Gujarat-based industrial and auto components manufacturer Advance Technoforge opened its initial public offering (IPO) for public subscription on July 27, 2026. According to reports from Moneycontrol, the issue is a fixed-price IPO comprising an entirely fresh issue of 25.29 lakh equity shares, aggregating ₹24.03 crore at an offer price of ₹95 per share. The public issue will close on July 29, 2026, while the basis of allotment is expected to be finalised on July 30, 2026. The company's shares are likely to list on the BSE SME platform on August 3, 2026. Latest market data shows the Grey Market Premium (GMP) at ₹9, representing a 9.47% premium over the issue price, indicating strong positive investor sentiment ahead of the listing. The IPO requires investors to bid for a minimum lot size of 1,200 shares, with retail investors needing to apply for at least 2,400 shares, translating to a minimum investment of ₹2.28 lakh.
Incorporated in 2013, Advance Technoforge manufactures closed-die steel forging, upset forging, and ring rolling forging in rough and precision machined condition. As reported by Moneycontrol, the company supplies these products to original equipment manufacturers (OEMs) across the automotive, general engineering, oil and gas, earth-moving and heavy machinery sectors. At the issue price, the company is valued at nearly ₹86 crore. The company serves a diverse range of industries such as automotive, valves, pumps, construction, oil & gas, railways, and earth-moving equipment, backed by more than two decades of industry expertise. The company's product range includes Retainer Plate, Valve Bonnet, Trunnion, Tow-Hook-Assembly, Rod Eye, Lager Flansch, Gland, Cross Member, Bearing Housing, Chain Anchor Weldment, Bearing Housing Flange, connection rod, and many more components.
According to Moneycontrol reports, the company plans to utilise ₹7.19 crore from the net issue proceeds to purchase and install plant and machinery for manufacturing precision machined components. Another ₹7.25 crore will be used to meet working capital requirements. ₹2.4 crore will be utilised to repay borrowings, while the remaining ₹3.59 crore will be earmarked for general corporate purposes. Additionally, ₹3.60 crore will be allocated to meet issue-related expenses. Sun Capital Advisory Services is the sole book-running lead manager for the IPO, while KFin Technologies Ltd. has been appointed as the registrar.
The Advance Technoforge IPO achieved 16% subscription on day 1, with the retail portion subscribed 29% and non-institutional investors (NII) portion booked 2% as of 15:07 IST. The company has received bids for 3,72,000 shares against 24,00,000 shares on offer. The IPO comprises 12 lakh shares (47.44% of the total issue) for retail investors, with promoter holding reducing from 100% pre-issue to 71.99% post-issue. The grey market premium has shown an upward trend, fluctuating between a minimum of ₹3.50 and a maximum of ₹9 over the past six sessions, indicating positive outlook for the listing.
Advance Technoforge reported a marginal decline in revenue to ₹50.04 crore for the year ended March 2026, from ₹50.7 crore in the previous financial year. However, as reported by Moneycontrol, net profit rose 50.5% to ₹4.06 crore from ₹2.7 crore, supported by improved operating performance. EBITDA increased 51.6% to ₹7.7 crore from ₹5.06 crore a year earlier, while the EBITDA margin expanded to 15.33% from 9.98%.
