Advance Technoforge SME IPO: Half the capacity, double the margins

Advance Technoforge, a Rajkot-based forging components maker, is raising ₹24 crore via a 100% fresh SME IPO priced at ₹95/share, trading at a steep discount to listed peers on P/E. But flat revenue paired with sharply rising margins, unordered machinery meant to be funded by IPO proceeds, and an untraceable decade-old share allotment trail complicate the cheap-valuation story. To read, click here.