Advance Technoforge IPO listing: Advance Technoforge shares made a muted debut on the BSE SME on Monday, 3 August, in an otherwise positive market. The SME stock opened at ₹94 against the issue price of ₹95. After a weak opening, it extended losses, hitting a lower circuit of ₹89.30, down 6% from the issue price.
As per grey market sources, the stock’s listing failed to meet expectations as the last grey market premium (GMP) of Advance Technoforge shares on Monday morning was ₹4, suggesting the stock could list at a premium of over 4%.
Advance Technoforge IPO details
The SME IPO opened for public subscription on Monday, 27 July, and concluded on Wednesday, 29 July, with an overall subscription of nearly 1.6 times.
The issue was entirely a fresh issue of 25,29,600 shares. Priced at ₹95 per share, the issue was aimed at raising ₹24 crore.
The company intends to use the net proceeds for the purchase and installation of plant and machinery to manufacture precision machine components at the existing premises in Gujarat, to part-fund working capital requirements, to pay all or certain borrowings, and for general corporate purposes.
As per the issue RHP, Advance Technoforge is engaged in the manufacturing of forged steel machined components of carbon steel, alloy steel and stainless steel, specialising in closed die forging, upset forging and ring rolling forging in both rough and precision machined conditions. It supplies these products to automotive, general engineering, oil and gas, earth-moving and heavy machinery industries.
For FY26, the company’s revenue from operations stood at ₹50.05 crore, while profit for the year stood at ₹4.06 crore.
Read all market-related news here
Read more stories by Nishant Kumar
Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
