Munish Forge Ltd IPOMUNISH

The IPO opens on 30 Sept 2025 & closes on 03 Oct 2025.

Munish Forge Limited was initially established by the Promoter, Mr. Davinder Bhasin, under the name of 'Gaisu Forge Private Limited with the main object in manufacturing forged components like cycle parts, electrical insulator parts and metalwork on July 25, 1986 with the Registrar of Companies, Punjab, Himachal Pradesh & Chandigarh. The Company changed the name from Gaisu Forge Private Limited to Munish Forge Limited, transitioning from a private to a public entity, marking a significant milestone in growth by the addition of new products like Flange, further expanding its business operations on May 3, 1995. The Company restructured again and changed its status from a Limited Company to a Private Limited Company as Munish Forge Private Limited in 2002. Subsequently, Company was again converted from a Private Limited to Public Limited and the name of the Company was changed from 'Munish Forge Private Limited' to 'Munish Forge Limited' and a Fresh Certificate of Incorporation was issued on December 17, 2024. At present, Company is engaged in manufacture of forging and casting components like Flanges, Scaffolding, Auto parts, tank tracks chains, bomb shells, fence post to Indian Army and various industries such as Defence, Oil and Gas, Tractor, Automobile, Construction and Infrastructure. As a key supplier to the Indian Army, it produces battle tank track chains and bomb shells. The Company has established itself as a trusted supplier in the Defence sector. Starting with a single machine shop, it has grown into a powerhouse, manufacturing critical components for the Indian Army, such as Battle Tank Track Chains and Bomb Shells. Starting from April 1, 2024, Munish achieved a significant milestone by initiating operations in its new casting division at Dev Arjuna Cast and Forge Private Limited (DACF) now known as Munish Forge Casting Division. This strategic expansion involved acquiring all plant and machinery from DACF and leasing its land to establish a casting facility. This move enabled Munish to venture into the production of intricate components, such as specialized track chains or JCB parts that are challenging to forge. With ongoing projects and approvals from Defence authorities, Company contribute to India's Defense capabilities while serving clients across developed markets like the USA, UK, Canada, and Europe. Company is planning to launch an IPO by issuing 77,00,800 equity shares of Rs 10 each comprising a fresh issue of 63,56,800 equity shares and 13,44,000 equity shares through offer for sale.

Munish Forge Ltd IPO will close on 03 Oct 2025.

<ul><li>Experienced Promoters.</li><li>Integrated manufacturing facility.</li><li>Quality Assurance and Control.</li><li>Quality Driving Global Reach.</li><li>Financial Track Record.</li><li>Relationship with our Customers.</li><li>Raw Material Risk.</li><li>Manufacturing Capacity.</li><li>Global Presence.</li><li>In-house manufacturing facility with equipped technologies and processes.</li><li>Market Risk.</li><li>Regulatory Risks.</li><li>Operation Risk.</li><li>International Operations Risks.</li><li>Manufacturing and Labor Risks.</li><li>Leadership Dependence.</li><li>Competitive Risks.</li><li>Litigation risks.</li></ul>

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Davinder Bhasin</td> <td>12385330</td> <td>69.92</td> <td>11041330</td> <td>45.87</td> </tr> <tr> <td>2</td> <td>Dev Arjun Bhasin</td> <td>952000</td> <td>5.37</td> <td>952000</td> <td>3.96</td> </tr> <tr> <td>3</td> <td>Minakshi Bhasin</td> <td>1061225</td> <td>5.99</td> <td>1061225</td> <td>4.41</td> </tr> <tr> <td>4</td> <td>Munish Promoters & Developers</td> <td>1983305</td> <td>11.2</td> <td>1983305</td> <td>8.24</td> </tr> <tr> <td>5</td> <td>Dev Arjuna Enterprises Pvt ltd</td> <td>1332000</td> <td>7.52</td> <td>1332000</td> <td>5.53</td> </tr> <tr> <td>6</td> <td>Vishesh Kumar</td> <td>1</td> <td>---</td> <td>1</td> <td>---</td> </tr> </tbody> </table>

<ul><li>Our existing international operations and our plans to expand into additional overseas markets are subject to various business, economic, political, regulatory and legal risks.</li><li>The Company is dependent on few numbers of customers for sales. The loss of any of these large customers may affect our revenues and profitability.</li><li>Our Promoter and Directors play a key role in our functioning and we heavily rely on their knowledge and experience in operating our business and therefore, it is critical for our business that our Promoter and Directors remain associated with us.</li><li>There are certain discrepancies / errors noticed in some of our corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future for non-compliance with provisions of corporate and other law could impact the financial position of the Company to that extent.</li><li>Unforeseen natural disasters or man-made incidents could disrupt operations, damage infrastructure, or result in data loss, potentially leading to downtime, increased costs, regulatory penalties, or a loss of investor confidence.</li><li>We have provided bank guarantees to third parties for business operations and statutory compliance. While these guarantees support business activities, they also expose the Company to financial, operational, and regulatory risks. if materialized, could adversely affect our financial condition.