Archive · 3 Aug 2026
Advance Technoforge IPO Debuts on BSE SME, Hits Lower Circuit
Advance Technoforge, a company that makes forged steel parts, sold shares on the BSE SME market.
The shares started trading at ₹94, a little below the price they were sold for, which was ₹95.
The price fell to ₹89.30, the lowest it could go that day.
People were interested enough that the company got 1.6 times more money than it needed, raising ₹24 crore.
The company will use this money to buy equipment, pay some debts, and keep the business running.
Shares opened at ₹94, below the ₹95 issue price, on Monday 3 August.
Stock fell to a lower circuit of ₹89.30, a 6% drop from the issue price.
Grey market premium was ₹4, indicating a potential 4% premium at listing.
IPO attracted 1.6× subscription, raising ₹24 crore from 25,29,600 shares.
Proceeds earmarked for plant, machinery, working capital, debt repayment, and corporate uses.
- Who
- Advance Technoforge
- What
- Initial public offering on the BSE SME
- When
- 3 August 2024
- Where
- BSE SME, Mumbai
- Why
- To raise capital for plant and machinery, working capital, debt repayment, and general corporate purposes
- Issue price
- ₹95 per share
- Subscription multiple
- 1.6×
- Shares issued
- 25,29,600
- Proceeds raised
- ₹24 crore
- Lower circuit
- ₹89.30