Anand Seamless is a manufacturer of seamless tubes, pipes, and finned tubes catering to heavy industrial sectors. The company operates within the industrial piping and tube sector, providing critical components for oil & gas, petrochemicals, and power plants.
Daily consensus GMP movement (₹) recorded across market sources
✨ AI Analysis & Prediction
🔒 Final Reconciled Estimate
Locked post-listing with actual debut performance
+2.0%
predicted listing gain
🔴Action Signal: High Risk / Avoid
The predicted gain is adjusted downward primarily due to the critical lack of QIB institutional demand (0.0x) and a low total subscription rate. While the small float and strong ROE provide a slight buffer, they are outweighed by the weak institutional appetite and a mediocre sentiment baseline.
💪 Strengths
Strong ROE of 28.05%
100% Fresh Issue for business growth
Diverse industrial customer base
⚠️ Weaknesses
High Debt-to-Equity ratio (1.44)
Lack of institutional (QIB) demand
🚀 Opportunities
Expansion in oil & gas and defense sectors
Technological upgradation of manufacturing facility
🛡️ Threats
Cyclical nature of the seamless tube industry
Intense competition from larger listed peers
🎯 Objectives of the IPO
Requirement / Purpose
Amount (₹ Cr)
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
₹13.20
Full or part repayment and/or prepayment of certain outstanding secured and unsecured borrowings availed by the Company
₹5.73
General Corporate Purpose
₹3.70
Issue Expenses
₹3.13
🏢 About Anand Seamless
Company Overview & Business Profile
Founded in 2005, Anand Seamless has established itself as a specialized manufacturer of seamless tubes and pipes. Over nearly two decades, the company has evolved its product portfolio to include carbon steel, alloy steel seamless tubes, heat exchanger tubes, U-tubes, and various types of finned tubes.
The company's business model focuses on high-precision manufacturing for demanding industrial environments. Its products are essential for heat exchangers and critical piping systems, ensuring safety and efficiency in high-pressure and high-temperature applications.
Anand Seamless maintains a diverse customer base across India, serving the Petroleum, Pharmaceutical, Chemical, and Oil and Gas refineries. It also supplies to the railways, boiler manufacturing, textile machinery, transportation, automobile, defense, and cement industries.
Operational scale is centered around its manufacturing facility located at Survey No. 944, Chhatral Kadi Road, Indrad, Kadi, Gujarat. This facility serves as the hub for its production and quality control processes to meet both domestic and international market standards.
The company is led by its promoters: Kedar Mayank Choksi, Mayank Bhikhabhai Choksi, and Heta Kedar Choksi, who have steered the company's growth from a regional player to a specialized industrial supplier.
Read more ↓
📈 About Anand Seamless IPO
Issue Structure, View & Risks
The Anand Seamless IPO is a fixed price issue seeking to raise approximately ₹25.52 crore through a 100% fresh issue of equity shares. The shares are priced at ₹72 per share, with a minimum retail lot size of 3,200 shares requiring an application amount of ₹2,30,400. The IPO opens on September 22, 2026, and closes on September 24, 2026, with listing scheduled for September 29, 2026, on the BSE SME platform.
The proceeds from the fresh issue are earmarked for capacity expansion, technological upgradation, and cost optimization at the Gujarat manufacturing facility (₹13.20 crore), as well as the repayment or prepayment of certain outstanding secured and unsecured borrowings (₹5.73 crore), with the remainder for general corporate purposes and issue expenses.
Financial performance shows a strong recovery and growth trajectory in FY26. After a slight dip in FY25, the company reported revenue of ₹56.17 crore in 2026 compared to ₹33.64 crore in 2025. Net profit (PAT) also saw a significant jump to ₹5.48 crore in 2026 from ₹2.65 crore in the previous year.
From a valuation perspective, the company reports a basic EPS of ₹6.50 for FY26. When compared to peers like Venus Pipes and Ratnamani Metals, Anand Seamless operates on a smaller scale but maintains a healthy Return on Equity (ROE) of 28.05% and ROCE of 20.66%.
Key strengths include the 100% fresh issue structure, which indicates capital infusion into the business rather than promoter offloading, and a strong growth in top and bottom lines for the latest fiscal. However, the Debt-to-Equity ratio of 1.44 is a point of observation for conservative investors.
Overall, the IPO presents a growth story in the industrial tubes sector. Investors should weigh the strong recent financial growth and pure fresh issue structure against the lack of institutional subscription velocity and the inherent risks of the SME segment.
