New Delhi, 21 July (H.S.): The Rs 49.96 crore initial public offering (IPO) of manufacturing sector company Metalic Technoforge opened for subscription on Monday. Investors can place their bids for the issue until July 23. Following the closure of the issue, the share allotment is expected to be finalised on July 24, while the allotted shares will be credited to investors’ demat accounts on July 27. The company’s shares are likely to be listed on the NSE SME platform on July 28.

The IPO received a 16 per cent subscription on the first day of bidding until 11:30 am.

The company has fixed a price band of Rs 72 to Rs 77 per share for the issue, with a lot size of 1,600 shares. Retail investors are required to bid for a minimum of two lots, amounting to 3,200 shares, which requires an investment of Rs 2,46,400 at the upper price band.

Under the IPO, the company is issuing a total of 64.88 lakh fresh equity shares with a face value of Rs 10 each.

According to the issue structure, 47.35 per cent of the shares have been reserved for Qualified Institutional Buyers (QIBs), while retail investors have been allocated 33.29 per cent and Non-Institutional Investors (NIIs) have been reserved 14.30 per cent. The remaining 5.06 per cent has been kept aside for market makers.

Smart Horizon Capital Advisors Private Limited has been appointed as the book-running lead manager for the IPO, while Bigshare Services Private Limited is acting as the registrar. Shreni Shares Limited has been appointed as the market maker for the issue.

According to the Draft Red Herring Prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI), Metallic Technoforge has witnessed consistent improvement in its financial performance over recent years.

The company reported a net profit of Rs 4.26 crore in the financial year 2023-24, which increased to Rs 9.03 crore in FY 2024-25. In FY 2025-26, the company’s net profit further rose to Rs 12.36 crore.

The company also recorded growth in revenue during the same period. Its total revenue increased from Rs 51.50 crore in FY 2023-24 to Rs 75.64 crore in FY 2024-25. In FY 2025-26, the company reported revenue of Rs 97.98 crore.

However, the company’s debt burden also increased during this period. Its outstanding debt stood at Rs 10.81 crore at the end of FY 2023-24, which rose to Rs 27.97 crore in FY 2024-25 and further increased to Rs 31.78 crore in FY 2025-26.

The company’s net worth also showed significant improvement. It increased from Rs 7.72 crore in FY 2023-24 to Rs 17.40 crore in FY 2024-25 and reached Rs 33.42 crore in FY 2025-26.

The company’s reserves and surplus stood at Rs 7.37 crore in FY 2023-24, rising to Rs 16.40 crore in FY 2024-25. However, it declined marginally to Rs 15.92 crore in FY 2025-26.

The company’s EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) also improved significantly, increasing from Rs 7.29 crore in FY 2023-24 to Rs 16.08 crore in FY 2024-25. In FY 2025-26, EBITDA stood at Rs 21.95 crore.

Metalic Technoforge, which operates in the manufacturing sector, is aiming to raise capital through the IPO to support its growth plans and strengthen its market position.

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Hindusthan Samachar / Jun Sarkar