | 10.21 | 25.88 |
Promoters
Parmod Gupta and Rajan Mittal
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 To meet Working Capital requirements 19.00 2 Repayment of certain borrowing availed by our Company, in part or full 5.00 3 General Corporate Purpose 4.29
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Revenue was ₹134.00 Cr in the year ending 31 Mar 2022, rising to ₹177.64 Cr by 31 Mar 2023, and further increasing to ₹181.57 Cr by 31 Mar 2024. This reflects a consistent upward trend in revenue over the periods analyzed.
Profit Trend
Profit After Tax was ₹2.64 Cr in the year ending 31 Mar 2022, increasing to ₹4.96 Cr by 31 Mar 2023, and reaching ₹6.69 Cr by 31 Mar 2024. This demonstrates a positive growth trajectory in profitability across the periods.
Valuation
At the issue price of ₹108.0, Forge Auto International Limited has an implied P/E of 12.98, compared to peers trading at P/E ratios ranging from 10.34 to 81.87.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the price at which shares are expected to trade in the unofficial market before listing. A positive GMP suggests that the market anticipates a higher listing price compared to the issue price.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's growth prospects, market conditions, and their own financial goals.
Who May Want to Wait
Investors who are risk-averse or those who prefer stable, established companies with predictable cash flows may want to avoid IPOs in the SME sector, as they can be more volatile and less predictable.
IPO Timeline, Explained
The IPO process includes several key dates: the application period opens on 26 September 2024 and closes on 30 September 2024. Allotment of shares will be done on 1 October 2024, and the shares are expected to be listed on 4 October 2024.
Listing Gains — The Risk
Listing-day gains can be influenced by market sentiment, demand for the shares, and overall market conditions. While some IPOs experience significant gains on their first day of trading, others may not perform as expected, leading to potential losses.
This evaluation is generated from Forge Auto International's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Forge Auto International IPO GMP today?
Forge Auto International IPO GMP today is +₹15.0 (13.89%), indicating an estimated listing price of ₹123. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Forge Auto International IPO?
The price band of Forge Auto International IPO is ₹102.0–₹108.0 per share.
When does Forge Auto International IPO open and close?
Forge Auto International IPO opens on 26 September 2024 and closes on 30 September 2024.
When does Forge Auto International IPO list on the stock exchange?
Forge Auto International IPO listed on 04 October 2024 at ₹123.0.
What is the lot size for Forge Auto International IPO?
The lot size for Forge Auto International IPO is 1200 shares, requiring a minimum investment of ₹129,600.
What is the lot size for this IPO?
The lot size for Forge Auto International's IPO is 1200 shares.
What is the minimum investment required?
The minimum investment required is ₹129,600.
What is the price band for the IPO?
The price band for the IPO is ₹102.0 to ₹108.0.
When is the listing date?
The listing date for the shares is 4 October 2024.
What does GMP mean?
GMP stands for Grey Market Premium, indicating the expected price at which shares may trade in the grey market before their official listing.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
26 Sep 2024
Close
30 Sep 2024
Allotment
01 Oct 2024
Listing
04 Oct 2024
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