Closed SME IPO METALIC

Metalic Technoforge

Incorporated in 2016, Metalic Technoforge Limited is an Indian manufacturer specialising in precision-engineered forged and machined metal components. The company’s core business operations comprise forging, heat treatment, and precision machining processes. It serves domestic and international original equipment manufacturers (OEMs) across multiple industrial sectors, including farm equipment, general engineering, oil and gas, hydraulic cylinders, and construction equipment. Metalic Technoforge generates its revenue through the sale of key products such as gears, transmission components, hydraulic application parts, and general engineering components, alongside processing fees earned from custom job work services. Operating from its integrated manufacturing facilities in Rajkot, Gujarat, the company has established a specialised market presence supported by international quality certifications like IATF 16949:2016 and PED-2014/68/EU, serving prominent industrial hubs in states like Gujarat and Maharashtra, as well as export markets including Germany and the United States.

IPO Details

Complete IPO information

Current GMP ₹6
Estimated Listing Gain +7.79%
Price Band ₹72.00 - ₹77.00
Issue Price ₹77.00
Listing Price TBA
Lot Size 1,600 Shares
Issue Type SME
Issue Size Approx ₹49.96 Cr
Registrar TBA
Exchange NSE SME
Retail Quota TBA
Overall Subscription 8.47x
Listing Date 28 Jul 2026
Minimum Investment ₹2,46,400
Timeline

IPO roadmap at a glance

01
Bidding Opens 21 Jul 2026
02
Bidding Closes 23 Jul 2026
03
Allotment 24 Jul 2026
04
Listing 28 Jul 2026
Grey Market Premium

Daily GMP status

Date GMP Change Gain
23 Jul 2026 ₹0.00 - 0.00%
22 Jul 2026 ₹0.00 - 0.00%
21 Jul 2026 ₹0.00 - 0.00%
Market Lot

Application size breakdown

Category Lots Shares Amount
Retail Minimum 2 Lot 3,200 ₹2,46,400
Retail Maximum 2 Lot 3,200 ₹2,46,400
S-HNI Minimum 3 Lot 4,800 ₹3,69,600
S-HNI Maximum 8 Lot 12,800 ₹9,85,600
B-HNI Minimum 9 Lot 14,400 ₹11,08,800
Issue Notes

Important takeaways before applying

Strengths

  • Serves prominent automotive and industrial original equipment manufacturers in both domestic and international markets.
  • Houses forging, heat treatment, and precision machining processes within an integrated manufacturing system in Rajkot.
  • Holds premium international engineering accreditations including IATF 16949:2016 and pressure equipment certifications.
  • Supplies critical metal components to diverse industries, including farm equipment, hydraulics, and oil and gas sectors.
  • Utilises in-house infrastructure for tooling, die manufacturing, and specialised design simulation software.

Risks

  • Derives 64.61% of its total operational revenue from the top 10 customers.
  • Concentrates over 62% of domestic sales within Gujarat, Maharashtra, and Uttar Pradesh.
  • Depends significantly on gears and transmission components for its core revenue generation.
  • Sources a substantial majority of its raw material purchases exclusively from suppliers in Gujarat.
  • Faces high workforce instability with employee attrition rates reaching up to 24.18%.
Analysis

Metalic Technoforge IPO Details

Metalic Technoforge Limited is launching its Initial Public Offering (IPO) through the Book Building Issue route. The issue consists entirely of a fresh issue of equity shares, and the company intends to utilize the proceeds for business expansion, operational requirements, and other corporate objectives as outlined in the offer document.

The shares of Metalic Technoforge Limited are proposed to be listed on the NSE SME platform. Investors can participate in the IPO during the subscription period within the specified price band.

Particular Details
Metalic Technoforge IPO Open Date July 21, 2026
Metalic Technoforge IPO Close Date July 23, 2026
Face Value ₹10 Per Equity Share
IPO Price Band ₹72 to ₹77 Per Share
Issue Size Approx ₹49.96 Crores, 64,88,000 Equity Shares
Fresh Issue Approx ₹49.96 Crores, 64,88,000 Equity Shares
Issue Type Book Building Issue
IPO Listing NSE SME
Analysis

Metalic Technoforge IPO Reservation

Metalic Technoforge Limited has allocated its IPO shares across different investor categories in accordance with SEBI regulations for SME book-built public issues. The reservation includes allocations for Anchor Investors, Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs).

The category-wise allocation aims to provide balanced participation from institutional as well as retail investors. The detailed reservation of shares is presented below.

Investor Category Shares Offered Shares (%)
Anchor Investor 18,40,000 Shares 28.36%
QIB (Ex. Anchor) 12,32,000 Shares 18.99%
NII Shares Offered 9,28,000 Shares 14.30%
Retail Shares Offered 21,60,000 Shares 33.29%
Analysis

Metalic Technoforge IPO Anchor Investors

Metalic Technoforge Limited has scheduled the anchor investor bidding process one day before the IPO opens for public subscription. The anchor portion is reserved for eligible institutional investors and helps gauge institutional participation before the public issue.