</li><li>Our company maintains high inventory levels, and any changes in the business model may lead to the scrapping of this inventory.</li><li>Our Company has a negative cash flow in its operating activities for the nine months period ended December 31, 2024, investing activities for the nine months period ended December 31, 2024, for the financial year ended on March 31, 2024 and March 31, 2023, and Financing activities for the financial years ended March 31, 2024, March 31, 2023 and March 31, 2022, details of which are given below. Sustained negative cash flow could impact our growth and business.</li><li>Our business depends on our manufacturing facility and the loss of or shutdown of operations of the manufacturing facility on any grounds could adversely affect our business or results of operations. Further, our business involves usage of manpower and any unavailability of our employees or any strikes, work stoppages may have an adverse impact on our cash flows and results of operations.</li><li>We are exposed to counterparty credit risk and any delay in receiving payments or non-receipt of payments may adversely impact our business, financial condition, cash flows and results of operations.</li><li>A high employee attrition rate can significantly disrupt our business operations and hinder overall performance.</li><li>Our manufacturing capacity may not correspond precisely to our customers' demands. An inability to effectively utilize our manufacturing capacities may affect our business, results of operations, cash flows and financial condition.</li><li>We have had certain inaccuracy in relation to regulatory filings and our company has made non-compliances of certain provision under applicable law.</li><li>Our funding requirements and proposed deployment of the Net Proceeds are based primarily on management estimates and assumptions and have not been appraised by any bank or financial institution or any other independent agency. The utilization of the Net Proceeds may be subject to change based on various factors, some of which are beyond our control and such utilisation may not generate expected future revenues or profits after utilisation. Further, any change or variation in the utilization of Net Proceeds from the terms and conditions stated in this Draft Red Herring Prospectus shall be subject to compliance requirements, including among other things, prior Shareholders' approval.</li><li>Exchange rate fluctuations may adversely affect our business, financial conditions, cash flows and results of operations.</li><li>Our insurance coverage may not be adequate or we may incur uninsured losses or losses in excess of our insurance coverage which may impact on our financial condition, cash flows and results in operations.</li><li>We have certain contingent liabilities as on date of this Draft Red Herring Prospectus that have not been provided in our Company's financials which if materialized, could adversely affect our financial condition.</li><li>Orders placed by customers may be delayed, modified, cancelled or not fully paid for by our customers, which may have an adverse effect on our business, financial condition and results of operations.</li><li>We are dependent on third parties for the transportation and timely delivery of our products to customers. Any failure by or loss of a third party transport service provider could result in delays and increased costs, which may adversely affect our business.</li><li>We have in the past entered into related party transactions and may continue to do so in the future.</li><li>We are subject to strict performance requirements, including, but not limited to, quality and delivery, by our customers, and any failure by us to comply with these performance requirements may lead to the cancellation of existing and future orders, recalls or warranty and liability claims.</li><li>Absence of Registration of Secured Loan Charges on the MCA Portal.</li><li>Any failure to compete effectively in the highly competitive forged and machined components industry could have a material adverse effect on our business, financial condition, results of operations and cash flows.</li><li>Our Company, our Promoters, Directors and Group Companies are involved in certain legal proceedings. Any adverse decision in such proceedings may render us/them liable to liabilities/penalties and may adversely affect our business and results of operations.</li><li>Introduction of alternative technology in manufacturing by our competitors may reduce demand for our existing products and may adversely affect our profitability and business prospects.</li><li>Compliance with and changes in safety, health and environment laws and regulations may adversely affect our business, prospects, financial condition and results of operations.</li><li>We are exposed to the risk of increase in the price of our raw materials and dependence on suppliers for supply of the raw materials. Further, if we are unable to source quality raw materials required for our business at competitive prices, our business, results of operations and profitability may be adversely affected.