About Anand Seamless IPO
Anand Seamless IPO Details
Anand Seamless IPO is a fixed-price issue of ₹25.52 crore, entirely a fresh issue of 35.44 lakh equity shares, with a face value of ₹10 per share. The company filed its DRHP with SEBI on September 16, 2026.
The price band of the issue is set at ₹72 per share and the lot size for an application is 1,600 shares. The minimum amount of investment required by an individual investor is ₹2,30,400 (3,200 shares). The IPO will be open for subscription from September 22 to 24, 2026, on the BSE SME platform, with a tentative listing date fixed as September 29, 2026.
The book-running lead manager of the issue is Aftertrade Broking Private Limited and registrar to the issue is Mufg Intime India Private Limited.
Anand Seamless IPO Date & Timeline
The Anand Seamless IPO is officially set to open for subscription on Sep 22, 2026 and will close on Sep 24, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on September 16, 2026 and has now finalized its schedule following SEBI approval. Once the subscription window closes, allotment is expected on Sep 25, 2026. Following this, the firm will initiate refunds and credit shares to successful investors' demat accounts on Sep 28, 2026. Finally, shares of Anand Seamless Ltd. are tentatively scheduled to list on the stock exchanges on Sep 29, 2026.
Anand Seamless IPO Timeline
| IPO Open Date | Tue, Sep 22, 2026 |
| IPO Close Date | Thu, Sep 24, 2026 |
| Basis of Allotment | Fri, Sep 25, 2026 |
| Initiation of Refunds | Mon, Sep 28, 2026 |
| Credit of Shares to Demat | Mon, Sep 28, 2026 |
| Listing Date | Tue, Sep 29, 2026 |
Anand Seamless IPO Details
| Detail | Description |
|---|---|
| IPO Date | 22 to 24 Sep, 2026 |
| Listing Date | 29 Sep, 2026 |
| Face Value | ₹ 10 Per Equity Share |
| Issue Price | ₹ 72 per share |
| Lot Size | 1,600 Shares |
| IPO Type | Fresh capital only |
| Total Issue Size | 35,44,000 shares (agg. up to ₹ 26 Cr) |
| Reserved for Market Maker | 1,77,600 shares (agg. up to ₹ 1 Cr) Aftertrade Broking Pvt.Ltd. |
| Fresh Issue(Ex Market Maker) | 33,66,400 shares (agg. up to ₹ 24 Cr) |
| Net Offered to Public | 33,66,400 shares (agg. up to ₹ 24 Cr) |
| 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 |
Anand Seamless IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Anand Seamless IPO GMP is currently trading at ₹0, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹72, which is 0.00% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
IPO Estimated Listing Return
Based on the IPO Price of ₹72 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹0 and a lot size of 1600 shares.
Anand Seamless IPO GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 21 Sep 2026 | ₹72 | ₹0 | 21 Sep, 202611:23 AM |
| 20 Sep 2026 | ₹72 | ₹0 | 20 Sep, 202611:23 AM |
| 19 Sep 2026 | ₹72 | ₹0 | 19 Sep, 202611:23 AM |
| 18 Sep, 2026 | ₹72 | ₹0 | 18 Sep, 202611:49 AM |
Company Background
Anand Seamless Ltd. was incorporated on November 25, 2005 as Anand Seamless Tubes Private Limited under the Companies Act, 1956. From the beginning, 2 decades, the company was engaged in manufacturing and exporting tubes and pipes in India.
With its headquarters at its registered office and manufacturing facility in Indrad, Kadi, Mahesana, Gujarat. Its business is centred on seamless tubes and pipes and finned tubes, which are supplied to industries including automobiles, heat exchangers, petroleum, pharmaceuticals, chemicals, oil and gas refineries, thermal and nuclear power plants, boiler manufacturing, textile machinery, railways, transportation and defence.
Then, on November 24, 2023, the company converted into a public limited company with a fresh certificate of incorporation to proceed with its public listing procedures.
