New Delhi, 03 August (H.S.): Shares of heavy machinery components manufacturer Advance Technoforge made a weak debut on the stock market on Monday, disappointing its IPO investors. The company’s shares, which were issued at an IPO price of Rs 95, got listed at Rs 94 on the BSE SME platform, marking a discount of 1.05 percent. Soon after listing, selling pressure intensified, dragging the stock down to the lower circuit level of Rs 89.30. As a result, IPO investors suffered a loss of Rs 5.70 per share, or nearly six percent, on the very first day of trading.

Advance Technoforge’s Rs 24.03 crore IPO was open for subscription from July 27 to July 29. The issue received an average response from investors and was subscribed 2.68 times overall. The portion reserved for Non-Institutional Investors (NIIs) received 0.43 times subscription, while the retail investor portion was subscribed 2.68 times. Under the IPO, the company issued 25,30,800 fresh shares with a face value of Rs 10 each. The funds raised through the issue will be utilised for purchasing and installing new machinery, reducing existing debt, meeting working capital requirements, and fulfilling general corporate objectives.

According to the Draft Red Herring Prospectus (DRHP) submitted to market regulator Securities and Exchange Board of India (SEBI), Advance Technoforge’s financial position appears strong. The company reported a net profit of Rs 1.70 crore in the financial year 2023-24, which increased to Rs 2.70 crore in 2024-25. In the latest financial year 2025-26, the company’s net profit rose further to Rs 4.06 crore.

During this period, the company’s revenue witnessed minor fluctuations. Its total revenue stood at Rs 48.24 crore in 2023-24, increased to Rs 51.16 crore in 2024-25, and declined slightly to Rs 50.73 crore in 2025-26.

The company’s debt also witnessed some fluctuations during the period. At the end of 2023-24, Advance Technoforge had a debt of Rs 11.19 crore, which increased to Rs 17.51 crore in 2024-25. However, by the end of 2025-26, the company managed to reduce its debt burden marginally to Rs 17.29 crore.

The company’s reserves and surplus also showed fluctuations. They stood at Rs 6.44 crore in 2023-24, declined to Rs 3.13 crore in 2024-25, and increased significantly to Rs 7.19 crore in 2025-26.

In terms of net worth, the company maintained consistent growth. Its net worth increased from Rs 6.93 crore in 2023-24 to Rs 9.56 crore in 2024-25 and further climbed to Rs 13.38 crore in 2025-26.

Similarly, the company’s EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) improved steadily. It stood at Rs 3.86 crore in 2023-24, increased to Rs 5.52 crore in 2024-25, and reached Rs 8.35 crore in 2025-26.

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Hindusthan Samachar / Jun Sarkar