Advance Technoforge IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| NII | 0.43x |
| Retail (RII) | 2.68x |
| Total | 1.55x |
Bidding day 3 · final figures at close of bidding: 3 Aug 2026, 6:30 pm IST
IPO Details
- Open Date
- 27 Jul 2026
- Close Date
- 29 Jul 2026
- Listing Date
- 3 Aug 2026
- Face Value
- ₹10
- Fresh Issue
- ₹22.81 Cr
- OFS
- ₹0 Cr
- Listing On
- BSE
- Registrar
- KFin Technologies (KFintech)
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,28,000 |
| HNI (Min) | 3 | 3,600 | ₹3,42,000 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| NII | 12,00,000 | 50% |
| Retail | 12,00,000 | 50% |
| Total | 24,00,000 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 48.24 | 1.7 | 3.86 | 6.93 | 28.65 | 11.19 | — |
| FY 2025 | 51.16 | 2.7 | 5.52 | 9.56 | 39.51 | 17.51 | — |
| FY 2026 | 50.73 | 4.06 | 8.35 | 13.38 | 46.92 | 17.29 | 6.24 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 15.22x
- P/E (post-issue)
- 21.16x
- RoNW
- 30.33%
- RoE
- 30.33%
- RoCE
- 22.52%
- Debt / Equity
- 1.29
- EPS (pre-issue)
- ₹6.24
- EPS (post-issue)
- ₹4.49
- EBITDA Margin
- 16.69%
- PAT Margin
- 8.11%
- P/BV
- 4.61x
- NAV / share
- ₹20.59
- Market Cap
- ₹85.78 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Purchase and installation of machinery for manufacturing of precision machine components at the Existing Premises (Including GST) | ₹7.19 Cr |
| Part Funding of working capital requirements | ₹7.25 Cr |
| Repayment / Prepayment of all or certain of borrowings availed by the Company | ₹2.4 Cr |
| General Corporate purposes | ₹3.59 Cr |
| Issue Expenses | ₹3.6 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fees payable to Lead Manager including underwriting commissions | ₹0.82 Cr |
| Advertising and Publication expenses | ₹0.04 Cr |
| Fees to the Registrar to the Issue | ₹0.01 Cr |
| Fees payable to Legal Advisors | ₹0.06 Cr |
| Fees payable to the Regulators including Stock Exchange | ₹0.05 Cr |
| Printing and distribution of Issue stationery | ₹0.01 Cr |
| Commission/procession fee for SCBs, Sponsor Banks and Banker to the Issue | ₹0.02 Cr |
| Brokerage, commission and selling commission, Registered Brokers, RTAs and DPs | ₹0.03 Cr |
| Expenses and fees payable for marketing, promotion & distribution, Underwriting, Market Making etc. | ₹2.46 Cr |
| Expenses and fees payable for Peer Reviewed Auditor | ₹0.05 Cr |
| Others Expenses including out of pocket and fee to Chartered Engineer and Practicing Company Secretary certificate etc. | ₹0.06 Cr |
Promoters & Shareholding
Promoters: <p>Nilesh Shambhubhai Moliya, Pradipbhai Bhikhabhai Vora, Daxaben Nileshbhai Moliya, Kajal Alpesbhai Moliya, Shraddhaben Pradipbhai Vora</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 71.99%
- Dilution
- 28.01%
Documents
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| Advance Technoforge | — | 20.59 | 15.22x | 30.33% | Standalone |
| Forge Auto International Limited | — | 63.23 | 9.39x | 17% | Standalone |
| Tirupati Forge Limited | — | 10.53 | 93.56x | 5.24% | Standalone |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Listing Performance
About the Advance Technoforge IPO
The Advance Technoforge SME IPO is open between 27 Jul 2026 and 29 Jul 2026, offered at an issue price of ₹95 per share, and is set to list on BSE. The IPO seeks to raise ₹24.04 crore. Retail investors bid in lots of 1200 shares, a minimum application of ₹2,28,000.
Issue structure
The IPO is structured entirely as a fresh issue of ₹22.81 crore, so the full proceeds flow to the company to fund its stated objects of the issue.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward part funding of working capital requirements (₹7.25 crore), alongside purchase and installation of machinery for manufacturing of precision machine components at the existing premises (including gst) (₹7.19 crore). In all, 5 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Advance Technoforge reported revenue of ₹50.73 crore and a net profit of ₹4.06 crore. Revenue grew from ₹48.24 crore in FY2024 to ₹50.73 crore in FY2026 (+5.0%). Net worth stood at ₹13.38 crore at the end of FY2026. At the upper band, that puts the issue at roughly 15.2× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 21.16× post-issue earnings and 4.61× book value, against a return on net worth of 30.33% and a debt-to-equity ratio of 1.29. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Forge Auto International Limited and Tirupati Forge Limited, with a median peer P/E of about 51.5×. The issue's own post-issue P/E works out to 21.16×.
