Advance Technoforge IPO
Advance Technoforge LtdSME
This IPO has listed.
- Open date
- 27 Jul 2026
- Close date
- 29 Jul 2026
- Min. Investment
- ₹2,28,000
- Lot Size
- -
- Fresh Issue
- ₹24.03 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- -
Subscription rate
- Qualified Institutional Buyers0.00x
- Non-Institutional Investors0.48x
- Retail-Individual Investors2.68x
- Total1.53x
Schedule
- Completed: IPO open date27 Jul 2026
- Completed: IPO close date29 Jul 2026
- Completed: Allotment date30 Jul 2026
- Completed: Funds unblock or debit31 Jul 2026
- Completed: Tentative listing date3 Aug 2026
About
Promoter shareholding in Advance Technoforge Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Nilesh Shambhubhai Moliya | 5,20,000 | 8.00% | 5,20,000 | 5.76% |
| Pradipbhai Bhikhabhai Vora | 10,56,250 | 16.25% | 10,56,250 | 11.70% |
| Daxaben Nileshbhai Moliya | 14,62,500 | 22.50% | 14,62,500 | 16.20% |
| Kajal Alpeshbhai Moliya | 13,16,250 | 20.25% | 13,16,250 | 14.58% |
| Shraddhaben Pradipbhai Vora | 3,25,000 | 5.00% | 3,25,000 | 3.60% |
| Alpesh Shambhubhai Moliya | 5,20,000 | 8.00% | 5,20,000 | 5.76% |
| Naynaben Vijaykumar Vora | 3,25,000 | 5.00% | 3,25,000 | 3.60% |
| Vijaybhai Bhikhabhai Vora | 3,25,000 | 5.00% | 3,25,000 | 3.60% |
| Rohitbhai Bhimjibhai Bhuva | 1,95,000 | 3.00% | 1,95,000 | 2.16% |
| Tushar Damjibhai Kalkani | 4,55,000 | 7.00% | 4,55,000 | 5.04% |
Advance Technoforge IPO Strengths & Risks
- Strategic Location of Manufacturing Facilities.
- Experienced Promoters and Management Team.
- Established a customer base for Products and Byproducts.
- Strong existing client relationship.
- A successful and proven track record.
- Offering Flexible Operation for meeting specific customers requirement.
- Strong technical and execution capabilities to maintain quality.
- Risks Relating to the Business: The company relys heavily on a group of customers for a significant portion of its operational revenue. The loss of any one or more of these key customers could have a substantial negative impact on the company business, operations, and financial stability.
- Risks Relating to the Business: The company relys on a limited number of suppliers for the steel required as its primary raw material. Additionally, the company does not have fixed supply agreements with these suppliers. If they fails to meet its needs, it could negatively impact the company business.
- Risks Relating to the Business: The company is exposed to foreign currency exchange rate fluctuations, which may harm its results of operations, impact the company cash flows and cause its financial results to fluctuate.
- Risks Relating to the Business: Its indebtedness, including various conditions and restrictions imposed on it by the company financing agreements, could adversely affect its ability to react to changes in the company business, and its may be limited in the company ability to use debt to fund future capital needs.
- Risks Relating to the Business: Any inability on its part to comply with prescribed technical specifications and standards of quality in connection with the company products could adversely impact its operations and profitability.
- Risks Relating to the Business: Obsolescence, destruction, breakdowns of its plant or equipment or failures to repair or maintain the same may adversely affect the company business, cash flows, financial condition and results of operations.
- Risks Relating to the Business: In the normal course of business, the company requires various approvals, NOCs, licenses, registrations, and permits. Some of these need to be transferred from Advance TechnoForge Private Limited to Advance TechnoForge Limited following the company's name change. Any failures or delay in completing these transfers in a timely manner may negatively impact its operations.
- Risks Relating to the Business: If the company is unable to compete effectively with its competitors, it could have a negative impact on our business, financial position, and operational results.
- Risks Relating to the Business: The company relys on third-party transportation providers for the delivery of raw materials, components, and finished products. As a result, rising transportation costs or the unavailability of transportation services could negatively impact its business, financial condition, operational results, and future prospects.
- Risks Relating to the Business: Its business is inherently working capital-intensive, requiring significant working capital dues to the time lag between procuring raw materials, producing finished goods, and collecting payments from customers.