</li><li>Our business is operating under various laws which require us to obtain approvals from the concerned statutory/regulatory authorities in the ordinary course of business and our inability to obtain, maintain or renew requisite statutory and regulatory permits and approvals for our business operations could materially and adversely affect our business, prospects, results of operations and financial condition.</li><li>Our Company has unsecured loans which are repayable on demand. Any demand from lenders for repayment of such unsecured loans may adversely affect our cash flows.</li><li>If we are unable to source business opportunities effectively, we may not achieve our financial objectives.</li><li>Our Promoters has provided a personal guarantee for loans availed by us.</li><li>We are heavily dependent on machinery for our operations. Any breakdown of our machinery will have a significant impact on our business, financial results and growth prospects.</li><li>We may not be able to realise the amounts, partly or at all, reflected in our Order Book which may materially and adversely affect our business, prospects, reputation, profitability, financial condition and results of operation.</li><li>We do not have firm commitment agreements with our customers. If our customers choose not to source their requirements from us, there may be a material adverse effect on our business, financial condition, cash flows and results of operations.</li><li>Misconduct or errors by manpower engaged by us could expose us to business risks or losses that could adversely affect our business prospects, results of operations and financial condition.</li><li>Major fraud lapses of internal control, system failures, theft, employee negligence or similar incidents could adversely impact the company's business.</li><li>Our Promoters, Directors and Key Management Personnel have interest in our Company, other than reimbursement of expenses incurred or remuneration.</li><li>There are no alternate arrangements for meeting our requirements for the Objects of the Offer. Any shortfall in raising / meeting the same could adversely affect our growth plans, operations and financial performance.</li><li>Delays or defaults in payments from our clients could result into a constraint on our cash flows. The efficiency and growth of our business depends on timely payments received from our clients.</li><li>Our actual results could differ from the estimates and projections used to prepare our financial statements.</li><li>Our ability to pay dividends in the future will depend upon our future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in our financing arrangements.</li><li>Our future funds requirements, in the form of fresh issue of capital or securities and/or loans taken by us, may be prejudicial to the interest of the shareholders depending upon the terms on which they are eventually raised.</li><li>There is no guarantee that our Equity Shares will be listed on the Stock Exchanges in a timely manner or at all.</li><li>The requirements of being a public listed company may strain our resources and impose additional requirements.</li><li>QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid and Retail Individual Investors are not permitted to withdraw their Bids after Bid/Issue Closing Date.</li><li>There are restrictions on daily/weekly/monthly movements in the price of the Equity Shares, which may adversely affect a shareholders' ability to sell, or the price at which it can sell, Equity Shares at a point in time.</li><li>After this Issue, the price of the Equity Shares may be highly volatile, or an active trading market for the Equity Shares may not develop.</li><li>Industry information included in this Draft Red Herring Prospectus has been derived from publicly available industry reports and/or websites. There can be no assurance that such third-party statistical financial and other industry information is either complete or accurate.</li><li>You will not be able to sell immediately on Stock Exchange any of the Equity Shares you purchase in the Offer until the Offer receives appropriate trading permissions.</li><li>The Offer price of our Equity Shares may not be indicative of the market price of our Equity shares after the Offer.</li><li>Sale of Equity Shares by our Promoters or other significant shareholder(s) may adversely affect the Trading price of the Equity Shares.</li><li>Changes in government regulations or their implementation could disrupt our operations and adversely affect our business and results of operations.</li><li>Changing regulations in India could lead to new compliance requirements that are uncertain. The regulatory environment in which we operate is evolving and is subject to change.</li><li>Malpractices by some players in the industry affect overall performance of emerging Companies.</li><li>Any downgrading of India's sovereign rating by as independent agency may harm our ability to raise financing.</li><li>Our existing international operations and our plans to expand into additional overseas markets are subject to various business, economic, political, regulatory and legal risks.</li><li>The Company is dependent on few numbers of customers for sales. The loss of any of these large customers may affect our revenues and profitability.