Shares of Advance Technoforge Limited made their D-Street debut on Monday at a discount to the IPO price. The stock listed at Rs 94 apiece on the BSE SME platform, down 1.05% from the issue price of Rs 95. The debut fell short of grey market expectations of a modest premium.
Ahead of the listing, the stock was commanding a grey market premium (GMP) of around 4%, implying an expected debut near Rs 99 per share.
Advance Technoforge’s IPO, was open for subscription from July 27 to July 29, 2026, received a moderate response from investors, with the issue subscribed 1.55 times overall.
Retail investors showed stronger interest, with the retail portion subscribed 2.68 times, reflecting participation from individual investors. The IPO raised approximately Rs 24.04 crore through a fresh issue of 25 lakh shares, with the company fixing the final issue price at Rs 95 per share.
Sun Capital Advisory Services Pvt. Ltd. acted as the book running lead manager, while KFin Technologies Ltd. served as the registrar for the issue.
Where Will Advance Technoforge Use IPO Funds?
The company intends to use the IPO proceeds to enhance its manufacturing capabilities, meet working capital requirements, reduce existing debt and support general business operations. A major portion of the funds will be allocated towards purchasing and installing machinery for precision machine component manufacturing, along with strengthening operational needs.
Out of the total IPO proceeds of approximately Rs 24.03 crore, Rs 7.19 crore will be used for machinery acquisition, Rs 7.25 crore for working capital, Rs 2.40 crore for repayment of borrowings, Rs 3.59 crore for general corporate purposes, and Rs 3.60 crore towards IPO-related expenses.
About Advance Technoforge Limited
Incorporated in 2013, Advance Technoforge Limited (ATL) manufactures and supplies forged and precision-machined components, including products with specialised coatings and treatments. The company caters to multiple industries such as automotive, valves, pumps, construction equipment, railways, and oil and gas.
With more than two decades of industry experience, Advance Technoforge manufactures qualified product lines for global original equipment manufacturers (OEMs) across sectors including automotive, oil and gas, earth-moving equipment, and railway applications.
The company’s SME market debut will be closely watched as investors assess whether its manufacturing expansion plans and sector exposure can translate into long-term growth.
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