- Risks Relating to the Business: The company has certain statutory dues and delays in filing returns and payment of statutory dues may result in financial penalties
- Risks Relating to the Business: The company is requireds to meet stringent design, quality, and delivery standards, and failures to comply with these could result in the cancellation of both current and future orders, potentially damaging its reputation, business, operational results, and future prospects.
- Risks Relating to the Business: Its business relies heavily on the efficient functioning of the company manufacturing units, making it vulnerable to various risks within the manufacturing process.
- Risks Relating to the Business: Failures to manage its inventory could have an adverse effect on the company net sales, profitability, cash flow and liquidity.
- Risks Relating to the Business: The lack of long-term agreements with its customers presents a significant risk to the company business. Instead of securing contracts that ensure sustained partnerships, our current customer arrangements are mostly short-term or cover specific quantities. Its customers are not exclusively bound to it and may opt to stop sourcing from it or seek alternatives beyond their contracted orders.
- Risks Relating to the Business: The shortage or non-availability of power facilities may adversely affect its manufacturing process and have an adverse impact on the company results of operations and financial condition.
- Risks Relating to the Business: The company could become liable to customers, suffer adverse publicity and incur substantial costs as a result of defects in its products, which in turn could adversely affect the value of the company brand, and its sales could be diminished if the company are associated with negative publicity.
- Risks Relating to the Business: Its funding requirements and proposed deployment of the Net Proceeds of the Issue have not been appraised by any bank or any financial institution and if there are any delays or cost overruns, the company business, cash flows, financial condition and results of operations may be adversely affected.
- Risks Relating to the Business: The company is required to comply with certain covenants under its financing agreements. Accordingly, the company is required to obtain NOC from its existing lender IDFC First Bank Ltd. While the company has made the application, its company is yet to receive the lenders NOC.
- Risks Relating to the Business: The company is dependents on its senior management and other key personnel as well as certain intermediaries, and the loss of, or the company inability to attract or retain, such persons could adversely affect its business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The company requires various licences and approvals for undertaking its business and if the company fails to obtain, maintain, or renew the company statutory and regulatory licenses, permits and approvals required to operate its business, the company business and results of operations may be adversely affected.
- Risks Relating to the Business: The company derives its revenue from exports and exposure to international trade risks may adversely affect the company export revenues.
- Risks Relating to the Business: The sale of Equity Shares by its Promoters in future may adversely affect the market price of the Equity Shares
- Risks Relating to the Business: The company has in the past entered related party transactions and may continue to do so in the future. There can be no assurance that its could not have achieved more favourable terms if such transactions had been entered into with third parties.
- Risks Relating to the Business: Activities involving its manufacturing process can be dangerous and can cause injury to people or property in certain circumstances.
- Risks Relating to the Business: Its operations are governed by stringent labor laws in India. Potential events such as strikes, labor unrest, work stoppages, increased wage demands, or other disputes with our employees could negatively impact the company business, financial condition, operational results, and cash flows. These factors pose significant risks to its operations and requires careful management to mitigate potential adverse effects.
- Risks Relating to the Business: The Company's ability to pay dividends in the future will depend on future earnings, financial condition, cash flows, working capital requirements and required or planned capital expenditures and terms of its financing arrangements.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares by its Promoters may be lower than the Issue price of the Equity Share in the proposed IPO.
- Risks Relating to the Business: Compliance with, and changes in, environmental, health and safety laws and regulations or stringent enforcement of existing environmental, health and safety laws and regulations may result in increased liabilities and increased capital expenditures may adversely affect its cash flows, business results of operations and financial condition.
- Risks Relating to the Business: Certain key performance indicators for certain listed industry peers included in this Draft Prospectus have been sourced from public sources and there is no assurance that such financial and other industry informations is complete.
- Risks Relating to the Business: Its logo "Advance Technologies Pvt Ltd" is currently undergoing the trademark registration process. Failures to secure this registration could lead to issues with brand identification and potential confusion, as the logo may not be officially protected under the company name. This could result in brand misidentification, loss of market recognition, and legal disputes regarding the use of its logo.
- Risks Relating to the Business: The company mays require additional equity or debt in the future in order to continue to grow its business, which may not be available on favorable terms or at all.
- Risks Relating to the Business: Failures in internal control systems could cause operational errors which may have an adverse effect on its reputation, business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The Company may not be able to pay dividends in the future. Its ability to pay dividends in the future will depend upon the company future earnings, financial condition, cash flows, working capital requirements and capital expenditures and the terms of its financing arrangements.
- Risks Relating to the Business: The company may face risks related to product liability claims. If a product defect leads to such a claim, its could incur additional costs or lose future orders from customers, which could impact the company business and operational results.
