Metalic Technoforge IPO
Castings, Forgings & Fastners • ₹49.96 Cr
High risk because:
- 5 material risk factors disclosed in DRHP
- High customer concentration flagged in the DRHP
- SME listing with thinner post-listing liquidity
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹77
Lot Size
1600 shares
Issue Size
₹49.96 Cr
Open
21 Jul 2026
Close
23 Jul 2026
Subscription
7.78×
IPO Schedule
| Issue Open Date | 21 Jul 2026 |
| Issue Close Date | 23 Jul 2026 |
| Allotment Date | 24 Jul 2026 |
| Listing Date | 27 Jul 2026 |
About Metalic Technoforge
Metalic Technoforge Limited is engaged in the manufacturing of closed die forged and precision-machined components. Its product portfolio includes big rings, small rings, ball studs, gear blanks with broaching, gears, coupling assemblies, shafts, transmission components, hydraulic application components, and other forged and machined parts used across automotive and non-automotive industries. The company primarily supplies original equipment manufacturers (OEMs) in sectors such as automobiles, tractors, commercial vehicles, agricultural equipment, hydraulic equipment, construction machinery, oil and gas, and general engineering. Its operations cover die manufacturing, forging, heat treatment, shot blasting, precision machining, testing, and quality assurance. Metalic Technoforge operates a manufacturing facility in Rajkot, Gujarat, comprising four units, three of which are operational and one planned for future expansion. The company also operates a 1 MW solar power plant in Gujarat that currently meets a portion of its manufacturing facility’s energy requirements. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Setting up manufacturing unit IV and upgradation of existing units at Rajkot, Gujarat — Rs 30.81 crore Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the company — Rs 6.72 crore General corporate purposes
Company Details
Founders / Promoters
Mr Gajipara Keyur Dhirajlal
Founded
2016
Registrar
BIGSHARE
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Investment Analysis
Metalic Technoforge — IPOFins Verdict
QuantitativeDriven by QIB demand at 4.6x and elevated disclosed risk (7/10), Metalic Technoforge listed at a premium of 13.0% to its issue price. SME listings are also thinner and more volatile after listing. The picture is mixed — treat this as one input alongside the DRHP, valuation, and your own risk appetite.
- The company claims to operate an integrated manufacturing facility in Rajkot, Gujarat, spread across approximately 5,968.51 square metres. The facility includes forging, heat treatment, machining, and
- The company manufactures a diversified range of forged and precision-machined components for multiple industries. Its products cater to the automotive, farm equipment, construction machinery, hydrauli
- The company claims to have in-house quality control and testing facilities for metallurgical and metrological testing. It states that products are inspected at multiple stages of manufacturing, and ad
- The company had a confirmed order book of approximately Rs 24.47 crore as of March 1, 2026. According to the prospectus, these orders are spread across domestic and international customers and are exp
- The company has reported a high proportion of repeat business from existing customers. During the six months ended September 30, 2025, repeat customers contributed Rs 39.28 crore of revenue from opera
Score breakdown — what drove this verdict
High risk from DRHP → score -0.8
Institutional subscription → score +1.0
Strong retail interest → score +0.5
Actual listing outcome → score +0.5
SME IPOs have lower liquidity after listing → score −0.5
Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →
IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.
Listing Performance
Issue Price
₹77
Listing Price
₹87
Listing Gain/Loss
+12.99%
Listing Date
27 Jul 2026
Price Since Listing
Returns are measured against the ₹77 issue price.
Listing
₹87
+13.0%
Current
₹116
+50.6%
Want to buy this stock?
Trade Metalic Technoforge on the secondary market
FAQ
What is the price band of Metalic Technoforge IPO?
The price band is ₹77 per share with a lot size of 1600 shares. Minimum investment: ₹1,23,200.
What does Metalic Technoforge do?
Metalic Technoforge Limited is engaged in the manufacturing of closed die forged and precision-machined components. Its product portfolio includes big rings, small rings, ball studs, gear blanks with broaching, gears, coupling assemblies, shafts, transmission components, hydraulic application components, and other forged and machined parts used across automotive and non-automotive industries. The company primarily supplies original equipment manufacturers (OEMs) in sectors such as automobiles, tractors, commercial vehicles, agricultural equipment, hydraulic equipment, construction machinery, oil and gas, and general engineering. Its operations cover die manufacturing, forging, heat treatment, shot blasting, precision machining, testing, and quality assurance. Metalic Technoforge operates a manufacturing facility in Rajkot, Gujarat, comprising four units, three of which are operational and one planned for future expansion. The company also operates a 1 MW solar power plant in Gujarat that currently meets a portion of its manufacturing facility’s energy requirements. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Setting up manufacturing unit IV and upgradation of existing units at Rajkot, Gujarat — Rs 30.81 crore Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the company — Rs 6.72 crore General corporate purposes
Should I apply for Metalic Technoforge IPO?
Metalic Technoforge listed at ₹87 (+13.0% premium to the ₹77 issue price) after 7.8x subscription. IPOFins Score 6/10: Driven by QIB demand at 4.6x and elevated disclosed risk (7/10), Metalic Technoforge listed at a premium of 13.0% to its issue price. SME listings are also thinner and more volatile after listing. The picture is mixed — treat this as one input alongside the DRHP, valuation, and your own risk appetite.
Who founded Metalic Technoforge?
Metalic Technoforge was founded by Mr Gajipara Keyur Dhirajlal in 2016.