Forge Auto International IPO: Issue booked over 49 times on last day; check subscription status & more

Forge Auto International Limited IPO saw strong demand from subscribers on the last day of bidding on Monday, September 30. The NSE SME issue was booked over 49 times led by strong retail demand.

The initial public offering of Forge Auto International received bids for over 9.45 crore shares against the 19.15 lakh shares on offer, leading to an overall subscription of 49.35 times across categories.

Retail investors booked their quota by 61.95 times with applications for over 5.93 crore shares as compared to the 9.57 lakh shares set aside for the category. The Non-Institutional Investors (NIIs) submitted bids for 2.41 crore shares against the 4.1 lakh shares reserved for them, oversubscribing their quota by 58.9 times.

The Qualified Institutional Buyers (QIBs) applied for 1.1 crore shares in comparison to the 5.47 lakh shares set aside for them. The QIBs’ category was subscribed 20.12 times.

Forge Auto International IPO offer size, price band and other details

Forge Auto International IPO was a book-building issue worth ₹31.1 crore. The public offer consisted of an entirely fresh issue of 28.8 lakh shares.

Forge Auto International IPO price band was set at ₹102 to ₹108 per share. Retail investors had to bid for at least 1200 shares in a lot, taking the minimum investment to ₹1,29,600.

Forge Auto International IPO allotment status and listing date

The subscription period for the Forge Auto International IPO opened on September 26 and closed on September 30.

After a strong subscription, Forge Auto International IPO share allotment date is tentatively fixed on Tuesday, October 1. Refunds for unsuccessful bidders will be processed on Thursday, October 3, while successful bidders will receive shares in their Demat accounts the same day.

The tentative listing date for Forge Auto International IPO is October 4. Shares of Forge Auto International Limited will be listed on the NSE SME platform.

Forge Auto International IPO registrar

Bigshare Services Pvt Ltd is the registrar for the Forge Auto International IPO, while Hem Securities Limited is the book-running lead manager for the offer.

Forge Auto International IPO objectives

The net proceeds from the fresh issue of Forge Auto International IPO will be used to meet working capital requirements and repay existing debts. A portion of the funds will also be allocated to general corporate purposes.

About Forge Auto International Limited

Forge Auto International Limited is an engineering company that manufactures safety-critical, forged, and precision-machined components for automotive (vehicles, tractors, railways) and non-automotive sectors (agriculture, hydraulics). The company’s diverse customer base includes domestic and global original equipment manufacturers (OEMs). The company has a forging capacity of 20,000 MT and a machining capacity of 25 lakh units.