</li><li>There are certain discrepancies / errors noticed in some of our corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future for non-compliance with provisions of corporate and other law could impact the financial position of the Company to that extent.</li><li>Our Promoter and Directors play a key role in our functioning and we heavily rely on their knowledge and experience in operating our business and therefore, it is critical for our business that our Promoter and Directors remain associated with us.</li><li>Our Promoter Group and Group Companies operate in the same line of business, which may result in potential competition or conflict of interest.</li><li>Our company maintains high inventory levels, and any changes in the business model may lead to the scrapping of this inventory.</li><li>We are heavily dependent on machinery for our operations. Any breakdown of our machinery will have a significant impact on our business, financial results and growth prospects.</li><li>Our manufacturing capacity may not correspond precisely to our customers' demands. An inability to effectively utilize our manufacturing capacities may affect our business, results of operations, cash flows and financial condition.</li><li>Our business is operating under various laws which require us to obtain approvals from the concerned statutory/regulatory authorities in the ordinary course of business and our inability to obtain, maintain or renew requisite statutory and regulatory permits and approvals for our business operations could materially and adversely affect our business, prospects, results of operations and financial condition.</li><li>We are exposed to counterparty credit risk and delays, modifications, or cancellations of customer orders, which may adversely impact our business, financial condition, cash flows, and results of operations.</li><li>Other than Registered office, all the other properties is occupied by us on a lease basis. Disruption of our rights as lessee or termination of the agreements with our lessor would adversely impact our operations and, consequently, our business.</li><li>We have had certain inaccuracy in relation to regulatory filings and our company has made non-compliances of certain provision under applicable law.</li><li>Our Promoters and Promoter Group will be able to exercise significant influence and control over our operations after the offer and may have interests that are different from those of our other shareholders.</li><li>Exchange rate fluctuations may adversely affect our business, financial conditions, cash flows and results of operations.</li><li>Our insurance coverage may not be adequate or we may incur uninsured losses or losses in excess of our insurance coverage which may impact on our financial condition, cash flows and results in operations.</li><li>We have certain contingent liabilities as on date of this Red Herring Prospectus that have not been provided in our Company's financials which if materialized, could adversely affect our financial condition.</li><li>We have certain amount of outstanding indebtedness, which requires significant cash flows to service and are subject to certain conditions and restrictions in terms of our financing arrangements, which restricts our ability to conduct our business and operations in the manner we desire.</li><li>We are dependent on third parties for the transportation and timely delivery of our products to customers. Any failure by or loss of a third party transport service provider could result in delays and increased costs, which may adversely affect our business.</li><li>We have in the past entered into related party transactions and may continue to do so in the future.</li><li>Fluctuations in our working capital turnover ratio may impact our liquidity and financial condition.</li><li>Technology Failures Could Disrupt Our Operations and Impact Our Financial Performance</li><li>We operate in a competitive industry where pricing is a key consideration for our customers, many of whom are large, well-established players with significant bargaining power. In certain cases, especially in long-term supply arrangements or bulk orders, customers may demand price reductions, tighter cost controls, or fixed pricing structures that do not account for rising input costs.</li><li>Dependency on the performance of certain industries may adversely affect our business, results of operations and financial condition.</li><li>We do not have firm commitment agreements with our customers. If our customers choose not to source their requirements from us, there may be a material adverse effect on our business, financial condition, cash flows and results of operations.</li><li>Rapid changes in Technology may render our existing processes obsolete or require significant capital Investments.</li><li>Volatility in raw material prices may adversely affect our cost structure and financial performance.</li><li>We are dependent on certain key suppliers for the supply of raw materials, and any disruption in their operations or our relationship may adversely affect our business.</li><li>The average cost of acquisition of Equity Shares by the Promoters including Selling Shareholder may be less than the Offer price.