Promoters
The promoters of the company are <p>Nilesh Shambhubhai Moliya, Pradipbhai Bhikhabhai Vora, Daxaben Nileshbhai Moliya, Kajal Alpesbhai Moliya, Shraddhaben Pradipbhai Vora</p>. Promoter holding stands at 100% before the issue and comes down to 71.99% after listing.
Grey market premium (GMP)
In the unofficial grey market, Advance Technoforge shares are quoted at a premium of ₹8 implying an expected listing around ₹103, about +8.4% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Advance Technoforge IPO was subscribed 1.55 times overall. The strongest demand came from retail investors at 2.68 times, with non-institutional investors (NII) at 0.43×.
Listing performance
Advance Technoforge listed on 3 Aug 2026 at ₹94, a discount of -1.1% over the issue price of ₹95.
What to weigh
When evaluating the Advance Technoforge IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Advance Technoforge
Incorporated in 2013, Advance Technoforge Limited (ATL) is engaged in the manufacturing and supplying of the forged and precision machined parts with coatings and treatments, serving industries like automotive, valves, pumps, construction, and more. With 20+ years of experience the company manufactures the qualified product lines cto global original equipment manufacturers-OEMs in Automotive, oil and gas industries, earth moving equipment, Railway etc. Products: Tow Hook Assembly - A robust component designed for securing vehicles, made from alloy steel with a polished and plated finish, suitable for US electric SUVs. Retainer Plate - A structural part used in material lifting equipment, crafted from durable carbon steel for strength and reliability. Cross Member - Provides support in material lifting equipment, made from carbon steel to ensure stability and durability under heavy loads. Connecting Rod - A key part in automotive engines, designed from carbon steel to withstand high stress and provide optimal performance. Boden (End Cap) - Used in hydraulic applications, made from carbon steel for durability and effective sealing in hydraulic systems. As of 24 February 2025, the company has 136 employees as on engaged in manufacturing, marketing, administration, financial, legal and other activities of the Company. Competitive Strengths: Experienced Promoters and Senior Management Integrated Manufacturing Facility with diversified product portfolio Large-scale Manufacturing Capabilities Long-Standing Relationship with Interested Parties
Advance Technoforge — Contact Details
- Registered office
- Sr. No.121, Plot No.1 to 6, At& Po. Padavala Road, Opp. Eaterflow Piping System, Veraval Shapar, Lodhika, Rajkot, Gujarat, 360024
- Phone
- 9825368310
- Website
- www.advancetechforge.com/
- Registrar (IPO queries)
- ncml.ipo@kfintech.com
Frequently asked questions
- What is the Advance Technoforge IPO price band?
- The Advance Technoforge IPO price band is ₹95 per share, with a lot size of 1200 shares.
- What was the Advance Technoforge IPO GMP before listing?
- The final grey market premium recorded before the Advance Technoforge IPO listed was ₹8. The IPO listed on 3 Aug 2026 at ₹94, -1.1% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Advance Technoforge IPO open and close?
- The Advance Technoforge IPO opens on 27 Jul 2026 and closes on 29 Jul 2026.
- When is the Advance Technoforge IPO allotment and listing date?
- Allotment is expected on 30 Jul 2026. The shares are scheduled to list on 3 Aug 2026 on BSE.
- How many times was the Advance Technoforge IPO subscribed?
- The Advance Technoforge IPO was subscribed 1.55 times in total across all investor categories.
- What is the reservation split in the Advance Technoforge IPO?
- Of the total shares offered, retail investors get 50%, non-institutional investors 50%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Advance Technoforge and what is their holding?
- The promoters are <p>Nilesh Shambhubhai Moliya, Pradipbhai Bhikhabhai Vora, Daxaben Nileshbhai Moliya, Kajal Alpesbhai Moliya, Shraddhaben Pradipbhai Vora</p>. Promoter holding is 100% before the issue and 71.99% after listing.
- What is the P/E ratio of the Advance Technoforge IPO?
- At the upper price band, the Advance Technoforge IPO is valued at 15.22× pre-issue earnings and 21.16× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Advance Technoforge IPO?
- The net proceeds go primarily toward part funding of working capital requirements, among 5 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Advance Technoforge IPO?
- The book-running lead manager is Sun Capital Advisory Services Pvt.Ltd.. KFin Technologies (KFintech) is the registrar to the issue.
- Is Advance Technoforge a Mainboard or SME IPO?
- Advance Technoforge is an SME IPO, listing on BSE (SME platform).