Advance Technoforge IPO
ListedSME
1.55×
Subscribed
Price band
₹95 – ₹95
Issue size
₹24.03 Cr
Open – close
27 Jul 2026
to 29 Jul 2026
Listing
03 Aug 2026
Listing gain
-1.05%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Mixed6 of 7 dimensions read
A mixed but reasonable offering — 4 positive against 2 negative signals
Strength66/100
- Undemanding valuation15.2× earnings at the upper band, with no peer set published to compare against
- Slow revenue growthRevenue compounding at only 2.1%
- Profit growth outpaces salesPAT up 54.3% a year against revenue at 2.1% — check whether that is operating leverage or a one-off before extrapolating it
- High return on equityROE of 29.5%
- Conservative balance sheetDebt/equity of 0.52×
- Fresh capital for the business100.0% of the issue is fresh capital raised by the company itself
- Institutions stayed awayQIB portion only 0.00× subscribed — the most informed bidders did not fill their book
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens27 Jul 2026
- Closes29 Jul 2026
- Listing03 Aug 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB0.00x
Non-institutionalNII / HNI0.43x
Retail individualRII2.68x
1,472 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 29 Jul 2026.
Chance of allotment
Retail2.68× subscribed
~1 in 2.7
Retail is 2.68× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 2.7 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII0.43× subscribed
Full allotment
The HNI portion is under-subscribed at 0.43×, so applications should be allotted in full.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹95 – ₹95
Total issue size₹24.03 Cr
Fresh issue₹24.03 Cr
Listing atSME platform
Company & valuation
Return on equity29.51%
Debt / equity0.52×
ROCE22.52%
RoNW30.33%
PAT Margin8.11%
EBITDA Margin16.69%
NAV20.59
Price to Book Value4.61
ISININE13ZJ01010
0.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| NII (HNI) | 12,00,000 | 47.44% |
| Retail | 12,00,000 | 47.44% |
| Market Maker | 1,29,600 | 5.12% |
Total issue 25,29,600 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,28,0002 lots · 2,400 sh
Individual investors (IND) (Max)₹2,28,0002 lots · 2,400 sh
HNI (Min)₹3,42,0003 lots · 3,600 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
What the money is for
Stated use of the net proceeds
- 01Purchase and installation of plant and machineries for manufacturing of precision machine components at the existing premises (i.e. factory at Survey No. 121, Plot Nos.1 to 6, At. & Po. Padavala Road, Opp. Eaterflow Piping System, Veraval Shapar Lodhika, Rajkot, Gujarat - 360024, India and Survey No. 131/2, Plot 20 & 21, At. & Po. Padavala Road, Opp. Eaterflow Piping System, Veraval Shapar Lodhika, Rajkot, Gujarat – 360024, India, to be referred to as the “Existing Premises”)₹7.19 Cr
- 02Part funding of working capital requirements₹7.25 Cr
- 03Repayment / Prepayment of all or certain of our borrowings availed by our Company₹2.4 Cr
- 04General Corporate purposes₹3.59 Cr
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 47.964 | — | 1.705 | 6.936 | — |
| 2025 | 50.704 | — | 2.697 | 9.633 | — |
| 2026 | 50.048 | — | 4.059 | 13.751 | — |
Revenue CAGR 2.1%PAT CAGR 54.3%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Advance Technoforge Limitedthis issue | 6.24 | 15.22 | 20.59 | 30.33% |
| Tirupati Forge Limited | 0.51 | 93.56 | 10.53 | 5.24% |
| Forge Auto International Limited | 9.91 | 9.39 | 63.23 | 17.00% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumThe Company's manufacturing capacity is underutilized. For the year ended March 31, 2026, the capacity utilization was 50.50%, and for March 31, 2025, it was 46.90%. Any inability to achieve or sustain optimal capacity utilization may adversely affect the Company's business, operations and financial
mediumThe Company relies heavily on a group of customers for a significant portion of its operational revenue. For the Financial Year ended March 31, 2026, revenue from the top 10 customers was 64.35% of total revenue. The loss of any one or more of these key customers could have a substantial negative im
mediumThe Company is burdened by significant indebtedness as at 31 May, 2026, amounting to ₹ 1,638.44 lakhs. This indebtedness requires a substantial portion of cash flow from operations to service debt payments and limits the Company's flexibility to raise fresh debt or respond to changes in business con
Litigation · ₹0.52 Cr disclosed across 1 matters
Notice No. ZD240624054172O and Penalty Order dated 14th June, 2024, issued by the Goods and Services Tax Department for Intimation of liability under Section 73(5) of Central Goods and Services Tax Act, 2017 to the Company and imposed a penalty of Rs. 52,12,229 (Fifty-Two Lakhs Twelve Thousand Two Hundred Twenty-Nine Only) for Assessment Year 2020-2021. Reply to the notice had been furnished by the Company and the proceedings have been dropped as per order of the State Tax Officer dated 1st January, 2025 and the Company is no longer required to pay the same.
Positives the filing discloses (2)
Primarily fresh capital
100% of the offer is fresh issue, so most proceeds fund the company.
Healthy return on equity
ROE of 29.5%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-2.2%
Listed up
1 of 8
Best
+0.4%
Papadmalji Agro Foods Limited
Worst
-17.5%
Himalayan Solar
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Green Asia Impexsame segment
1.0× sub+0.0%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Dudani Retailsame segment
1.4× sub-13.8%
Himalayan Solarsame segment
1.2× sub-17.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Advance Technoforge IPO subscribed?
Advance Technoforge is subscribed 1.55× overall (QIB 0.00×, NII 0.43×, retail 2.68×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar.
What are the chances of allotment in the Advance Technoforge IPO?
The retail portion is subscribed 2.68×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 3. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.