Forge Auto International IPO Listing Details

Date of IPO Listing: Forge Auto International shares are listed on October 4, 2024.
Listing Price: The share priced at Rs 113. This is a 5% premium over the issue price of Rs 108 per share on the NSE SME platform.
IPO Issue Details:
Issue Period: The share offer opened for subscription on September 26, 2024 and close it on September 30, 2024.
Issue Size: The total issue size was Rs 31.10 crores.
Price Band: The price band for the issue of IPO was kept between Rs 102 to Rs 108 per equity share
Lot Size: The minimum lot size for application was kept at 1,200 equity shares.
Subscription: The issue was subscribed over 49 times. The retail investors, in particular, were keen to subscribe, as they have subscribed to 62 times the portion reserved for them.
Company Overview: Forge Auto International is an ISO 9001:2008 company established in the year 2001. They specialize in the forging and manufacturing of complex, safety-critical, and precision-machined components. Their clientele base includes automotive sectors like automobiles, tractors, railways and non-auto sectors like agricultural parts, hydraulic parts, and striking tools.

Use of Proceeds: The issuer intends to use the net proceeds for meeting working capital requirements, paying back specific borrowings and general corporate purposes.

Market Sentiment: There was tremendous interest in the listing. Users were discussing the listing price as well as calculating possible profits by the listing premium.

Certifications: The company has numerous ISO certifications under its name, including 9001:2015, ISO 14001:2015, OHSAS 45001:2018, IATF 16949:2016, and is also certified by ZED GOLD instituted by Government of India for focusing on quality, environment, and safety management systems.

The strong interest of investors in this IPO and its listing details is a reflection of the fact that Forge Auto International does enjoy strong fundamentals and market positioning within the auto ancillary space, especially within the SME segment.