Advance Technoforge IPO
Advance Technoforge IPO was a Fixed Price SME Issue of ₹24.03 crore comprising an entirely Fresh Issue of 25,29,600 equity shares. The issue price was fixed at ₹95 per share, with a lot size of 1,200 shares.
Advance Technoforge IPO Details
Advance Technoforge IPO opened for subscription on 27 July 2026 and closed on 29 July 2026. The basis of allotment was finalised on 30 July 2026, refunds and credit of shares to Demat were completed on 31 July 2026, and the shares were listed on BSE SME on 3 August 2026.
Advance Technoforge IPO GMP
Advance Technoforge IPO GMP was reported at around ₹4 near the listing date. GMP is unofficial grey-market information and is not an official exchange price or a guaranteed indicator of listing performance. The shares ultimately listed at ₹94 against the issue price of ₹95.
Advance Technoforge IPO Timeline (Tentative)
Advance Technoforge IPO opened on 27 July 2026 and closed on 29 July 2026. The basis of allotment was finalised on 30 July 2026, refunds and credit of shares to Demat were initiated on 31 July 2026, and the shares were listed on BSE SME on 3 August 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Mon, Jul 27, 2026 |
| IPO Close Date | Wed, Jul 29, 2026 |
| Basis of Allotment | Thu, Jul 30, 2026 |
| Initiation of Refunds | Fri, Jul 31, 2026 |
| Credit of Shares to Demat | Fri, Jul 31, 2026 |
| Listing Date | Mon, Aug 3, 2026 |
| Anchor Investor Bidding | Not Applicable |
| IPO Opens | 27 July 2026 |
| IPO Closes | 29 July 2026 |
| Basis of Allotment | 30 July 2026 |
| Refund Initiation | 31 July 2026 |
| Credit of Shares to Demat | 31 July 2026 |
| Listing Date | 3 August 2026 |
Advance Technoforge IPO Lot Size
The Advance Technoforge IPO lot size was 1,200 shares. However, the minimum application for individual investors was 2 lots, or 2,400 shares, requiring ₹2,28,000 at the fixed issue price of ₹95. Applications could be made in multiples of 1,200 shares thereafter, subject to the applicable investor-category limits.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | 2,28,000 |
| Retail (Max) | 2 | 2,400 | 2,28,000 |
| S-HNI (Min) | 3 | 3,600 | 3,42,000 |
| S-HNI (Max) | 16 | 19,200 | 18,24,000 |
| B-HNI (Min) | 17 | 20,400 | 19,38,000 |
Advance Technoforge IPO Reservation
Advance Technoforge IPO was an SME issue with no separate QIB allocation. The net issue, excluding the market maker reservation portion, was divided between Other Investors/NII and Individual Investors, with 12,00,000 shares offered to each category. A market maker reservation of 1,29,600 shares was made separately.
Advance Technoforge IPO Subscription
Advance Technoforge IPO was subscribed 1.61 times overall. The Individual Investor category was subscribed 2.68 times, while the Other Investors/NII category was subscribed 0.53 times. The market maker reservation portion was excluded from the net issue subscription calculation.
| Category | Subscription (times) |
|---|---|
| QIB | - |
| NII | 0.53 |
| RII | 2.68 |
| Total | 1.61 |
About Advance Technoforge
Advance Technoforge Limited is a Rajkot, Gujarat-based manufacturer of forged and precision-machined components. The company manufactures components using processes including closed-die hot forging, ring rolling, upset forging and precision machining. Its products are supplied to customers across automotive and industrial applications.
The company was incorporated in 2013 as Advance Technoforge Private Limited. It has developed manufacturing capabilities covering forging, heat treatment and machining and provides solutions from product conceptualisation and design through manufacturing, testing and validation.
Advance Technoforge manufactures components using carbon steel, alloy steel and stainless steel. Its products are used in automotive, oil and gas, railway, construction, hydraulic, valve, pump, agriculture and other industrial applications.
The company operates a manufacturing facility in Rajkot, Gujarat. Its location provides access to an established engineering and manufacturing ecosystem, along with suppliers and skilled manpower required for forging and precision-machining operations.
The company's manufacturing capabilities include closed-die hot forging, ring rolling, upset forging and precision machining. It also has capabilities in heat treatment and surface treatment, allowing it to provide multiple stages of component manufacturing to customers.