- Risks Relating to the Business: The company is vulnerable to counterfeit, cloned, and imitation products, which can reduce its sales and damage the reputation of the company brands.
- Risks Relating to the Business: The loans taken by its Company are secured by personal guarantees from the company directors. If these guarantees are invoked, it could have an adverse effect on our business, financial condition, operations, cash flow, and future prospects.
- Risks Relating to the Business: The company has had negative operating cash flows in the past which may adversely impact its business
- Risks Relating to the Business: While the company has Insurances, inadequate insurance coverage may expose it to financial liabilities.
- Risks Relating to the Business: Certain discrepancies and errors have been identified in some of its corporate records related to forms submitted to the Registrar of Companies and other requirements under the Companies Act, 2013. Any penalties or actions taken by regulatory authorities in the future for non-compliance could adversely affect the Company's reputation and financial standing.
- Risks Relating to the Business: Any unsecured loans drawn by it may be recalled by the lenders at any time, which may adversely affect its business, financial condition, results of operation and prospects.
- Risks Relating to the Business: The industry information presented in this Draft Prospectus has been obtained from various industry sources. However, the company cannot guarantee that this third-party statistical, financial, and other industry data is complete, reliable, or accurate.
- Risks Relating to the Business: The company has not identified any alternative sources of funding; therefore, any failures or delay in securing the necessary resources, or any shortfall in the proceeds from this Issue, could postpone its implementation schedule.
- Risks Relating to the Business: Any penalties or demands imposed by regulatory authorities in the futures will impact the Company's financial position.
- Risks Relating to the Business: The company may need to issue additional equity, which would dilute existing shareholders' stakes and potentially impact the market price of its Equity Shares. Alternatively, the company might seek additional funding through debt to meet its capital requirements, which could be challenging to secure, especially with any future equity offerings.
- Risks Relating to the Business: After the issue, the Promoters and Promoter Group will retain majority ownership in the Company, enabling them to influence the outcome of matters that requires shareholder approval.
- Risks Relating to the Business: The company has not identified any alternative sources of funding for the objectives of the issue, and the deployment of funds will be solely at our discretion as outlined in the "Objects of the Issue" section.
- Risks Relating to the Business: We faces competition from both domestic and international markets, and its inability to compete effectively could significantly impact the company business and financial performance.
- Risks Relating to the Business: Any futures issuance of equity shares could dilute its ownership, and the sale of equity shares by major shareholders might negatively impact the trading price of the company shares.
- Risks Relating to the Business: The demands of being a publicly listed Company may place a strain on its resources and create additional obligations.
- Risks Relating to the Business: The company relies heavily on a group of customers for a significant portion of its operational revenue. The loss of any one or more of these key customers could have a substantial negative impact on the company's business, operations, and financial stability.
- Risks Relating to the Business: The company relies on a limited number of suppliers for the steel required as its primary raw material. Additionally, the company does not has fixed supply agreements with these suppliers. If they fails to meet its needs, it could negatively impact the company's business. Further, any volatility in the prices of its raw material may affect the Company.
- Risks Relating to the Business: The Company's manufacturing capacity is underutilized and any inability to achieve optimal capacity utilization may adversely affect its business, operations and financial performance.
- Risks Relating to the Business: The company's indebtedness, including various conditions and restrictions imposed on its by the company's financing agreements, could adversely affect its ability to react to changes in the company's business, and its may be limited in the company's ability to raise fresh debt to fund future capital needs.
- Risks Relating to the Business: Any inability on the company's part to comply with prescribed technical specifications and standards of quality in connection with its products could adversely impact the company's operations and profitability.
- Risks Relating to the Business: In the normal course of business, the company requires various approvals, NOCs, licenses, registrations, and permits. Pursuant to the change of name of the Company from Advance Technoforge Private Limited to Advance Technoforge Limited, these approvals, licenses, etc. need to be transferred in the new name of the Company. Any failures or delay in completing these transfers/renewing them in a timely manner may negatively impact its operations.
- Risks Relating to the Business: If the company is unable to compete effectively with its competitors, it could have a negative impact on the company's business, financial position, and operational results.
- Risks Relating to the Business: Failures in internal control systems could cause operational errors which may have an adverse effect on the company's reputation, business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Bank statements and payment trails relating to a past Rights Issue allotment undertaken on January 22, 2014 are not traceable, which may expose the company to regulatory scrutiny and/or adverse consequences.