Operations & Product Range
Anand Seamless manufactures seamless carbon steel and alloy steel tubes and pipes along with finned tubes used in industrial applications. Its finned-tube portfolio includes products such as extruded fin tubes, low-fin tubes, embedded or “G” fin tubes, “L” type fin tubes, welded fin tubes, crimped fin tubes and studded fin tubes. These products are designed for applications requiring heat transfer and specialised tubing solutions.
Its customer profile includes heat exchanger fabricators, original equipment manufacturers and process-industry equipment manufacturers, while its products also reach sectors such as oil and gas, power, chemicals, pharmaceuticals, automobiles, railways and defence.
Facilities & Capacity
Anand Seamless operates from its owned manufacturing facility at Kadi, Gujarat. The facility measures 10,403 square metres and also serves as the company's registered office. The company previously operated Manufacturing Unit 2 at Changodar, Gujarat, but vacated that facility and relocated its installed machinery to Unit 1 by the end of July 2026.
For FY26, installed capacity for tubes and pipes stood at 3,000 tonnes, with actual production of 2,236 tonnes and capacity utilisation of 74.52%. Finned-tube installed capacity was 3,07,500 metres, against actual production of 1,23,304 metres and utilisation of 40.10%.
Brands & Market Presence
Anand Seamless Ltd.'s products are marketed under its name and are supplied to domestic and international industrial customers. Domestic revenue accounted for 94.85% of revenue in FY26, while exports contributed 5.15%. Export destinations during the year included Germany, Saudi Arabia, Oman, the UAE and the US.
The company has obtained several quality certifications and industry approvals and holds Indian Boiler Regulation approvals as a “Well Known Pipe Maker” and “Well Known Tube Maker”, along with product approvals and certifications relevant to international markets. In 2026, it received pre-qualification approval from Kuwait Petroleum Corporation and its subsidiaries for specified carbon-steel heat-exchanger and air-cooler finned-tube categories.
Revenue Streams & Business Model
Anand Seamless Ltd. generates revenue primarily through the sale of seamless tubes and pipes and finned tubes. In FY26, seamless tubes and pipes contributed ₹37.38 crore, or 66.74% of revenue from operations, while finned tubes contributed ₹17.53 crore, or 31.30%. Other operating revenue accounted for the remaining 1.96%.
The business follows a manufacturing-led B2B model, supplying engineered tubing products to industrial customers in India and overseas. The company states that its integrated manufacturing capability enables it to provide specialised requirements through its own production infrastructure. Its customer relationships, product approvals and quality systems form part of the operating model, while revenue remains exposed to industrial demand, raw-material availability and customer requirements.
Financial Performance
In FY26, Anand Seamless Ltd. demonstrated strong top-line recovery, with revenue from operations surging 67% year-on-year to ₹56 crore, up from ₹33.55 crore in FY25. Profitability improved significantly as Profit After Tax (PAT) more than doubled to ₹5.48 crore compared to ₹2.65 crore in the prior fiscal year, reflecting a PAT margin of 9.76%. Operating EBITDA expanded to ₹10.22 crore with an 18.19% margin. However, the business faces liquidity challenges, recording a negative operating cash flow of ₹5.57 crore and carrying a total debt of ₹28.21 crore.
Management & Shareholding
The promoters of Anand Seamless Ltd. are Kedar Mayank Choksi and Heta Kedar Choksi. Before the IPO, the promoters held a 100% stake in the company, but after the IPO, the promoters' shareholding will be diluted to a 70.39% stake, as the offering includes 33,66,400 fresh shares, which will restructure the existing shareholders' holdings.