</li><li>Potential Challenges Arising from Directors' having limited Experience in Listed Companies.</li><li>We have significant power and fuel requirements for continuous running of our factories. Any disruption to our operations on account of interruption in power and fuel supply or any irregular or significant hike in power tariffs may have an effect on our business, results of operations and financial condition.</li><li>Our manufacturing operations are currently concentrated in Ludhiana, Punjab. This concentration of manufacturing facilities one region, subjects us to various risks, including but not limited to the following risks</li><li>We may not be able to realise the amounts, partly or at all, reflected in our Order Book which may materially and adversely affect our business, prospects, reputation, profitability, financial condition and results of operation.</li><li>Unforeseen natural disasters or man-made incidents could disrupt operations, damage infrastructure, or result in data loss, potentially leading to downtime, increased costs, regulatory penalties, or a loss of investor confidence.</li><li>Misconduct or errors by manpower engaged by us could expose us to business risks or losses that could adversely affect our business prospects, results of operations and financial condition.</li><li>Any failure to register or renew the registration of any registered intellectual properties may affected the right to use such intellectual properties or allow others to use company's products and designs as available in the public domain, without consent which may adversely affect our business, financial condition and reputation/goodwill of the Company.</li><li>We operate in a labor-intensive industry and are subject to stringent labor laws and any strike, work stoppage or increased wage demand by our employees or any other kind of disputes with our employees. Our Company's processing activities are labor intensive and depend on availability of skilled and unskilled employee in large numbers.</li><li>Our manufacturing activities involve operational hazards that may result in injury to personnel, damage to property, or disruption in operations, which could adversely affect our reputation, business, financial condition, and results of operations.</li><li>We exports our products to out side countries and generate certain percentage of revenue from export for the last three years and the stub period. Failure to successfully supply our products outside India could adversely affect our business operations.</li><li>We have provided bank guarantees to third parties for business operations and statutory compliance. While these guarantees support business activities, they also expose the Company to financial, operational, and regulatory risks. if materialized, could adversely affect our financial condition.</li><li>Our Company has a negative cash flow in its investing activities for the financial year ended on March 31, 2025, March 31, 2024 and March 31, 2023, and Financing activities for the financial years ended March 31, 2024, March 31, 2023, details of which are given below. Sustained negative cash flow could impact our growth and business.</li><li>Import of machinery from foreign countries exposes us to various risks, and any delay in procurement may adversely affect our Business, financial condition, results of operations and cash flows</li><li>Our business depends on our manufacturing facility and the loss of or shutdown of operations of the manufacturing facility on any grounds could adversely affect our business or results of operations. Further, our business involves usage ofmanpower and any unavailability of our employees or any strikes, work stoppages may have an adverse impact on our cash flows and results of operations.</li><li>A high employee attrition rate can significantly disrupt our business operations and hinder overall performance.</li><li>Our funding requirements and proposed deployment of the Net Proceeds are based primarily on management estimates and assumptions and have not been appraised by any bank or financial institution or any other independent agency. The utilization of the Net Proceeds may be subject to change based on various factors, some of which are beyond our control and such utilisation may not generate expected future revenues or profits after utilisation. Further, any change or variation in the utilization of Net Proceeds from the terms and conditions stated in this Red Herring Prospectus shall be subject to compliance requirements, including among other things, prior Shareholders' approval.</li><li>We are subject to strict performance requirements, including, but not limited to, quality and delivery, by our customers, and any failure by us to comply with these performance requirements may lead to the cancellation of existing and future orders, recalls or warranty and liability claims.</li><li>Absence of Registration of Secured Loan Charges on the MCA Portal.</li><li>Any failure to compete effectively in the highly competitive forged and machined components industry could have a material adverse effect on our business, financial condition, results of operations and cash flows.