Advance Technoforge IPO
Castings, Forgings & Fastners • ₹24cr
High risk because:
- 5 material risk factors disclosed in DRHP
- High customer concentration flagged in the DRHP
- Working capital or debt pressure highlighted in DRHP
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹27-29
Lot Size
1200 shares
Issue Size
₹24cr
Open
27 Jul 2026
Close
29 Jul 2026
Subscription
1.52×
GMP +₹8 → est. ₹37
IPO Schedule
| Issue Open Date | 27 Jul 2026 |
| Issue Close Date | 29 Jul 2026 |
| Allotment Date | 30 Jul 2026 |
| Listing Date | 03 Aug 2026 |
About Advance Technoforge
Advance Technoforge Limited is engaged in manufacturing forged steel machined components using carbon steel, alloy steel, and stainless steel. The company specialises in closed die forging, upset forging, and ring rolling forging, providing products in both rough and precision machined conditions. It manufactures and supplies precision machined components as per customer specifications and international standards for original equipment manufacturers (OEMs) and various end-use industries, including automotive, general engineering, oil and gas, earthmoving and agriculture equipment, hydraulic cylinders, power transmission, and railways. Revenue is generated primarily from the sale of these manufactured forging and precision machine components across domestic and international export markets. Operating from its manufacturing facilities in Rajkot, Gujarat, the company maintains in-house testing, forging, and machining capabilities, adhering to international quality standards such as IATF 16949 and ISO 9001. 
Company Details
Founders / Promoters
Mr Nilesh S. Moliya
Founded
2013
Registrar
KFin Technologies Ltd
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Grey Market Premium (GMP)
Issue Price
₹29
GMP
+₹8
Est. Listing
₹37
Est. Gain
+27.6%
GMP is unofficial grey market data — not regulated by SEBI. Use only as a sentiment indicator alongside subscription data. View all IPO GMP →
Investment Analysis
Advance Technoforge — IPOFins Verdict
QuantitativeDriven by overall subscription of 1.5x and elevated disclosed risk (9/10). SME listings are also thinner and more volatile after listing. The signals look weak — weigh the risks carefully. This is a quantitative flag, not a recommendation.
- Strategic location of manufacturing facilities in Rajkot, Gujarat.
- Experienced Promoters and management team actively involved in operations.
- Established customer base and strong existing relationships with clients across industries.
- Successful and proven track record of producing forged and precision-machined parts.
- Offering flexible operations, strong technical capabilities, and execution to maintain quality standards.
Score breakdown — what drove this verdict
High risk from DRHP → score -1.6
Total demand signal → score 0
SME IPOs have lower liquidity after listing → score −0.5
Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →
IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.
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FAQ
What is the price band of Advance Technoforge IPO?
The price band is ₹27-29 per share with a lot size of 1200 shares. Minimum investment: ₹34,800.
What does Advance Technoforge do?
Advance Technoforge Limited is engaged in manufacturing forged steel machined components using carbon steel, alloy steel, and stainless steel. The company specialises in closed die forging, upset forging, and ring rolling forging, providing products in both rough and precision machined conditions. It manufactures and supplies precision machined components as per customer specifications and international standards for original equipment manufacturers (OEMs) and various end-use industries, including automotive, general engineering, oil and gas, earthmoving and agriculture equipment, hydraulic cylinders, power transmission, and railways. Revenue is generated primarily from the sale of these manufactured forging and precision machine components across domestic and international export markets. Operating from its manufacturing facilities in Rajkot, Gujarat, the company maintains in-house testing, forging, and machining capabilities, adhering to international quality standards such as IATF 16949 and ISO 9001. 
Should I apply for Advance Technoforge IPO?
Advance Technoforge is drawing muted interest at 1.5x overall subscription. IPOFins Score 3/10: Driven by overall subscription of 1.5x and elevated disclosed risk (9/10). SME listings are also thinner and more volatile after listing. The signals look weak — weigh the risks carefully. This is a quantitative flag, not a recommendation.
Who founded Advance Technoforge?
Advance Technoforge was founded by Mr Nilesh S. Moliya in 2013.