Board & Key Management
The leadership of Anand Seamless Ltd. is led by a team of experts with many years of experience. Kedar Mayank Choksi serves as the Chairman & Managing Director and gives strategic direction to the firm, as well as manages the daily operations, along with Whole-Time Director Heta Kedar Choksi. To ensure good governance, the board includes Independent Directors Hemal Dhirenbhai Shah, Paula Pankaj Shah and Sahil Ramesh Bazari for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Anand Seamless IPO Financial Information
Latest Revenue
₹ 56.00 Cr
Profit After Tax
₹ 5.48 Cr
Net Worth
₹ 19.52 Cr
Total Borrowing
₹ 28.21 Cr
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing |
|---|---|---|---|---|---|---|
| [object Object] | 67.58 | 56.00 | 5.48 | 19.52 | 11.10 | 28.21 |
| — | 52.40 | 33.55 | 2.65 | 14.05 | 13.94 | 21.22 |
| — | 35.55 | 36.90 | 3.36 | 11.40 | 11.29 | 14.21 |
| Amount in ₹ Crore | ||||||
Anand Seamless Key Performance Indicator
| KPI | Values(31 Mar 2026) |
|---|---|
| ROE | 28.05 % |
| ROCE | 20.66 % |
| Debt/Equity | 1.44 :1 |
| RoNW | 28.05 % |
| PAT Margin | 9.75 % |
| EBITDA Margin | 18.25 % |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 6.50 | 4.58 |
| P/E (x) | 11.08 | 15.72 |
Anand Seamless IPO Objectives
Anand Seamless Ltd. intended to utilise the IPO proceeds for the following strategic purposes:
- • Funding the capacity expansion and technological upgradation
- • Repayment/prepayment of borrowings
- • General corporate purposes
Anand Seamless IPO Review
Anand Seamless Ltd. is supplying seamless tubes, pipes and finned tubes to multiple industrial sectors and its product range spans several specialised tubing categories, while certifications and approvals support its participation in regulated industrial applications.
Financially, the company shows growing and profitable financial statements, revenue increased from ₹33.54 crore in FY25 to ₹56 crore in FY26, while PAT increased from ₹2.65 crore to ₹5.48 crore over the same period. Capacity utilisation for tubes and pipes also increased to 74.52% in FY26. Finned-tube utilisation, however, stood at 40.10% in FY26, leaving a different utilisation profile between the two product categories.
However, the company has reported some potential risks, including raw-material price and availability, dependence on certain customers and suppliers, manufacturing capacity utilisation, competition, regulatory approvals and skilled labour. Notably, the top 10 suppliers accounted for 85.36% of raw-material purchases in FY26, while the company had ₹28.03 crore of aggregate outstanding borrowings as of FY26.
The Prospectus lists Venus Pipes & Tubes, Gandhi Special Tubes, Ratnamani Metals & Tubes and Scoda Tubes as comparable listed companies, while Anand Seamless itself had no historical market P/E because its shares were not yet listed. Overall, the company shows growing statements but investors seeking Anand Seamless IPO need to be aware of its potential risks and opportunity projects for the future.
Conclusion
Anand Seamless IPO is a chance to invest in a Gujarat-based manufacturer and exporter of seamless tubes, pipes and finned tubes. The company has reported stronger revenue and PAT in FY26, alongside higher tubes-and-pipes capacity utilisation. With this listing, the company focused on manufacturing expansion, technological upgradation, debt repayment and general corporate purposes. For investors studying the Anand Seamless IPO, key areas to monitor include capacity utilisation, raw-material costs, supplier and customer concentration, borrowings, execution of the proposed expansion and the company's ability to maintain its financial performance.
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Competitive Strengths
Diversified range of seamless tubes, pipes and specialised finned tubes across multiple industrial applications.
Integrated manufacturing capability supporting production, quality control and delivery.
International certifications, product approvals and industry qualifications with strong presence across domestic and international markets.
Long-term customer relationships and recurring business, as stated by the company.
Download regulatory filings
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 3,200 | 2,30,400 |
| Individual investors (Retail) (Max) | 2 | 3,200 | 2,30,400 |
| HNI (Min) | 3 | 4,800 | 3,45,600 |