Read more ↓
📊 Financial Overview & Growth Trajectory
Multi-year operational scale & net profitability trajectory
Metric
FY24
FY25
FY26
Revenue (₹ Cr)
Rs 36.90 Cr
Rs 33.55 Cr
Rs 56.00 Cr
Net Profit / PAT (₹ Cr)
Rs 3.36 Cr
Rs 2.65 Cr
Rs 5.48 Cr
EBITDA / Op. Profit (₹ Cr)
Rs 6.53 Cr
Rs 5.92 Cr
Rs 10.24 Cr
Borrowings (₹ Cr)
Rs 14.13 Cr
Rs 21.13 Cr
Rs 28.03 Cr
Total Assets (₹ Cr)
Rs 35.55 Cr
Rs 52.41 Cr
Rs 67.59 Cr
ROCE %
26.21%
18.26%
23.88%
Debt/Equity
1.44
📋 Live Subscription Status
QIB
0.00x
NII
1.96x
Retail
0.98x
Total
1.47x
🎯 Retail Allotment Probability100% Odds
100% (Guaranteed 1 lot for all valid applications)
SEBI Rule: Under SEBI lottery allotment rules, applying for multiple lots under Retail does NOT increase your lottery odds. All valid retail applicants have identical 1-lot odds per PAN.
This issue is managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd.
Disclaimer: The information provided on this page is for educational and informational purposes only and does not constitute financial advice. IPO investments are subject to market risks. AI-generated analysis is based on publicly available data and may not be accurate. Grey Market Premium (GMP) is unofficial and highly speculative. Always consult a qualified financial advisor and read the DRHP/RHP carefully before making investment decisions.
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Founded in 2005, Anand Seamless has established itself as a specialized manufacturer of seamless tubes and pipes. Over nearly two decades, the company has evolved its product portfolio to include carbon steel, alloy steel seamless tubes, heat exchanger tubes, U-tubes, and various types of finned tubes.
The company's business model focuses on high-precision manufacturing for demanding industrial environments. Its products are essential for heat exchangers and critical piping systems, ensuring safety and efficiency in high-pressure and high-temperature applications.
Anand Seamless maintains a diverse customer base across India, serving the Petroleum, Pharmaceutical, Chemical, and Oil and Gas refineries. It also supplies to the railways, boiler manufacturing, textile machinery, transportation, automobile, defense, and cement industries.
Operational scale is centered around its manufacturing facility located at Survey No. 944, Chhatral Kadi Road, Indrad, Kadi, Gujarat. This facility serves as the hub for its production and quality control processes to meet both domestic and international market standards.
The company is led by its promoters: Kedar Mayank Choksi, Mayank Bhikhabhai Choksi, and Heta Kedar Choksi, who have steered the company's growth from a regional player to a specialized industrial supplier.
The Anand Seamless IPO is a fixed price issue seeking to raise approximately ₹25.52 crore through a 100% fresh issue of equity shares. The shares are priced at ₹72 per share, with a minimum retail lot size of 3,200 shares requiring an application amount of ₹2,30,400. The IPO opens on September 22, 2026, and closes on September 24, 2026, with listing scheduled for September 29, 2026, on the BSE SME platform.
The proceeds from the fresh issue are earmarked for capacity expansion, technological upgradation, and cost optimization at the Gujarat manufacturing facility (₹13.20 crore), as well as the repayment or prepayment of certain outstanding secured and unsecured borrowings (₹5.73 crore), with the remainder for general corporate purposes and issue expenses.
Financial performance shows a strong recovery and growth trajectory in FY26. After a slight dip in FY25, the company reported revenue of ₹56.17 crore in 2026 compared to ₹33.64 crore in 2025. Net profit (PAT) also saw a significant jump to ₹5.48 crore in 2026 from ₹2.65 crore in the previous year.
From a valuation perspective, the company reports a basic EPS of ₹6.50 for FY26. When compared to peers like Venus Pipes and Ratnamani Metals, Anand Seamless operates on a smaller scale but maintains a healthy Return on Equity (ROE) of 28.05% and ROCE of 20.66%.
Key strengths include the 100% fresh issue structure, which indicates capital infusion into the business rather than promoter offloading, and a strong growth in top and bottom lines for the latest fiscal. However, the Debt-to-Equity ratio of 1.44 is a point of observation for conservative investors.
Overall, the IPO presents a growth story in the industrial tubes sector. Investors should weigh the strong recent financial growth and pure fresh issue structure against the lack of institutional subscription velocity and the inherent risks of the SME segment.