Advance Technoforge opens IPO aiming ₹24.03cr on July 27
Business
Advance Technoforge, a Gujarat-based maker of forged steel parts, is opening its IPO on July 27.
It is aiming to raise ₹24.03 crore by offering shares at ₹95 each, putting the company's value at about ₹86 crore.
The window to apply closes July 29, with allotment expected by July 30 and shares set to list on the BSE SME platform August 3.
Proceeds for machinery, working capital, debt
The funds will help buy new machinery (₹7.19 crore), boost working capital (₹7.25 crore), pay off some debt (₹2.4 crore), and support general business needs (₹3.59 crore).
While revenue dipped slightly this year, net profit jumped over 50%, a solid sign for a growing company.
Sun Capital Advisory Services is managing the IPO process.