Advance Technoforge serves OEMs and customers across several industries. Its end-to-end approach allows it to work with customers from product conceptualisation and design to manufacturing, testing and validation.
Strengths
- Manufacturer of forged and precision-machined components.
- In-house forging and precision-machining capabilities.
- Manufacturing capabilities include closed-die hot forging, ring rolling and upset forging.
- Products serve automotive and industrial applications.
- Exposure to automotive, oil and gas, railway, construction, valves, pumps and agriculture sectors.
- Provides end-to-end solutions from product conceptualisation to manufacturing, testing and validation.
- Established manufacturing base in Rajkot, Gujarat.
- Experienced promoters and management team.
- Manufacturing capabilities supported by heat-treatment and machining technologies.
- FY2026 PAT increased to ₹4.06 crore from ₹2.70 crore in FY2025.
- EBITDA increased to ₹8.35 crore in FY2026 from ₹5.52 crore in FY2025.
- RoNW stood at 30.33% as of 31 March 2026.
Risks to Consider
- The company operates in a competitive and fragmented engineering and forging industry.
- Revenue has remained broadly stable across the last three reported financial years.
- Capacity utilisation has been relatively low, averaging around 49.13% over the reported periods.
- Trade receivables have represented a significant portion of the company's financial assets.
- The company had total borrowings of ₹17.29 crore as of 31 March 2026.
- Debt-to-equity ratio stood at 1.29 as of 31 March 2026.
- The company depends on demand from automotive and industrial sectors.
- Changes in raw-material prices can affect operating margins.
- Dependence on OEM and industrial customers exposes the company to changes in production cycles and order volumes.
- The company operates from a concentrated manufacturing base.
- Working-capital requirements can remain significant because of receivables and inventory.
- The company's FY2026 profit growth was substantially higher than revenue growth, making sustainability of margins an important factor to monitor.
Advance Technoforge Financials (₹ Cr)
Advance Technoforge reported total income of ₹48.24 crore in FY2024, ₹51.16 crore in FY2025 and ₹50.73 crore in FY2026. PAT increased from ₹1.70 crore in FY2024 to ₹4.06 crore in FY2026. Net worth increased from ₹6.93 crore to ₹13.38 crore during the same period.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 48.24 | 1.70 | 28.65 | 6.93 |
| FY2025 | 51.16 | 2.70 | 39.51 | 9.56 |
| FY2026 | 50.73 | 4.06 | 46.92 | 13.38 |
KPIs & Valuation
Advance Technoforge reported ROE and RoNW of 30.33%, ROCE of 22.52%, EBITDA margin of 16.69%, PAT margin of 8.11% and debt-to-equity of 1.29 as of 31 March 2026. The NAV was ₹20.59 per share.
Objects of the Issue
The net proceeds from the Advance Technoforge IPO were proposed to be used for purchase and installation of machinery for manufacturing precision machine components at the existing premises, part funding of working capital requirements and general corporate purposes.
- The company proposed to utilise the issue proceeds for:
- Purchase and installation of machinery for manufacturing precision machine components at the existing premises – approximately ₹6.08 crore.
- Part funding of working capital requirements – approximately ₹5.00 crore.
- General corporate purposes – balance amount of the net proceeds.
- The IPO was entirely a Fresh Issue. There was no Offer for Sale, meaning the gross proceeds from the issue were intended for the company rather than existing selling shareholders.
Promoters, Lead Managers & Registrar
Advance Technoforge Limited is promoted by Nilesh Shambhubhai Moliya, Pradipbhai Bhikhabhai Vora, Daxaben Nileshbhai Moliya, Kajal Alpeshbhai Moliya and Shraddhaben Pradipbhai Vora. Sun Capital Advisory Services Private Limited acted as the Lead Manager to the Issue, while KFin Technologies Limited acted as the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Limited |
|---|---|
| Phone | +91 40 6716 2222 / 040-79615565 |
| advancetech.ipo@kfintech.com | |
| Website | www.kfintech.com |
Advance Technoforge IPO Review
Advance Technoforge operates in the manufacturing of forged and precision-machined components and has exposure to multiple industrial end-use sectors. Its capabilities cover forging, machining and related manufacturing processes, providing an integrated production offering to customers.
