Advance Technoforge IPO GMP, Date, Price Band & Review

Advance Technoforge IPO Details

Advance Technoforge IPO is a Fixed-price issue of ₹24 crore, entirely a fresh issue of 24 lakh shares worth up to ₹23 crore, with a face value of ₹10 per share. The company filed its DRHP with SEBI on December 23, 2025.

The price band of the issue is set at ₹95 per share and the lot size for an application is 1,200 shares. The minimum amount of investment required by an individual investor is ₹2,28,000 (2,400 shares). The IPO will be open for subscription from July 27 to 29, 2026, on the BSE SME platform, with a tentative listing date fixed as August 3, 2026. The book-running lead manager of the issue is Sun Capital Advisory Services Pvt. Ltd., while the registrar to the offer is Kfin Technologies Ltd.

Advance Technoforge IPO Date & Timeline

The Advance Technoforge IPO is officially set to open for subscription on Jul 27, 2026 and will close on Jul 29, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on December 23, 2025 and has now finalised its schedule following SEBI approval. Once the subscription window closes, allotment is expected on Jul 30, 2026. Following this, the firm will initiate refunds and credit shares to successful investors' demat accounts on Jul 31, 2026. Finally, shares of Advance Technoforge Ltd. are tentatively scheduled to list on the stock exchanges on Aug 3, 2026.

Advance Technoforge IPO GMP (Grey Market Premium)

“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.

The Advance Technoforge IPO GMP is currently trading at ₹8, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹103, which is 8.42% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.

Company Background

Advance Technoforge Ltd. was incorporated on August 5, 2013, as a private limited company, being a prominent player in the Indian forging and machining sector, in Rajkot, Gujarat; subsequently converted into a public limited company in September 2024 to proceed with its public listing procedures.

The company has evolved into a leading manufacturing and export-driven organisation with a strong customer focus. The company primarily serves the automobile, industrial equipment sectors and specialises in manufacturing structural metal products, automotive parts, agricultural components, material lifting equipment parts and general engineering items.

Over the years, the company has developed a strong reputation for delivering innovative industrial and auto component solutions, providing end-to-end services that range from initial product conceptualisation and design to final manufacturing, rigorous testing and validation.

Operations & Product Range

Advance Technoforge's core operations encompass advanced metal-forming processes, including closed-die hot forging, ring rolling and precision machining; it also handles complex surface treatment processes. The company’s extensive product portfolio features a wide array of specialised components, while key products include the Tow Hook Assembly (for US electric SUVs), Retainer Plates and Cross Members (for material lifting equipment), Connecting Rods, Boden End Caps, Bearing Housings in stainless steel, Valve Bonnets, Gear Shifter Forks and so on. These highly engineered products are targeted at original equipment manufacturers (OEMs) across various demanding end-user industries, including automotive, oil and gas, earth-moving machinery, agricultural equipment, power transmission and railways.

Facilities & Capacity

Advance Technoforge Ltd. conducts its manufacturing operations from a well-equipped, integrated facility located in Rajkot, Gujarat. This facility is situated on a parcel of industrial land admeasuring over 5,200 square meters. The existing infrastructure houses 3 distinct production lines equipped with heavy-duty machinery, including a Huta Zygmunt MPM 3000, multiple belt drop hammers, trimming presses and electric billet heaters. Currently, the installed forging capacity stands at 6,000 MT per year, which equates to an operational capacity of approximately 500 MT per month. The operations maintain high technical standards and are backed by rigorous quality certifications such as IATF 16949, ISO 9001 and PED 2014/68/EU.

Brands & Market Presence

Advance Technoforge Ltd. has successfully cultivated a strong market presence by consistently supplying critical safety components to leading domestic and global OEMs. In the domestic market, the company serves numerous industrial clusters across India. Internationally, it has expanded its footprint by exporting its precision-engineered products to countries such as the US, Germany, Croatia and Finland.

The company’s dedication to maintaining superior quality standards is reflected in its prestigious industry certifications, which include the IATF 16949 for automotive part supply, the IBR 1950 for boiler part manufacturing and a ZED Bronze Level Certificate. These recognitions enhance its brand reputation as a reliable and preferred partner for complex manufacturing requirements globally.

Revenue Streams & Business Model

Advance Technoforge Ltd. generates its revenue primarily through the manufacturing and sale of highly customised precision forged and machined components. The company works closely with its OEM clients to manufacture products that meet exact customer specifications. A substantial portion of its revenue is derived from domestic sales, though the export market remains a vital and growing revenue stream. Export revenues contributed 16.80% in the six months ended September 30, 2024. The business model is highly dependent on continuous purchase orders rather than long-term supply agreements. The company's ability to retain its major clients in the automotive, construction and general engineering sectors is the central pillar of its recurring revenue generation strategy.

Financial Performance

Advance Technoforge Ltd. has demonstrated a consistent and upward growth trajectory in its financial performance over the past 3 fiscal years, as revenue from operations increased from ₹37.79 crore in FY23 to ₹47.96 crore in FY24, reflecting a healthy revenue CAGR of approximately 23.51% over this period. For the six months ended September 30, 2024, the company recorded an operational revenue of ₹25.90 crore. The company's profit after tax (PAT) stood at ₹1.70 crore in FY24, showcasing a strong 126.66% growth in the recent financial year. During H1 FY25, PAT reached ₹1.35 crore. The company's EBITDA also improved to ₹3.86 crore in FY24, with the EBITDA margin expanding from 5.94% to 10.64% by the end of September 2024.

Management & Shareholding

The primary promoters of Advance Technoforge Ltd. are Nilesh Shambhubhai Moliya, Pradipbhai Bhikhabhai Vora, Daxaben Nileshbhai Moliya and Kajal Alpeshbhai Moliya. Before the IPO, the promoter held a 67% stake and the promoter group held a 33% stake in the company, but after the IPO, the promoter’s and promoter group's shareholding will not be diluted as the offering includes only a fresh issue of shares and no existing shareholder is going to sell off its shares.

Board & Key Management

The leadership of Advance Technoforge Ltd. is led by a team of experts with many years of experience. Satyam Nanjibhai Thummar serves as the Chairman and gives strategic direction to the firm. The daily operations are managed by Nilesh Shambhubhai Moliya, the Managing Director, along with whole-time director Pradipbhai Bhikhabhai Vora. To ensure good governance, the board includes Independent Directors for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.