Metalic Technoforge IPO
ListedSME
8.47×
Subscribed
Price band
₹77 – ₹77
Issue size
₹49.96 Cr
Open – close
21 Jul 2026
to 23 Jul 2026
Listing
28 Jul 2026
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong3 of 7 dimensions read
The disclosed numbers are strong — 2 of 3 signals read positive
Strength78/100
- Priced below its peers7.1× earnings against a peer median of 64.8× — a discount to the issuer's own comparison set
- Conservative balance sheetDebt/equity of 0.33×
- Institutional book coveredQIB portion subscribed 4.58×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens21 Jul 2026
- Closes23 Jul 2026
- Listing28 Jul 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB4.58x
Non-institutionalNII / HNI17.07x
Big NIIabove ₹10L20.82x
Small NII₹2L – ₹10L9.60x
Retail individualRII7.00x
6,172 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 23 Jul 2026.
Chance of allotment
Retail7.00× subscribed
~1 in 7
Retail is 7× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 7 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII17.07× subscribed
~1 in 17.1
HNI is 17.07× subscribed. This category is allotted proportionately, so a bid receives roughly 1/17.1 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹77 – ₹77
Total issue size₹49.96 Cr
Listing atSME platform
Company & valuation
Debt / equity0.33×
ROE71.87%
ROCE31.88%
RoNW51.88%
PAT Margin12.14%
EBITDA Margin21.62%
NAV10.24
Price to Book Value7.52
ISININE1II801013
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB Shares Offered | 30,72,000 | 47.35% |
| Anchor Investor Shares Offered | 18,40,000 | 28.36% |
| QIB (Ex. Anchor) Shares Offered | 12,32,000 | 18.99% |
| NII (HNI) Shares Offered | 9,28,000 | 14.30% |
| bNII > ₹10L | 6,17,600 | 9.52% |
| sNII < ₹10L | 3,10,400 | 4.78% |
| Retail Shares Offered | 21,60,000 | 33.29% |
| Market Maker Shares Offered | 3,28,000 | 5.06% |
Total issue 64,88,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,46,4002 lots · 3,200 sh
Individual investors (IND) (Max)₹2,46,4002 lots · 3,200 sh
S-HNI (Min)₹3,69,6003 lots · 4,800 sh
S-HNI (Max)₹9,85,6008 lots · 12,800 sh
B-HNI (Min)₹11,08,8009 lots · 14,400 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted18,40,000
Anchor portion₹14.17 Cr
Bid date20 Jul 2026
Lock-in ends (50%)23 Aug 2026
Lock-in ends (rest)22 Oct 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Funding of capital expenditure requirements of the Company towards setting up of the proposed Manufacturing Unit IV and upgradation of existing units at manufacturing facility in Rajkot, Gujarat.not stated
- 02Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by our Company.not stated
- 03General Corporate Purposenot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Metalic Technoforge Limitedthis issue | 10.00 | 7.12 | 19.10 | 37.00% |
| Amic Forging Limited | 26.78 | 64.85 | 197.60 | 13.31% |
| Tirupati Forge Limited | 2.00 | 151.92 | 10.53 | 4.72% |
| Paramount Speciality Forgings Limited | 14.38 | 10.00 | 28.57 | — |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumAny failure or delay in obtaining, renewing or maintaining statutory licenses, permits and approvals required for business operations, including environmental, health and fire safety laws, may adversely affect the business, financial condition, results of operations and cash flows.
mediumAny adverse developments in Goods and Services Tax proceedings against our Promoter's former partnership firm, M/s. Vispan Traders, may require his participation in regulatory proceedings, divert his attention from the Company, and adversely affect his reputation and the Company's business, financia
mediumA significant portion of domestic revenue is derived from customers located in Gujarat, Maharashtra and Uttar Pradesh, which accounted for 62.45%, 59.22%, and 78.70% of revenue from operations for the financial years ended March 31, 2026, 2025 and 2024, respectively. Any adverse developments in thes
mediumThe demand for our products is primarily driven by the performance and capital expenditure cycles of industries operating in Gujarat, Maharashtra and Uttar Pradesh. Any adverse changes in regional economic conditions, slowdown in industrial activity, reduction in capital expenditure by OEMs and othe
Litigation
Except as stated below, there is no pending criminal litigation involving the Company, Directors, Promoter, Key Managerial Persons (KMPs) or Senior Managerial Persons (SMPs); actions taken by statutory or regulatory authorities; outstanding claims for tax liabilities; outstanding proceedings for economic offences; defaults or non-payment of statutory dues; material fraud in the last five years; inquiry, inspection or investigation under the Companies Act 2013; fines imposed or compounding of offences in the last five years; litigation or legal action against the Promoter by any ministry or Government department or statutory authority in the last five years; pending litigations involving the Company, Directors, Promoter or any other person determined to be material by the Board of Directors; or outstanding dues to creditors determined to be material by the Board of Directors. The Company, Promoter and/or Directors have not been declared wilful defaulters by the RBI or any governmental authority, have not been debarred from dealing in securities and/or accessing capital markets by the SEBI, and no disciplinary action has been taken by the SEBI or any stock exchanges. The text continues with 'OUTSTANDING LITIGATION INVOLVING OUR COMPANY, DIRECTORS, PROMOTERS and KMPs and SMPs OTHER THAN PROMOTERS AND DIRCTORS: PART 1: LITIGATION RELATING TO OUR COMPANY'.
Positives the filing discloses (1)
Low leverage
Debt-to-equity of 0.33x.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-2.2%
Listed up
1 of 8
Best
+0.4%
Papadmalji Agro Foods Limited
Worst
-17.5%
Himalayan Solar
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Green Asia Impexsame segment
1.0× sub+0.0%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Dudani Retailsame segment
1.4× sub-13.8%
Himalayan Solarsame segment
1.2× sub-17.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Metalic Technoforge IPO subscribed?
Metalic Technoforge is subscribed 8.47× overall (QIB 4.58×, NII 17.07×, retail 7.00×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar.
What are the chances of allotment in the Metalic Technoforge IPO?
The retail portion is subscribed 7.00×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 7. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.