Anand Seamless IPO
ListedSMESteel
1.47×
Subscribed
Price band
₹72 – ₹72
Lot size
1,600
1 lot = ₹1,15,200
Issue size
₹25.52 Cr
Open – close
22 Sept 2026
to 24 Sept 2026
Listing
29 Sept 2026
Listing gain
+0.14%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
We can't judge this issue yet. A verdict needs at least three independent dimensions — valuation, growth, profitability, balance sheet, issue structure, governance or demand — and this issue does not yet publish enough of them for a read that would mean anything. The offer document has been analysed but reports too few of these to conclude on. A confident score from two fields would be worse than this notice.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens22 Sept 2026
- Closes24 Sept 2026
- Allotment25 Sept 2026
- Listing29 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB0.00x
Non-institutionalNII / HNI1.96x
Retail individualRII0.98x
615 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 24 Sept 2026.
Chance of allotment
Retail0.98× subscribed
Full allotment
Minimum 2 lots · 3,200 shares · ₹2,30,400 blocked
The retail portion is under-subscribed at 0.98×, so every valid application should receive a full allotment.
HNI / NII1.96× subscribed
~1 in 2
Minimum 1 lot · 1,600 shares · ₹1,15,200 blocked
HNI is 1.96× subscribed. This category is allotted proportionately, so a bid receives roughly 1/2 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹72 – ₹72
Face value₹10
Lot size1,600shares
Minimum application₹1,15,200at cut-off
Total issue size₹25.52 Cr
Listing atSME platform
Anchor investorsNone
Company & valuation
ROE16.57%
ROCE11.65%
Debt/Equity1.38
RoNW16.57%
PAT Margin9.31%
EBITDA Margin16.09%
NAV19.98
ISININE0XDX01018
RegistrarMUFG Intime India Pvt Ltd
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| NII (HNI) | 16,83,200 | 47.49% |
| Retail | 16,83,200 | 47.49% |
| Market Maker | 1,77,600 | 5.01% |
Total issue 35,44,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,30,4002 lots · 3,200 sh
Individual investors (IND) (Max)₹2,30,4002 lots · 3,200 sh
HNI (Min)₹3,45,6003 lots · 4,800 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
What the money is for
Stated use of the net proceeds
- 01Financing the cost towards capacity expansion, technological upgradation, cost optimization of our 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
- 02Full or part repayment and/or prepayment of certain outstanding secured and unsecured borrowings availed by our Company₹5.49 Cr
- 03General Corporate Purposes*₹3.7 Cr
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Venus Pipes & Tubes Limited | 31.86 | 49.51 | 15.25 | 322.69% |
| Gandhi Special Tubes Limited | 56.26 | 5.00 | 15.69 | 21.64% |
| Ratnamani Metals & Tubes Limited | 68.85 | 2.00 | 34.16 | 13.00% |
| Scoda Tubes Limited | 6.79 | 10.00 | 19.62 | 9.95% |
| The Companythis issue | 6.50 | — | 28.05 | 23.17% |
| Anand Seamless Limited | — | — | — | — |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumThe company's business is highly dependent on a limited number of key customers, with the top ten customers contributing 59.21%, 61.62% and 47.36% of revenue for the financial years ended March 31, 2026, March 31, 2025 and March 31, 2024, respectively. The loss of any of these customers or a failure
mediumA substantial portion of the company's revenue is derived from sales to customers located in specific geographical regions, with 94.85% of revenue coming from domestic regions in 2025-26 and 5.15% from exports. Dependence on these markets exposes the business to risks arising from economic, regulato
mediumThe company depends on a limited number of key suppliers for raw materials, with the top ten suppliers contributing 85.36%, 81.30% and 68.15% of raw material purchases for the financial years ended March 31, 2026, March 31, 2025 and March 31, 2024, respectively. A failure by suppliers to meet obliga
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-1.0%
Listed up
1 of 8
Best
+0.4%
Papadmalji Agro Foods Limited
Worst
-13.8%
Dudani Retail
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Green Asia Impexsame segment
1.0× sub+0.0%
Dudani Retailsame segment
1.4× sub-13.8%
Bench Mark Infotechsame segment
96.0× sub+0.0%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Anand Seamless
Anand Seamless Limited is an Indian manufacturer and exporter of tubes and pipes, with nearly two decades of experience in the industry. The company’s products are broadly classified into seamless tubes and pipes and finned tubes. Its products are used across industries such as automobiles, heat exchangers, petroleum, pharmaceuticals, chemicals, oil and gas refineries, thermal and nuclear power plants, boilers, textile machinery, railways and transportation, and defense. The company serves both domestic and international markets. Its manufacturing facility is located in Gujarat. The company has a manufacturing capacity of approximately 3,000 metric tonnes per annum (MTPA) for seamless pipes and tubes and approximately 360,000 MTPA of finned tubes. Its manufacturing processes include cold drawing, heat treatment, auto cutting, eddy current testing and fin welding. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Financing the cost of capacity expansion, technological upgradation, cost optimisation of the operations and support at the manufacturing facility at Mahesana, Gujarat — Rs 13.20 crore Full or part repayment and/or prepayment of certain outstanding secured and unsecured borrowings availed by the company — Rs 5.49 crore General corporate purposes — Rs 3.7 crore.
Founded 2005MD Mr Kedar ChoksiSector Steel
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Anand Seamless IPO subscribed?
Anand Seamless is subscribed 1.47× overall (QIB 0.00×, NII 1.96×, retail 0.98×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, MUFG Intime India Pvt Ltd.
What is the minimum investment in the Anand Seamless IPO?
One lot is 1,600 shares, so a retail application at the ₹72 cut-off price blocks ₹1,15,200. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
When is the Anand Seamless IPO allotment date?
Allotment is scheduled for 2026-09-25, with listing on 2026-09-29. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, MUFG Intime India Pvt Ltd.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.