Incorporated in 2001, Forge Auto International Limited is an engineering company that forges and manufactures complex, safety-critical, forged, and precision-machined components for the auto industry (automobiles, tractors, railways) and non-auto sectors (agriculture parts, hydraulic parts, striking tools).
The company serves its customers, including domestic and global original equipment manufacturers ("OEMs") engaged in manufacturing for both the automotive and non-automotive sectors. Its products are used across various industries by a diverse customer base.
The company's revenue from the sale of machined and forging products increased from ?10951.99 lakhs in Fiscal 2021 to Rs 17664.85 lakhs in Fiscal 2023, reflecting a 27% CAGR, demonstrating its heightened focus on its products.
The company manufactures short and long forks, flange yokes, ball studs, gear blanks, and stub axle assemblies for commercial vehicles, railway bogies, tractors, agricultural equipment, and sledgehammers.
The company is certified with the following standards: ISO 9001:2015 for quality management systems, ISO 14001:2015 for environmental management systems, OHSAS 18001:2007 for occupational health and safety management systems, IATF 16949:2016 for doing business with OEMs manufacturing components in the automotive industry, and ZED GOLD by the Government of India for sustainability with Zero Effect and Zero Defect.
Competitive Strength
- The company's manufacturing facility has an installed capacity of 20000MT for forging and 25 lakh units for the machining section.
- The company has long-standing relationships with its customers because of its commitment to quality, timely delivery, prompt payments, and adaptability.
- The company has obtained certifications by the Government of India for sustainability with zero effect and zero defect for its manufacturing facility.
As of March 31, 2024, the company has an in-house sales and marketing team of 14 employees.
As of March 31, 2024, the company has 366 permanent employees in various departments.
| Purpose | Amount (₹ Cr) |
|---|---|
| To meet Working Capital requirements | — |
| Repayment of specific borrowing availed by the Company | — |
| General Corporate Purpose | — |
| Metric | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|
| Total Assets | 10,149 | 8,274 | 5,678 |
| Revenue | 18,157 | 17,764 | 13,400 |
| PAT | 669 | 496 | 264 |
| Net Worth | 2,021 | 1,660 | 1,368 |
| Reserves | 1,277 | — | — |
| Total Borrowing | 4,046 | 3,183 | 2,620 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | — | 1,365,600 (47%) | — |
| NII / HNI | — | 410,400 (14%) | — |
| Retail (RII) | — | 957,600 (33%) | — |
| Market Maker | — | 146,400 (5%) | — |
| Total | — | 2,880,000 (100%) | — |
* Amount calculated at upper price band (₹108) · ** Total includes all investor categories
- 1 Initiation of Refund 03 Oct 2024
- 2 Credit of Shares to Demat 03 Oct 2024
- Retail allocation is good at 33% of the total offering.
- HNI/NII demand is good at 14%.
- Institutional (QIB) interest is strong at 47%.
- The IPO P/E of 18x reflects a good valuation relative to typical market ranges.
- Pre-issue EPS of ₹8 compares to post-issue EPS of ₹6 after dilution.
This IPO shows moderate investor interest. Review financial details and compare valuation with industry peers before investing.
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