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Anand Seamless IPO
₹2,30,400/1600 ( 2 Lots ) shares
Minimum Investment
IPO Details
22 Sep 26
24 Sep 26
₹2,30,400
1600 ( 2 Lots )
TBA
BSE
₹25.52 Cr
29 Sep 26
Open Free Demat Account
Open Free Demat Account
Anand Seamless IPO Timeline
Bidding Start
22 Sep 26
Bidding Ends
24 Sep 26
Allotment Finalisation
25 Sep 26
Refund Initiation
28 Sep 26
Demat Transfer
28 Sep 26
Listing
29 Sep 26
About Anand Seamless Limited
Incorporated in 2005, Anand Seamless Limited manufactures seamless tubes, pipes, heat exchanger tubes, U-bend tubes and various types of finned tubes. Its products serve industries including oil and gas, petrochemicals, power, pharmaceuticals, chemicals, railways, automobiles and process industries. The company operates manufacturing facilities in Gujarat and serves domestic and international markets. Its product portfolio covers carbon steel, alloy steel and stainless steel tubes along with multiple finned tube variants. Anand Seamless highlights product diversification, customer diversification, quality control and international certifications as key strengths. Its certifications and approvals include ISO standards, Indian Boiler Regulations and Engineers India Limited approvals. The company had 81 permanent and 57 contractual employees at Unit I and 19 permanent and 10 contractual employees at Unit II as of March 31, 2026.
Anand Seamless Limited IPO Overview
Anand Seamless Limited IPO is a fixed-price SME IPO opening on 22 September 2026 and closing on 24 September 2026. The company has fixed the issue price at ₹72 per share, with a lot size of 1,600 shares. Retail investors need to apply for a minimum of two lots, representing 3,200 shares and an investment of ₹2,30,400. HNI investors need to apply for at least three lots, representing 4,800 shares and ₹3,45,600. The issue comprises 35,44,000 shares aggregating up to ₹25.52 crore and is entirely a fresh issue. The company has reserved 1,77,600 shares for the market maker. The IPO allotment is expected on 25 September 2026, while refunds and demat credit are scheduled for 28 September 2026. Anand Seamless Limited is expected to list on BSE SME on 29 September 2026. Aftertrade Broking Pvt. Ltd. is the lead manager and market maker, while MUFG Intime India Pvt. Ltd. is the registrar.
Anand Seamless Limited IPO Details
| Particulars | Details |
| IPO Date | 22 September 2026 to 24 September 2026 |
| Listing Date | 29 September 2026 |
| Face Value | ₹10 per share |
| Issue Price | ₹72 per share |
| Lot Size | 1,600 Shares |
| Total Issue Size | 35,44,000 shares (aggregating up to ₹25.52 Cr) |
| Fresh Issue | 35,44,000 shares (aggregating up to ₹25.52 Cr) |
| Offer for Sale | NA |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 84,25,458 shares |
| Share Holding Post Issue | 1,19,69,458 shares |
| Market Maker Portion | 1,77,600 shares |
Anand Seamless Limited IPO Reservation
| Investor Category | Shares Offered |
| NII (HNI) | 16,83,200 shares (50.00% of Net Issue) |
| Retail | 16,83,200 shares (50.00% of Net Issue) |
| Market Maker | 1,77,600 shares |
Anand Seamless Limited IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 3,200 | ₹2,30,400 |
| Retail (Max) | 2 | 3,200 | ₹2,30,400 |
| HNI (Min) | 3 | 4,800 | ₹3,45,600 |
Anand Seamless Limited IPO Promoter Holding
| Shareholding Status | Percentage |
| Pre-Issue | 100.00% |
| Post-Issue | 70.39% |
Anand Seamless Limited IPO Valuation Overview
| KPI | Value |
| Earnings Per Share (EPS) | ₹4.58 |
| Price/Earnings (P/E) Ratio | 15.72x |
| Return on Net Worth (RoNW) | 16.57% |
| Net Asset Value (NAV) | ₹19.98 |
| Return on Equity | 16.57% |
| Return on Capital Employed (ROCE) | 11.65% |
| EBITDA Margin | 16.09% |
| PAT Margin | 9.31% |
| Debt to Equity Ratio | 1.38 |
Objectives of the Proceeds
1. Capacity expansion and technological upgrades: ₹13.20 crore will support capacity expansion, technology upgrades and manufacturing cost optimisation.
2. Repayment of borrowings: ₹5.73 crore will finance full or partial repayment or prepayment of outstanding secured and unsecured borrowings.
3. General corporate purposes: ₹3.70 crore will support general corporate requirements and the company’s operational needs.
4. Issue expenses: ₹3.13 crore will be utilised towards expenses associated with the public issue.
Key Financials (in ₹ crore)
| Particulars | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
| Assets | 67.58 | 52.40 | 35.55 |
| Revenue | 56.17 | 33.64 | 37.00 |
| Profit After Tax | 5.48 | 2.65 | 3.36 |
| Reserves and Surplus | 11.10 | 13.94 | 11.29 |
| Total Borrowings | 28.21 | 21.22 | 14.21 |
IPO Strengths
1. Diversified Product Range
2. International Accreditations and product approvals
3. Extensive and Effective Quality Control
4. Customer Diversification
5. Experienced and Qualified Team
Peer Group Comparison
| Company Name | EPS (Basic) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio |
| Anand Seamless Ltd. | 6.50 | 23.17 | — | 28.05 | — |
| Peer Group | |||||
| Venus Pipes & Tubes Ltd | 49.51 | 322.69 | 31.86 | 15.25 | 4.90 |
| Gandhi Special Tubes Ltd | 56.26 | 260.00 | 15.69 | 21.64 | 3.39 |
| Ratnamani Metals & Tubes Ltd | 68.85 | 586.46 | 34.16 | 13.00 | 4.01 |
| Scoda Tubes Ltd | 6.79 | 65.15 | 19.62 | 9.95 | 2.05 |
SWOT Analysis of Anand Seamless IPO
Strength and Opportunities
- Diversified portfolio covers seamless tubes, heat exchanger tubes, U-bend tubes and multiple finned tube variants.
- Certifications and approvals, including IBR, ISO standards and EIL approval, support quality credentials and market access.
- Customer diversification across oil and gas, power, chemicals, pharmaceuticals, railways and other industrial sectors broadens demand sources.
- International markets and export credentials provide opportunities to expand sales beyond domestic industrial demand.
- Proposed capacity expansion and technological upgrades may increase manufacturing capabilities and operational efficiency.
- Integrated manufacturing and a broad finned-tube portfolio enable the company to serve specialised industrial requirements.
- Export certifications and product approvals create scope for deeper participation in international industrial supply chains.
- Rising industrial infrastructure and energy investment can create additional demand for heat-transfer and seamless tube products.
Risks and Threats
- Manufacturing operations remain concentrated in Gujarat, creating geographic concentration in production activities.
- Total borrowings increased to ₹28.21 crore in FY2026, creating a relatively significant debt burden.
- Steel manufacturing depends on raw materials whose prices can fluctuate, potentially affecting production costs and margins.
- Competition from established seamless tube and pipe manufacturers can pressure pricing, margins and customer retention.
- Industrial demand cycles can affect orders from sectors such as oil, gas, power and capital goods.
- Higher capacity requires effective utilisation and execution to generate sufficient returns from expansion spending.
- Changes in international trade conditions, regulations or customer requirements could affect export business.
- Volatility in input costs and competitive market conditions may affect profitability if price increases cannot be passed to customers.
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