Anand Seamless IPO
Anand Seamless IPO Details
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Open Date
22 Sep 2026
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Close Date
24 Sep 2026
- IPO Price Range
₹ 72
- IPO Size
₹ 25.52 Cr
Anand Seamless IPO Timeline
Anand Seamless IPO Subscription Status
| Date | QIB | NII | Retail | TOTAL |
|---|---|---|---|---|
| 22-Sep-2026 | - | 1.13 | 0.05 | 0.59 |
| 23-Sep-2026 | - | 1.12 | 0.36 | 0.74 |
| 24-Sep-2026 | - | 1.52 | 0.70 | 1.11 |
Last Updated: 24 September 2026 6:43 PM by 5paisa
Anand Seamless Limited manufactures and exports seamless tubes, pipes and finned tubes used across industries where pressure resistance, heat transfer and specialised material specifications are important. Its product portfolio includes carbon steel and alloy steel seamless tubes, heat exchanger tubes, U-bend tubes and multiple types of finned tubes.
The company's products cater to industries including oil and gas refineries, petrochemicals, thermal and nuclear power plants, boiler manufacturing, chemicals, pharmaceuticals, automobiles, railways, defence, cement and other process industries. It serves both domestic and international customers.
Its manufacturing operations are located at Indrad, Kadi, Gujarat. The company has annual production capacity of approximately 3,000 tonnes for seamless tubes and pipes and 3,60,000 metres for finned tubes. The proposed expansion is intended to add 90,000 metres of finned-tube capacity, taking total annual finned-tube capacity to around 4,50,000 metres.
Established in: 2005
Chairman and Managing Director: Kedar Mayank Choksi
Peers:
Venus Pipes & Tubes Limited
Gandhi Special Tubes Limited
Ratnamani Metals & Tubes Limited
Scoda Tubes Limited
Anand Seamless Objectives
The company proposes to utilise the proceeds from the fresh issue towards:
1. Financing capacity expansion, technological upgradation, cost optimisation and support for its manufacturing facility at Indrad, Kadi, Gujarat
2. Full or partial repayment and/or prepayment of certain outstanding secured and unsecured borrowings
3. General corporate purposes
4. Meeting issue-related expenses
Approximately ₹13.20 crore is proposed to be deployed towards capacity expansion, technological upgrades and manufacturing-related expenditure. Around ₹5.49 crore is earmarked for repayment or prepayment of borrowings and ₹3.70 crore for general corporate purposes. Issue expenses are estimated at approximately ₹3.13 crore.
Anand Seamless IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹25.52 Cr |
| Offer For Sale | - |
| Fresh Issue | ₹25.52 Cr |
Anand Seamless IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 3200 | ₹230400 |
| Retail (Max) | 2 | 3200 | ₹230400 |
| HNI (Min) | 8 | 4800 | ₹345600 |
Anand Seamless IPO Reservation
| Investors Category | Subscription (times) | Shares Offered* | Shares bid for | Total Amount (Cr.)* | Total Applications |
|---|---|---|---|---|---|
| Market Maker | 1 | 1,77,600 | 1,77,600 | 1.28 | - |
| Non-Institutional Buyers | 1.52 | 16,83,200 | 25,61,600 | 18.44 | 0 |
| Individual Investors | 0.70 | 16,83,200 | 11,80,800 | 8.50 | 0 |
| Total** | 1.11 | 33,66,400 | 37,42,400 | 26.95 | 456 |
*The "Shares Offered" and "Total Amount" are calculated using the upper limit of the issue price range.
**Shares allocated to anchor investors (or market makers) are excluded from the total number of shares offered.
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 36.90 | 33.55 | 56.00 |
| EBITDA | 6.51 | 5.90 | 10.22 |
| PAT | 3.36 | 2.65 | 5.48 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 35.55 | 52.40 | 67.58 |
| Share Capital | 0.10 | 0.10 | 8.43 |
| Total Liabilities | 24.15 | 38.35 | 48.06 |
| Cash Flows (₹ Crores) | FY24 | FY25 | FY26 |
| Net Cash Generated From / (used in) Operating Activities | 1.51 | -3.31 | -5.57 |
| Net Cash Generated From / (used in) Investing Activities | -1.14 | -1.06 | -0.17 |
| Net Cash Generated From / (used in) Financing Activities | -0.37 | 5.31 | 4.64 |
| Net Increase (Decrease) in Cash and Cash Equivalents | -0.01 | 0.95 | -1.10 |
Strengths
1. Anand Seamless offers a diversified range of seamless tubes, pipes, heat exchanger tubes, U-bend tubes and finned tubes for specialised industrial applications.
2. Its products cater to multiple end-user sectors, including oil and gas, petrochemicals, power, chemicals, pharmaceuticals, railways, automobiles and defence.
3. The company has in-house manufacturing capabilities spanning processes such as cold drawing, heat treatment, testing and fin-tube manufacturing.
4. It holds industry certifications and product approvals relevant to technically demanding applications, including quality and boiler-related approvals.