The final list of anchor investors and the total amount raised through the anchor book will be disclosed after the bidding process is completed. Details available as per the offer document are provided below.

Particular Details
Anchor Bidding Date July 20, 2026
Anchor Investors List PDF
Shares Offered 18,40,000 Shares
Anchor Size [.] Cr.
Lock-in Period End Date (50% Shares – 30 Days) 2026
Lock-in Period End Date (Remaining 50% Shares – 90 Days) 2026
Note: The names of anchor investors, anchor issue size, and exact lock-in expiry dates will be updated after the completion of the anchor allocation process and official disclosures by the company.
Analysis

Metalic Technoforge IPO Dates

The Metalic Technoforge IPO will open for subscription on July 21, 2026 and close on July 23, 2026. During this period, eligible investors can submit their applications through the ASBA process or UPI-supported IPO platforms offered by brokers and banks.

The basis of allotment is expected to be finalized on July 24, 2026. Refunds for unsuccessful applicants and the credit of allotted shares to successful investors' demat accounts are scheduled for July 27, 2026. The equity shares of Metalic Technoforge Limited are proposed to be listed on the NSE SME platform on July 28, 2026. Investors should also note the IPO bidding cut-off time on the final day of the issue.

Event Date
IPO Open Date July 21, 2026
IPO Close Date July 23, 2026
Basis of Allotment July 24, 2026
Refunds Initiation July 27, 2026
Credit to Demat Account July 27, 2026
IPO Listing Date July 28, 2026
IPO Bidding Cut-off Time July 23, 2026 – 5:00 PM
Analysis

Metalic Technoforge IPO Promoters and Holding Pattern

The promoters of Metalic Technoforge Limited are Mr. Gajipara Keyur Dhirajlal, Mr. Trambadiya Dhaval Vrajlal, Mr. Vadodariya Satish Rameshbhai, Mr. Kapadiya Vipul K, Mr. Rupapara Jay Rameshbahi, Mr. Gajipara Ronakkumar Mansukhbhai, and Ms. Ekta Satish Vadodariya. The promoter group has been instrumental in the company's growth and continues to play a key role in its strategic direction and operations.

Before the IPO, the promoters hold a significant majority stake in the company. Following the fresh issue of equity shares, their shareholding will decrease due to equity dilution, while they are expected to continue maintaining a controlling interest in Metalic Technoforge Limited.

Particular Shares % Share
Promoter Holding Pre Issue 1,74,96,400 83.62%
Promoter Holding Post Issue 2,39,84,400 61.00%
Note: The post-issue promoter shareholding reflects dilution resulting from the fresh issue of equity shares under the IPO. Despite the reduction in percentage ownership, the promoter group is expected to remain the controlling shareholder after listing.
Analysis

Metalic Technoforge IPO Objects of the Issue & Utilisation of Proceeds

Metalic Technoforge Limited plans to utilize the net proceeds from its IPO to expand its manufacturing capabilities, strengthen its financial position, and support future business growth. A significant portion of the funds will be invested in establishing a new manufacturing unit and upgrading existing production facilities in Rajkot, Gujarat.

The company also intends to reduce its debt burden by repaying a part of its secured borrowings. The remaining funds, if any, will be used for general corporate purposes, providing additional flexibility for operational and strategic business requirements.

Purpose Amount
Funding of capital expenditure towards setting up the proposed Manufacturing Unit IV and upgradation of existing manufacturing units at Rajkot, Gujarat ₹30.81 Crores
Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company ₹6.72 Crores
General Corporate Purpose ₹-
Note: The proposed utilization of IPO proceeds is based on the company's offer document. The actual deployment of funds may vary depending on business requirements and will be carried out in accordance with applicable regulatory guidelines.
Analysis

About Metalic Technoforge IPO


Metalic Technoforge Ltd., founded in October 2016, is one of the leading manufacturers of closed-die forged and precision machined components. Its product range comprises safety-critical forged and precision-machined products, including big and small rings, ball studs, gear blanks with broaching, gears, coupling assemblies, and other critical components. Its products cater to national and international OEMs in various automotive and non-automotive sectors. 


In automotive OEMs, it includes automobiles, tractors, and commercial vehicles. Non-automotive OEMs include manufacturers of agricultural equipment, hydraulic equipment, construction machinery, and general engineering products. Its manufacturing facility is located in Rajkot, Gujarat. As of 2026, Metallic Technoforge had an order book of ₹2,447.06 lakhs.

Analysis

Metalic Technoforge IPO Company Financial Report

Metalic Technoforge Limited has reported consistent financial growth over the past four financial years. The company has witnessed a steady increase in revenue, profitability, and asset base, reflecting improved operational efficiency and expansion of its manufacturing business ahead of the proposed IPO.