- Risks Relating to the Business: The company's business is inherently working capital-intensive, requiring significant working capital due to the time lag between procuring raw materials, producing finished goods, and collecting payments from customers. Its may requires additional capital and financing in the future and operations could be curtailed if the Company is unable to obtain the required additional capital and financing when needed or any inability to manage working capital efficiently or to raise timely and cost-effective financing may adversely affect its business, financial condition, cash flows, and results of operations.
- Risks Relating to the Business: The company derives certain revenue from exports and exposure to international trade risks may adversely affect its export revenues.
- Risks Relating to the Business: Any decline in the Company's Revenue from the Operations or profitability in future may adversely affect its financial condition and results of operations adversely.
- Risks Relating to the Business: The company is exposed to foreign currency exchange rate fluctuations, which may impact its cash flows and the company's financial results.
- Risks Relating to the Business: The company is liable for applicable statutory dues and delays in filing returns and payment of statutory dues may result in financial penalties.
- Risks Relating to the Business: The company is required to meet stringent design, quality, and delivery standards, and failures to comply with these could result in the cancellation of both current and future orders, potentially damaging its reputation, business, operational results, and future prospects.
- Risks Relating to the Business: The Company is yet to place orders for purchase of plant and machinery. Any delay in placing orders or procurement of such plant and machinery may delay the schedule of implementation and possibly increase the cost of commencing operations.
- Risks Relating to the Business: The company's business relies heavily on the efficient functioning of its manufacturing units, making the company vulnerable to various risks within the manufacturing process. Any such inefficiency can lead to resource wastage, production slowdowns, increased operational costs and adversely impact the company's profitability.
- Risks Relating to the Business: Failures to manage the company's inventory could have an adverse effect on its net sales, profitability, cash flow and liquidity.
- Risks Relating to the Business: The lack of long-term agreements with the company's customers presents a significant risk to its business. Instead of securing contracts that ensure sustained partnerships, the company's current customer arrangements is mostly short-term or cover specific quantities. The company's customers is not exclusively bound to its and may opt to stop sourcing from the company or seek alternatives beyond their contracted orders.
- Risks Relating to the Business: The company's unsecured loan agreements is executed on plain paper and the same are not adequately stamped or registered, such documentation could result in financial exposure, litigation risk, reputational impact, and increased compliance costs which may adversely affect the enforceability of such agreements.
- Risks Relating to the Business: The shortage or non-availability of power facilities may adversely affect the company's manufacturing process and have an adverse impact on its results of operations and financial condition.
- Risks Relating to the Business: The company's operations and revenue is concentrated in specific geographic regions i.e., Maharashtra and Gujarat, which exposes its to region-specific risks. Any adverse developments including any policy or infrastructure changes in these areas may adversely affect the company's business and financial performance.
- Risks Relating to the Business: The Company heavily relies on loan facilities provided by HDFC Bank Limited, SIDBI, and Tata Capital to meet its working capital and other funding needs, which exposes the company to repayment, default, and refinancing risks.
- Risks Relating to the Business: The company could become liable to customers, suffer adverse publicity and incur substantial costs as a result of defects in the company's products, which in turn could adversely affect the value of its brand, and the company's sales could be diminished if the company is associated with negative publicity.
- Risks Relating to the Business: The company's funding requirements and proposed deployment of the Net Proceeds of the Issue has not been appraised by any bank or any financial institution and if there are any delays or cost overruns, the company's business, cash flows, financial condition and results of operations may be adversely affected.
- Risks Relating to the Business: The Company has previously filed the Draft Prospectus on 27 March 2025, which was then withdrawn. The Draft Prospectus was being refiled and certain changes been made to the Draft Prospectus in comparison to the previously filed version during this period. The prior withdrawal and refied Draft Prospectus may be perceived negatively by potential investors, analysts, and the general public.
- Risks Relating to the Business: The company is dependent on its Promoters, senior management and other key managerial personnel and the loss of, or the company's inability to attract or retain, such persons could adversely affect its business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The company's logo Advance and Advance Technoforge Limited are currently undergoing the trademark registration process. Failures to secure this registration could lead to issues with brand identification and potential confusion, as the logo may not be officially protected under its name. This could result in brand misidentification, loss of market recognition, and legal disputes regarding the use of the company's logo.
- Risks Relating to the Business: The company requires various licenses and approvals for undertaking its business and if the company fails to obtain, maintain, or renew the company's statutory and regulatory licenses, permits and approvals required to operates its business, the company's business and results of operations may be adversely affected.
