Mon Sep 30 19:39:30 UTC 2024: ## Forge Auto International IPO Subscribed Over 1 Time, Lists on NSE SME on October 4th

**Mumbai, September 26, 2024** – Forge Auto International Limited, a manufacturer of precision-engineered components for the automotive and non-automotive sectors, is gearing up for its initial public offering (IPO) on the National Stock Exchange of India’s (NSE) SME platform.

The IPO opened for subscription today and will close on Monday, September 30th, with the allotment expected to be finalized on October 1st. The company aims to raise ₹31.10 crore through the issuance of 28.8 lakh shares, priced between ₹102 and ₹108 per share.

As of 12:31 PM, the IPO has received a positive response with 1.52 times subscription in the retail category and 1.11 times in the Non-Institutional Investors (NII) category.

Forge Auto International, established in 2001, boasts a diverse clientele including both domestic and global original equipment manufacturers (OEMs). The company has achieved impressive revenue growth, registering a 27% compound annual growth rate (CAGR) from Fiscal 2021 to 2023.

The proceeds from the IPO will be utilized for meeting working capital requirements, repaying existing borrowings, and fulfilling general corporate purposes. These allocations will support the company’s operational expansion, improve liquidity, and enhance its financial flexibility.

Forge Auto International, known for its quality and sustainability certifications, operates with a forging capacity of 20,000 MT and a machining capacity of 25 lakh units. The company employs 366 permanent staff and has a sales team of 14.

The IPO is expected to be listed on NSE SME on Friday, October 4th.

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