Anand Seamless

ListedListed 29 Sep 2026BSE SMENSE: ANANDCheck allotment

Current price₹ 66.83−7.18% since issue

Listing day+0.14%

Issue price: ₹ 72
Issue size: ₹ 25.52 Cr.
Min. investment: ₹ 1,15,200
Listing price: ₹ 72.1
Subscribed: 1.44x
Lot size: 1,600 shares
P/E: 15.72
RoNW: 16.57%
RoCE: 11.65%
Debt / Equity: 1.38
PAT margin: 9.31%
EBITDA margin: 16.09%
RoE: 16.57%
EPS: ₹ 4.58
NAV: ₹ 19.98
Promoter stake: 70.39%

About

Anand Seamless Limited was started in 2005. It makes seamless tubes, pipes and finned tubes used in industry. A seamless tube is drawn from a solid billet rather than rolled and welded from a sheet, so it has no joint along its length. That matters wherever a tube has to hold high pressure or heat, which is why these are used in the equipment they go into rather than in ordinary plumbing. Its range covers carbon steel and alloy steel seamless tubes, heat exchanger tubes, U-tubes and several types of finned tubes. Finned tubes carry small ridges along the outside to increase surface area, which helps transfer heat faster. Its products are used in oil and gas, petrochemicals, power plants and general process industries. Its manufacturing facility is at Village Indrad on the Chhatral-Kadi Road in Mahesana district of Gujarat, and the money raised in this issue is going into expanding capacity, upgrading technology and reducing operating cost at that plant.

Timeline

Opens
22 Sep
done
Closes
24 Sep
done
Allotment
25 Sep
done
Refunds
28 Sep
done
Demat credit
28 Sep
done
Listing
29 Sep
done

Subscription

How many times each investor group bid for its share, as of 28 Sep 2026, 08:45 AM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type

Retail (Min)	1	1,600	₹ 1,15,200
Retail (Max)	1	1,600	₹ 1,15,200
HNI (Min)	2	3,200	₹ 2,30,400

Company overview

Financials

Financials by year

Assets	67.58	52.4	35.55
Total Income	56.17	33.64	37
Profit After Tax	5.48	2.65	3.36
EBITDA	10.22	5.9	6.51
NET Worth	19.52	14.05	11.4
Reserves and Surplus	11.1	13.94	11.29
Total Borrowing	28.21	21.22	14.21

Strengths

Sales recovered strongly in FY2026, rising 67% from Rs 33.64 crore to Rs 56.17 crore.
Profit more than doubled over the same year, from Rs 2.65 crore to Rs 5.48 crore.
EBITDA improved from Rs 5.90 crore to Rs 10.22 crore, and the EBITDA margin of 16.09% is healthy for a steel products maker.
The PAT margin of 9.31% is well above what commodity pipe makers earn, reflecting the more technical nature of seamless tube.
Seamless tube is a harder product to make than welded pipe, which limits how many competitors can serve the same customers.
Its products go into oil and gas, petrochemicals, power and process industries, so it is not tied to a single end market.
The issue is priced at about 15.72 times earnings on an EPS of Rs 4.58.
The whole issue is fresh capital going into capacity expansion, technology upgrade and cost reduction at its Mahesana plant.

Risks

The recovery is only one year old and the trend is choppy. Total income was Rs 37.00 crore in FY2024, fell to Rs 33.64 crore in FY2025 and then rose to Rs 56.17 crore in FY2026.
Debt is high. Total borrowing was Rs 28.21 crore against a net worth of Rs 19.52 crore, a debt to equity ratio of 1.38, and it has doubled in two years from Rs 14.21 crore.
Return on capital employed is only 11.65%, which shows how much capital the plant ties up relative to what it earns.
Demand depends on capital spending by oil and gas, petrochemical and power companies, which is lumpy and can pause for years at a time.
Steel input prices move sharply and cannot always be passed on where orders are already priced.
The whole business runs from one facility at Indrad in Mahesana, so there is single location risk.
This is a fixed price issue at Rs 72 per share, so there is no price discovery through bidding.
Promoter holding will come down from 100% to 70.39% after the issue.
This is an SME issue. One lot is 1,600 shares, which is Rs 1.15 lakh at the issue price, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue

Financing the cost towards capacity expansion, technological upgradation, cost optimization of the operations and support to the manufacturing facility at Survey No. 944, Ankhol Patiya, Chhatral-Kadi Road, Village Indrad, Mahesana, Kadi, Gujarat, India, 382715	13.2
Full or part repayment and/or prepayment of certain outstanding secured and unsecured borrowings availed by the Company	5.73
General corporate purposes	3.7
Issue Expenses	3.13

Promoters

Kedar Mayank Choksi
Heta Kedar Choksi

Promoter holding100%→70.39%before → after the issue · down 29.61 points

Registrar, lead managers and documents

Listing on: BSE SME
Face value: ₹ 10 a share
Registrar: MUFG Intime India Private Limited
Basis of allotment: Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.