- Risks Relating to the Business: The sale or pledge of Equity Shares of the Company by its Promoters in future may adversely affect the market price of the Equity Shares.
- Risks Relating to the Business: The company has in the past entered related party transactions and may continue to does so in the future. There can be no assurance that its could not have achieved more favourable terms if such transactions has been entered into with third parties.
- Risks Relating to the Business: The company's manufacturing operations is exposed to risks such as workplace accidents, equipment breakdowns, fire, explosion, and other disruptions, which may result in injury, damage to property, or interruption of operations. Any such incident may lead to delays, legal and regulatory liabilities, increased costs, and may adversely affect the company's business, financial condition, and results of operations.
- Risks Relating to the Business: The company's operations is governed by stringent labor laws in India. Potential events such as strikes, labor unrest, work stoppages, increased wages demands, or other disputes with its employees could negatively impact the company's business, financial condition, operational results, and cash flows. These factors pose significant risks to its operations and require careful management to mitigate potential adverse effects.
- Risks Relating to the Business: The Company's ability to pay dividends in the future will depends on its future earnings, financial condition, cash flows, working capital requirements and capital expenditures and terms of the company's financing arrangements which may adversely affect its ability to pay dividends and the trading price of the Equity Shares of the Company.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares by the company's Promoters may be lower than the Issue price of the Equity Share in the proposed IPO.
- Risks Relating to the Business: Compliance with, and changes in, environmental, health and safety laws and regulations or stringent enforcement of existing environmental, health and safety laws and regulations may result in increased liabilities and increased capital expenditures may adversely affect the company's cash flows, business results of operations and financial condition.
- Risks Relating to the Business: The company may requires additional equity or debt in the future in order to continue to grow its business, which may not be available on favorable terms or at all. If the company is unable to raise additional funds on favorable terms or at all as and when required, the company's business, results of operations, financial condition and prospects could be adversely affected.
- Risks Relating to the Business: The company is vulnerable to counterfeit, cloned, and imitation products, which can reduce its sales and damage the reputation of the company's brands.
- Risks Relating to the Business: The loans taken by the Company is secured by personal guarantees from its directors. If these guarantees are invoked, it could have an adverse effect on the company's business, financial condition, operations, cash flow, and future prospects.
- Risks Relating to the Business: The company relies on third-party transportation providers for the delivery of raw materials, components, and finished products. As a result, rising transportation costs or the unavailability of transportation services could negatively impact its business, financial condition, operational results, and future prospects.
- Risks Relating to the Business: While the company has availed various Insurance Policies to cover the risks posed to its business, any inadequate insurance coverage in future or any rejection of insurance claim, may expose its to financial liabilities.
- Risks Relating to the Business: There has been few instances of delays by the Company in filing statutory forms with the Registrar of Companies, which may expose its to regulatory action. If the Regulatory Authorities impose any monetary penalties on the company or take any punitive actions against the Company in relation to the same, its business, financial condition and results of operations could be adversely affected.
- Risks Relating to the Business: Any unsecured loans drawn by the company may be recalled by the lenders at any time, which may adversely affect its business, financial condition, results of operation and prospects.
- Risks Relating to the Business: After the completion of the Issue, the Promoter and Promoter Group will retain majority ownership in the Company, enabling them to influence the outcome of matters that requires shareholder approval. These decisions may conflict with the interests of minority shareholders thus negatively impacting investor perception and share value.
- Risks Relating to the Business: The company faces competition from both domestic and international markets, and its inability to compete effectively could significantly impact the company's business and financial performance.
- Risks Relating to the Business: The demands of being a publicly listed Company may place a strain on the company's resources and create additional obligations.
- Risks Relating to the Business: The company's unsecured loan agreements is executed on plain paper and the same are not adequately stamped or registered, such documentation could result in financial exposure, litigation risk, reputational impact, and increased compliance costs which may adversely affect the enforceability of such agreements.
- Risks Relating to the Business: Delayed payments to MSME suppliers may expose the Company to regulatory, financial and reputational risks which may adversely affect the company's business and profitability.
- Risks Relating to the Business: If the company is unable to manage its growth effectively and further expand into new markets, the company's business and financial performance could be adversely affected.
- Risks Relating to the Business: Any non-availability of skilled, semi-skilled and un-skilled manpower and/or increased employee costs could negatively affect the company's ability to operates efficiently and result in disruptions to its manufacturing operations.