The financial highlights below present the company's revenue, expenses, profit after tax (PAT), and total assets for the recent financial years. These figures help investors evaluate the company's historical financial performance before investing in the IPO.

Period Ended Revenue Expense PAT Assets
2023 ₹47.13 ₹45.39 ₹1.26 ₹21.23
2024 ₹51.50 ₹45.58 ₹4.26 ₹33.67
2025 ₹75.64 ₹63.05 ₹9.03 ₹65.10
2026 ₹97.98 ₹80.35 ₹12.36 ₹92.09
Amount in ₹ Crores: The above financial information is based on the company's reported financial statements and is intended to provide investors with an overview of Metalic Technoforge Limited's financial performance prior to the IPO.
Analysis

Metalic Technoforge IPO Valuation – FY2026

Metalic Technoforge Limited has delivered strong financial performance during FY2026, supported by healthy profitability and improved operating margins. Important valuation indicators such as Earnings Per Share (EPS), Return on Equity (ROE), Return on Net Worth (RoNW), Net Asset Value (NAV), Debt-to-Equity Ratio, and EBITDA Margin provide investors with a clear picture of the company's financial position before the IPO.

The following valuation metrics are based on the latest available financial statements and can be used by investors to compare Metalic Technoforge Limited with other companies operating in the engineering and manufacturing sector.

KPI Values
ROE 48.66%
ROCE 30.38%
EBITDA Margin 22.97%
PAT Margin 12.94%
Debt to Equity Ratio 0.95
Earning Per Share (EPS) ₹7.12 (Basic)
Price/Earning (P/E) Ratio N/A
Return on Net Worth (RoNW) 37.00%
Net Asset Value (NAV) ₹19.10
Note: The above valuation metrics are derived from the FY2026 financial statements of Metalic Technoforge Limited. Investors should evaluate these figures along with the IPO pricing, peer comparison, business fundamentals, and future growth prospects before making an investment decision.
Analysis

Metalic Technoforge IPO Peer Group Comparison

Comparing Metalic Technoforge Limited with listed companies in the forging and engineering industry helps investors understand how the company stands in terms of profitability, valuation, net worth, and overall financial performance. Metrics such as EPS, P/E Ratio, RoNW, NAV, and total income provide useful benchmarks while evaluating the IPO.

The following table presents the financial and valuation details of selected peer companies operating in a similar business segment.

Company EPS P/E Ratio RoNW % NAV Income
Amic Forging Limited 26.78 66.91 13.31% 197.60 – Cr.
Tirupati Forge Limited 0.51 135.43 4.72% 10.53 – Cr.
Paramount Speciality Forgings Limited 2.16 14.93 7.57% 28.57 – Cr.
Note: The peer comparison is intended to provide a reference for evaluating Metalic Technoforge Limited alongside similar listed companies. Investors should also consider business model, growth potential, operational scale, and future earnings prospects in addition to these financial metrics.
Analysis

IPO Lead Managers aka Merchant Bankers

  • Smart Horizon Capital Advisors Pvt. Ltd. 
FAQ

Metalic Technoforge IPO FAQs

Metalic Technoforge IPO GMP today is Rs 6. Investors can use this GMP along with price band and subscription status for a better IPO review.
Metalic Technoforge IPO price band is Rs 72.00 to Rs 77.00. Check the latest issue price, lot size and GMP together before applying.
Metalic Technoforge IPO open date is 21 Jul 2026, close date is 23 Jul 2026, and listing date is 28 Jul 2026.
Metalic Technoforge IPO lot size is 1,600 shares. The minimum retail investment is Rs 2,46,400.
Metalic Technoforge is classified as a SME IPO. This helps investors quickly understand the issue category and exchange segment.
Metalic Technoforge IPO subscription status currently shows Retail 7x, QIB 4.58x, Overall 8.47x.
Incorporated in 2016, Metalic Technoforge Limited is an Indian manufacturer specialising in precision-engineered forged and machined metal components. The company’s core business operations comprise forging, heat treatment, and precision machining processes. It serves domestic and international original equipment manufacturers (OEMs) across multiple industrial sectors, including farm equipment, general engineering, oil and gas, hydraulic cylinders, and construction equipment. Metalic Technoforge generates its revenue through the sale of key products such as gears, transmission components, hydraulic application parts, and general engineering components, alongside processing fees earned from custom job work services. Operating from its integrated manufacturing facilities in Rajkot, Gujarat, the company has established a specialised market presence supported by international quality certifications like IATF 16949:2016 and PED-2014/68/EU, serving prominent industrial hubs in states like Gujarat and Maharashtra, as well as export markets including Germany and the United States.
Metalic Technoforge IPO issue size is 49.96 and the expected allotment date is 24 Jul 2026.