Anand Seamless IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| NII | 1.96x |
| Retail (RII) | 0.98x |
| Total | 1.47x |
Bidding day 3 · final figures at close of bidding: 29 Sept 2026, 6:30 pm IST
IPO Details
- Open Date
- 22 Sept 2026
- Close Date
- 24 Sept 2026
- Listing Date
- 29 Sept 2026
- Face Value
- ₹10
- Fresh Issue
- ₹24.24 Cr
- OFS
- ₹0 Cr
- Listing On
- BSE
- Registrar
- —
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 3,200 | ₹2,30,400 |
| HNI (Min) | 3 | 4,800 | ₹3,45,600 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| NII | 16,83,200 | 50% |
| Retail | 16,83,200 | 50% |
| Total | 33,66,400 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 37 | 3.36 | 6.51 | 11.4 | 35.55 | 14.21 | — |
| FY 2025 | 33.64 | 2.65 | 5.9 | 14.05 | 52.4 | 21.22 | 6.5 |
| FY 2026 | 56.17 | 5.48 | 10.22 | 19.52 | 67.58 | 28.21 | — |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 11.08x
- P/E (post-issue)
- 15.72x
- RoNW
- 16.57%
- RoE
- 16.57%
- RoCE
- 11.65%
- Debt / Equity
- 1.38
- EPS (pre-issue)
- ₹6.5
- EPS (post-issue)
- ₹4.58
- EBITDA Margin
- 16.09%
- PAT Margin
- 9.31%
- P/BV
- 4.32x
- NAV / share
- ₹19.98
- Market Cap
- ₹86.18 Cr
As of 30 Sept 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| 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 Cr |
| Full or part repayment and/or prepayment of certain outstanding secured and unsecured borrowings availed by the Company | ₹5.49 Cr |
| General corporate purposes | ₹3.7 Cr |
| Issue Expenses | ₹3.13 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fees payable to the Lead Manager | ₹0.3 Cr |
| Fees Payable to Registrar to the Issue | ₹0.01 Cr |
| Fees Payable Advertising, Marketing Expenses and Printing Expenses | ₹0.02 Cr |
| Fees Payable to Regulators including Stock Exchange and other regulators like NSDL & CDSL | ₹0.06 Cr |
| Fees payable to Peer Review Auditor, Legal advisors and other Professionals | ₹0.11 Cr |
| Fees Payable to Market Maker (for 3 years) | ₹0.09 Cr |
| Escrow and Sponsor Bank Fees incl. selling commission to be paid | ₹0.01 Cr |
| Other fees (Fees payable for Underwriting, Fund raising fees, Advisory fees and Miscellaneous Expenses) | ₹2.53 Cr |
Promoters & Shareholding
Promoters: <p>Kedar Mayank Choksi, Heta Kedar Choksi</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 70.39%
- Dilution
- 29.61%
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Anand Seamless | 6.5 | 23.17 | — | 28.05% | — | Restated |
| Gandhi Special Tubes Ltd | 56.26 | 260 | 15.69x | 21.64% | 3.39x | Consolidated |
| Ratnamani Metals & Tubes Ltd | 68.85 | 586.46 | 34.16x | 13% | 4.01x | Consolidated |
| Scoda Tubes Ltd | 6.79 | 65.15 | 19.62x | 9.95% | 2.05x | Consolidated |
| Venus Pipes & Tubes Ltd | 49.51 | 322.69 | 31.86x | 15.25% | 4.9x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Listing Performance
About the Anand Seamless IPO
The Anand Seamless SME IPO opens for subscription on 22 Sept 2026 and closes on 24 Sept 2026, offered at an issue price of ₹72 per share, and is set to list on BSE. In total, the issue aims to mobilise ₹25.52 crore. Retail investors bid in lots of 1600 shares, a minimum application of ₹2,30,400.
Issue structure
The IPO is structured entirely as a fresh issue of ₹24.24 crore, so the full proceeds flow to the company to fund its stated objects of the issue.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward 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 crore), alongside full or part repayment and/or prepayment of certain outstanding secured and unsecured borrowings availed by the company (₹5.49 crore). In all, 4 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Anand Seamless reported revenue of ₹56.17 crore and a net profit of ₹5.48 crore. Revenue grew from ₹37 crore in FY2024 to ₹56.17 crore in FY2026 (+52.0%). Net worth stood at ₹19.52 crore at the end of FY2026.