One of the company's strengths is its manufacturing capability across different forging processes. Closed-die hot forging, ring rolling, upset forging and precision machining allow the company to manufacture components for automotive and industrial applications.
The company also provides services across the product-development cycle, beginning with conceptualisation and design and extending to manufacturing, testing and validation. This can support customer relationships where component quality and technical specifications are important.
Financial performance improved on the profitability front. Total income was ₹48.24 crore in FY2024, ₹51.16 crore in FY2025 and ₹50.73 crore in FY2026. PAT increased from ₹1.70 crore in FY2024 to ₹2.70 crore in FY2025 and ₹4.06 crore in FY2026.
EBITDA increased from ₹3.86 crore in FY2024 to ₹5.52 crore in FY2025 and ₹8.35 crore in FY2026. Net worth also increased from ₹6.93 crore in FY2024 to ₹9.56 crore in FY2025 and ₹13.38 crore in FY2026.
The company reported FY2026 ROE and RoNW of 30.33%, ROCE of 22.52%, EBITDA margin of 16.69% and PAT margin of 8.11%. The debt-to-equity ratio stood at 1.29.
At the fixed issue price of ₹95, the pre-IPO EPS was ₹6.24 and the pre-IPO P/E was 15.22x. On the post-issue basis, EPS was ₹4.49 and P/E was 21.16x.
The company's valuation should also be viewed against its listed peers disclosed in the offer document. The company identified Tirupati Forge Limited and Forge Auto International Limited as listed peers. Advance Technoforge reported a RoNW of 30.33%, compared with 5.24% for Tirupati Forge and 17.00% for Forge Auto International, although the peers are considerably larger by revenue.
The IPO proceeds were intended partly for machinery purchases and working capital. Investment in machinery could support precision-component manufacturing capacity, while additional working capital could help fund day-to-day operating requirements.
However, investors should also consider the company's leverage and working-capital profile. Total borrowings were ₹17.29 crore as of 31 March 2026, while the debt-to-equity ratio was 1.29. Trade receivables also remained a notable component of the company's balance sheet.
Capacity utilisation is another factor to monitor. The company's reported average capacity utilisation across the last three fiscals was around 49.13%, which indicates room for additional utilisation but also creates execution and demand-related considerations.
The IPO received total subscription of 1.61 times. Individual Investors showed stronger demand at 2.68 times, whereas Other Investors/NII subscribed 0.53 times.
Advance Technoforge shares were listed on BSE SME on 3 August 2026 at ₹94 against the issue price of ₹95, resulting in a listing loss of ₹1 per share, or approximately 1.05%.
Overall, Advance Technoforge has an established manufacturing presence in forged and precision-machined components and has reported improving profitability. The key factors to monitor include capacity utilisation, debt levels, working-capital requirements, receivables, raw-material costs and the sustainability of FY2026 margins.
Listing Performance
Advance Technoforge shares were listed on BSE SME on 3 August 2026 at ₹94 against the IPO issue price of ₹95. The stock therefore debuted at a discount of ₹1 per share, or approximately 1.05%.
| Particular | Price |
|---|---|
| IPO Issue Price | ₹95.00 |
| Listing Price | ₹94.00 |
| Listing Gain/Loss | -₹1.00 |
| Listing Gain/Loss (%) | -1.05% |
How to Apply
Advance Technoforge IPO applications were made through the ASBA process and UPI-supported IPO applications. The minimum application for Individual Investors was 2,400 shares, requiring ₹2,28,000 at the fixed issue price of ₹95.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Advance Technoforge IPO.
- Enter the required number of lots.
- Enter the bid quantity according to the applicable category.
- Enter your valid UPI ID.
- Submit the IPO application.
- Approve the UPI mandate received in your UPI application.
- Confirm the mandate using your UPI PIN.
- The required amount is blocked in the bank account until the allotment process is completed.
Prospectus & Documents
The Advance Technoforge offer document was filed as a Prospectus dated 20 July 2026. The company had previously filed a Draft Prospectus, while the final issue was structured as a Fixed Price Issue of 25,29,600 equity shares at ₹95 per share. The company's official website also hosts its IPO documentation.
Last updated Aug 31, 2026.