- Price band
- ₹95
- Issue size
- ₹24.04 Cr
- Lot size
- 1200 sh
- Bidding
- 27 – 29 Jul
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 3 Aug 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Advance Technoforge makes closed-die forged and precision-machined steel components to customer drawings at Veraval (Shapar) near Rajkot, Gujarat, and had 205 employees on 30 June 2026. Revenue was Rs 47.96 Cr in FY24, Rs 50.70 Cr in FY25 and Rs 50.05 Cr in FY26 — up 5.71%, then down 1.28% — while EBITDA was Rs 3.86 Cr, Rs 5.52 Cr and Rs 8.35 Cr on those revenues, margins of 8.05%, 10.89% and 16.68%. The Rs 24.04 Cr issue was entirely fresh equity at a fixed price of Rs 95, and the book stood at 1.55 times overall on the closing day, 29 July 2026. It listed on BSE SME on 3 August 2026 at Rs 94 and last traded at Rs 72.64 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Profitable but slow-growing
63% of the scoring model was backed by disclosed data for Advance Technoforge, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2013 · Veraval (Shapar), Lodhika, Rajkot, Gujarat · 205 employees
Advance Technoforge makes closed-die forged and precision-machined metal components to customer drawings at Veraval (Shapar) near Rajkot, Gujarat. It works in carbon steel, alloy steel, bearing steel and stainless steel, using closed-die forging, upset forging and ring rolling, then machines, heat-treats and coats the parts in-house. Buyers are OEMs and their suppliers in automotive, earth-moving and agricultural equipment, industrial valves and pumps, hydraulic cylinders, EGR coolers and heat exchangers, power transmission and railways. Named parts include tow hook assemblies, connecting rods, retainer plates, cross members and end caps. Three forging lines gave 6,000 MT a year of installed capacity in FY26; a fourth line is meant to take that to 7,250 MTPA. The company held IATF 16949, ISO 9001, PED and IBR certifications and had 205 employees on 30 June 2026.
The company sells parts made to customer drawings, so revenue tracks tonnage shipped and steel prices feed straight into cost. Revenue from operations was Rs 5,004.82 lakhs in FY26, slightly below FY25's Rs 5,070.38 lakhs, but cost of materials consumed fell to Rs 2,494.39 lakhs from Rs 2,849.24 lakhs, taking EBITDA margin to 16.69% from 10.88% and PAT to Rs 405.86 lakhs from Rs 269.67 lakhs. Two constraints shape it: the forging lines ran at 50.50% utilisation in FY26, so fixed costs sit on half-used assets, and the top ten customers were 64.35% of revenue, with exports 28.65%. Total debt was Rs 1,729.11 lakhs against net worth of Rs 1,338.15 lakhs.
The company on paper
- Legal name
- Advance Technoforge Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 5 Aug 2013
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U28111GJ2013PLC076316
- Sector
- Industrials · Closed-die forged and precision-machined steel components for OEMs
- Employees
- 205
- Registered office
- Veraval (Shapar), Lodhika, Rajkot, Gujarat
- Promoters
- Nilesh Shambhubhai Moliya, Pradipbhai Bhikhabhai Vora, Daxaben Nileshbhai Moliya, Kajal Alpeshbhai Moliya, Shraddhaben Pradipbhai Vora
- Promoter holding, pre-issue
- 100.0%
- Promoter holding, post-issue
- 72.0%
- Website
- advancetechforge.com
The numbers
Financial performance
Revenue has compounded at 2.2% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹24.04 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹24.04 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 1,29,600
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 28.0% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹95.00
- Listed at
- ₹94.00
- Listing gain
- down 1.1%
- Since listing
- down 22.5%
- Against the issue price
- down 23.4%
Trading at ₹72.81 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 2,400
- At cut-off price
- ₹95.00
- Amount blocked
- ₹2,28,000
One lot is 1200 shares at ₹1,14,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,28,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~37%
chance of one lot, per application
- Retail subscription
- 2.68×
- Applicants per share available
- 2.7× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹94.00
listed at, −1.1% against the issue price
- Issue price
- ₹95.00
- Premium said
- —
- If allotted 1200 shares
- −₹1,200
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- EBITDA margin was higher in each successive year the record carries: Rs 3.86 Cr on revenue of Rs 47.96 Cr in FY24 (8.05%), Rs 5.52 Cr on Rs 50.70 Cr in FY25 (10.89%) and Rs 8.35 Cr on Rs 50.05 Cr in FY26 (16.68%).
- Profit after tax rose in each year on record: Rs 1.70 Cr in FY24, Rs 2.70 Cr in FY25 (up 58.82%) and Rs 4.06 Cr in FY26 (up 50.37%). PAT margin on the same revenues was 3.54%, 5.33% and 8.11%.
- The record states cost of materials consumed was Rs 2,494.39 lakhs in FY26 against Rs 2,849.24 lakhs in FY25, 12.45% lower, on revenue from operations of Rs 5,004.82 lakhs against Rs 5,070.38 lakhs — 49.84% of revenue against 56.19%.
- The issue was entirely primary: Rs 24.04 Cr of fresh equity with nil offer for sale. Promoter holding was 100% before the issue and 71.99% after.
What to weigh against it
- Revenue was lower in the latest year on record: Rs 50.05 Cr in FY26 against Rs 50.70 Cr in FY25, down 1.28%, after a rise of 5.71% from FY24's Rs 47.96 Cr.
- The record states the top ten customers were 64.35% of revenue and exports 28.65%. The record's keyCustomers and geographies lists are empty, so neither the customers nor the export destinations are named.
- The record states the forging lines ran at 50.50% utilisation in FY26, against installed capacity of 6,000 MT a year from three lines.
- Total borrowings were Rs 11.19 Cr in FY24, Rs 17.51 Cr in FY25 and Rs 17.29 Cr in FY26, against net worth of Rs 6.93 Cr, Rs 9.56 Cr and Rs 13.38 Cr — ratios of 1.61x, 1.83x and 1.29x.
Easy to miss in the prospectus
- The price track since listing: issue price Rs 95, listing price Rs 94 (−1.05%), day-one close Rs 89.30 (6.00% below the issue price) and Rs 72.64 on 23 October 2026 (−23.54%).
- The single subscription snapshot the record carries, day three (29 July 2026): retail 2.68 times, NII 0.43 times, 1.55 times overall. No QIB or employee figure is recorded.
- What the record does not carry: allocation, valuation, offer objects, peers and auditor are null or empty, and no operating cash flow or total assets figure is present for any of FY24, FY25 or FY26.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Sun Capital Advisory Services Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to Advance Technoforge's own prospectus and to exchange disclosures, then cross-checked against 4 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Advance Technoforge Limited — Prospectus dated 20 July 2026 (fixed price issue), company website · read 16 Oct 2026
- BSE Notice 20260731-25 — Listing of Equity Shares of Advance Technoforge Limited (ISIN, market lot, scrip code, market maker, registrar) · read 16 Oct 2026
- BSE cash-market bhavcopy, 3 August 2026 (ADVANCETL / INE13ZJ01010 open, high, low, close, NewBrdLotQty) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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