5. FY26 revenue increased to ₹56.00 crore, while EBITDA and PAT rose to ₹10.22 crore and ₹5.48 crore, respectively.
Weaknesses
1. Customer concentration remains significant. The top 10 customers accounted for 61.62% of revenue from operations in FY25 and 71.71% during the six months ended September 2025.
2. Supplier concentration is also high, with the top 10 suppliers accounting for 81.30% of raw-material purchases in FY25 and 94.55% during the six months ended September 2025.
3. Operating cash flow was negative in both FY25 and FY26 despite reported profitability.
4. Borrowings have increased alongside the expansion of the business, making debt servicing and working-capital management important considerations.
5. Revenue has historically been affected by changes in commodity prices and product realisations, leading to fluctuations between reporting periods.
Opportunities
1. The proposed capacity expansion will increase annual finned-tube capacity from approximately 3,60,000 metres to 4,50,000 metres.
2. Technological upgrades and manufacturing cost optimisation funded through the IPO could support higher capacity utilisation and operating efficiency.
3. Demand for seamless tubes and pipes is supported by applications across oil and gas, power generation, petrochemicals, automotive and infrastructure.
4. Expansion in export markets provides scope to diversify the company's customer base beyond domestic demand.
5. Increasing requirements for specialised, pressure-resistant and heat-transfer products can support demand for higher-value seamless and finned-tube products.
Threats
1. Steel and other raw-material price volatility can affect production costs, realisations and margins if increases cannot be passed on to customers.
2. Dependence on a concentrated group of customers and suppliers creates exposure to order reductions, customer losses and disruptions in raw-material availability.
3. The tubes and pipes industry includes several established domestic manufacturers, creating competition on price, product quality, approvals and delivery capability.
4. A portion of domestic business is tender-driven, where competitive bidding may put pressure on realisations and margins.
5. Failure to maintain technical specifications, certifications or regulatory approvals could affect access to customers in safety-critical industries.
1. Revenue from operations increased from ₹33.55 crore in FY25 to ₹56.00 crore in FY26, while PAT increased from ₹2.65 crore to ₹5.48 crore.
2. The company manufactures specialised seamless and finned-tube products used across oil and gas, power, petrochemicals, chemicals, pharmaceuticals, railways and other industrial sectors.
3. Its product portfolio includes both seamless tubes and pipes and multiple finned-tube configurations, providing exposure to different industrial applications.
4. Approximately ₹13.20 crore of IPO proceeds is intended for capacity expansion, technological upgradation and cost optimisation, including an increase in finned-tube capacity.
5. A portion of the proceeds is intended for repayment or prepayment of borrowings, which can reduce part of the company's existing debt burden.
Seamless tubes and pipes are used extensively in industries where strength, pressure tolerance and reliability are important, including oil and gas, power generation, petrochemicals, automotive, construction and process industries. The industry information used in the offer documents estimates the global seamless pipes and tubes market at approximately USD 69.9 billion in 2025 and projects it to reach around USD 137.5 billion by 2035, implying a CAGR of about 7.0%.
India's industrial expansion, investments in energy and infrastructure, growth in refining and petrochemical capacity and demand for higher-specification steel products can support domestic requirements for seamless tubes and pipes.
Anand Seamless operates within this specialised segment through seamless tubes, heat exchanger tubes, U-bend tubes and finned tubes. Its IPO-funded expansion is focused particularly on increasing finned-tube capacity from 3,60,000 metres to 4,50,000 metres annually, alongside technology upgrades and manufacturing cost optimisation. The company's exposure to several industrial end markets and both domestic and export customers provides multiple demand channels, although performance remains sensitive to commodity prices, customer concentration and industrial capital-expenditure cycles.
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FAQs
Anand Seamless IPO opens from 22 September 2026 to 24 September 2026.
The size of the Anand Seamless IPO is approximately ₹25.52 crore. The issue is entirely a fresh issue of 35,44,000 equity shares.
The Anand Seamless IPO is a fixed-price issue at ₹72 per equity share.
1. Login to your 5paisa demat account and select the issue in the current IPO section.
2. Enter the number of lots and the price at which you wish to apply for the Anand Seamless IPO.
3. Enter your UPI ID and click on submit. Your bid will then be placed with the exchange.
4. You will receive a mandate notification to block funds in your UPI app.
The market lot is 1,600 shares. Individual investors must apply for a minimum of two lots, or 3,200 shares. At the fixed issue price of ₹72 per share, the minimum investment is ₹2,30,400.
The basis of allotment for the Anand Seamless IPO is expected to be finalised on 25 September 2026.
The Anand Seamless IPO is tentatively scheduled to list on the BSE SME platform on 29 September 2026.
Aftertrade Broking Private Limited is the lead manager to the Anand Seamless IPO.
The fresh-issue proceeds are proposed to be used towards:
1. Financing capacity expansion, technological upgradation, cost optimisation and support for the company's manufacturing facility at Indrad, Kadi, Gujarat
2. Full or partial repayment and/or prepayment of certain secured and unsecured borrowings
3. General corporate purposes
4. Issue-related expenses