Valuation
At the upper band, the issue is priced at 15.72× post-issue earnings and 4.32× book value, against a return on net worth of 16.57% and a debt-to-equity ratio of 1.38. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Gandhi Special Tubes Ltd and Ratnamani Metals & Tubes Ltd, with a median peer P/E of about 25.7×. The issue's own post-issue P/E works out to 15.72×.
Promoters
The promoters of the company are <p>Kedar Mayank Choksi, Heta Kedar Choksi</p>. Promoter holding stands at 100% before the issue and comes down to 70.39% after listing.
Grey market premium (GMP)
In the unofficial grey market, Anand Seamless shares are quoted at a premium of ₹0 implying an expected listing around ₹72, about +0.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Anand Seamless IPO was subscribed 1.47 times overall. The strongest demand came from non-institutional investors (NII) at 1.96 times, with retail investors at 0.98×.
Listing performance
Anand Seamless listed on 29 Sept 2026 at ₹72.1, a premium of +0.1% over the issue price of ₹72.
What to weigh
When evaluating the Anand Seamless IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Anand Seamless
Anand Seamless Limited is engaged in the production of seamless tubes, pipes, and finned tubes used in industrial applications. The company operates in the iron and steel manufacturing sector. The company specializes in manufacturing carbon steel and alloy steel seamless tubes, heat exchanger tubes, U-tubes, and various types of finned tubes. These products are widely used in industries such as oil & gas, petrochemicals, power plants, and process industries. Anand Seamless Limited focuses on quality-driven manufacturing with certifications like ISO and approvals from agencies such as IBR and Engineers India Limited. It serves both domestic and international clients, including major PSUs and global energy companies, positioning itself as a reliable supplier in the industrial engineering sector. Product Portfolio: Seamless Tubes and Pipes Finned Tubes Competitive Strengths: Diversified Product Range International Accreditations and product approvals Extensive and Effective Quality Control Customer Diversification Experienced and Qualified Team
Anand Seamless — Contact Details
- Registered office
- Plot No. 129-A, Ankhol Patiya, Chhatral-Kadi Road,, Village Indrad,, Mehsana, Gujarat, 382715
- Phone
- +91 63573 64613
- cs@anandseamless.com
- Website
- www.anandseamless.com/
- Registrar (IPO queries)
- anandseamless.smeipo@in.mpms.mufg.com
Frequently asked questions
- What is the Anand Seamless IPO price band?
- The Anand Seamless IPO price band is ₹72 per share, with a lot size of 1600 shares.
- What was the Anand Seamless IPO GMP before listing?
- The final grey market premium recorded before the Anand Seamless IPO listed was ₹0. The IPO listed on 29 Sept 2026 at ₹72.1, +0.1% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Anand Seamless IPO open and close?
- The Anand Seamless IPO opens on 22 Sept 2026 and closes on 24 Sept 2026.
- When is the Anand Seamless IPO allotment and listing date?
- Allotment is expected on 25 Sept 2026. The shares are scheduled to list on 29 Sept 2026 on BSE.
- How many times was the Anand Seamless IPO subscribed?
- The Anand Seamless IPO was subscribed 1.47 times in total across all investor categories.
- What is the reservation split in the Anand Seamless IPO?
- Of the total shares offered, retail investors get 50%, non-institutional investors 50%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Anand Seamless and what is their holding?
- The promoters are <p>Kedar Mayank Choksi, Heta Kedar Choksi</p>. Promoter holding is 100% before the issue and 70.39% after listing.
- What is the P/E ratio of the Anand Seamless IPO?
- At the upper price band, the Anand Seamless IPO is valued at 11.08× pre-issue earnings and 15.72× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Anand Seamless IPO?
- The net proceeds go primarily toward 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, among 4 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Anand Seamless IPO?
- The book-running lead manager is Aftertrade Broking Pvt.Ltd..
- Is Anand Seamless a Mainboard or SME IPO?
- Anand Seamless is an SME IPO, listing on BSE (SME platform).