</li><li>Our Company, our Promoters, Directors and Group Companies are involved in certain legal proceedings. Any adverse decision in such proceedings may render us/them liable to liabilities/penalties and may adversely affect our business and results of operations.</li><li>Introduction of alternative technology in manufacturing by our competitors may reduce demand for our existing products and may adversely affect our profitability and business prospects.</li><li>Compliance with and changes in safety, health and environment laws and regulations may adversely affect our business, prospects, financial condition and results of operations</li><li>Our Company has unsecured loans which are repayable on demand. Any demand from lenders for repayment of such unsecured loans may adversely affect our cash flows.</li><li>If we are unable to source business opportunities effectively, we may not achieve our financial objectives.</li><li>Our Promoters has provided a personal guarantee for loans availed by us.</li><li>Major fraud lapses of internal control, system failures, theft, employee negligence or similar incidents could adversely impact the company's business.</li><li>Our Promoters, Directors and Key Management Personnel have interest in our Company, other than reimbursement of expenses incurred or remuneration.</li><li>There are no alternate arrangements for meeting our requirements for the Objects of the Offer. Any shortfall in raising / meeting the same could adversely affect our growth plans, operations and financial performance</li><li>Our actual results could differ from the estimates and projections used to prepare our financial statements.</li><li>Our ability to pay dividends in the future will depend upon our future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in our financing arrangements.</li><li>Our future funds requirements, in the form of fresh issue of capital or securities and/or loans taken by us, may be prejudicial to the interest of the shareholders depending upon the terms on which they are eventually raised.</li><li>There is no guarantee that our Equity Shares will be listed on the Stock Exchanges in a timely manner or at all.</li><li>The requirements of being a public listed company may strain our resources and impose additional requirements.</li><li>QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid and Individual Investors are not permitted to withdraw their Bids after Bid/Issue Closing Date.</li><li>There are restrictions on daily/weekly/monthly movements in the price of the Equity Shares, which may adversely affect a shareholders' ability to sell, or the price at which it can sell, Equity Shares at a point in time.</li><li>After this Issue, the price of the Equity Shares may be highly volatile, or an active trading market for the Equity Shares may not develop.</li><li>Industry information included in this Red Herring Prospectus has been derived from publicly available industry reports and/or websites. There can be no assurance that such third-party statistical financial and other industry information is either complete or accurate.</li><li>You will not be able to sell immediately on Stock Exchange any of the Equity Shares you purchase in the Offer until the Offer receives appropriate trading permissions.</li><li>The Offer price of our Equity Shares may not be indicative of the market price of our Equity shares after the Offer.</li><li>Sale of Equity Shares by our Promoters or other significant shareholder(s) may adversely affect the Trading price of the Equity Shares.</li><li>Changes in government regulations or their implementation could disrupt our operations and adversely affect our business and results of operations.</li><li>Changing regulations in India could lead to new compliance requirements that are uncertain. The regulatory environment in which we operate is evolving and is subject to change.</li><li>Malpractices by some players in the industry affect overall performance of emerging Companies.</li></ul>

The Issue type of Munish Forge Ltd is Book Building - SME.

The minimum application for shares of Munish Forge Ltd is 2400.

The total shares issue of Munish Forge Ltd is 7700400.

Initial public offer of 77,00,400* equity shares of face value of Rs. 10/- each (the "Equity Shares") of Munish Forge Limited ("the Company" or "the Offer") for cash at a price of Rs. 96 per equity share including a share premium of Rs. 86 per equity share (the "Offer Price") aggregating to Rs.73.92 Crore ("the Offer") comprising of fresh offer of 63,56,400 equity shares aggregating to Rs. 61.02 Crore ("Fresh Offer") and an offer sale of 13,44,000 equity shares by Mr. Davinder bhasin ("Selling Shareholder") aggregating to Rs. 12.90 Crore ("Offer for Sale")("Public Offer"). the offer includes a reservation of 3,85,200 equity shares aggregating to Rs. 3.70 Crore will be reserved for subscription by market maker to the offer (the "Market Maker Reservation Portion"). the offer less the market maker reservation portion i.e. net offer of 73,15,200 equity shares aggregating to Rs. 70.23 Crore ( The "Net Offer"). Price Band: Rs. 91/- to Rs. 96/- for equity share of face value of Rs. 10 each. The floor price is 9.10 times times the face value and cap price is 9.60 times of the face value of the equity shares. Bids can made for a minimum of 2,400 equity shares and in multiples of 1,200 equity shares thereafter.