Anand Seamless IPO

ListedSMEMaterialsBSE SME

Price band: ₹72
Issue size: ₹25.52 Cr
Lot size: 1600 sh
Bidding: 22 – 24 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Anand Seamless Limited makes cold-drawn seamless steel tubes and finned heat-exchanger tubes from two units in Gujarat, and raised Rs 25.52 crore on BSE SME at Rs 72 a share, the price band's low and high being the same figure; the record shows no offer-for-sale component, so the whole issue was fresh. Revenue from operations was Rs 37 crore in FY24, Rs 33.64 crore in FY25 and Rs 56.17 crore in FY26, with profit after tax of Rs 3.36 crore, Rs 2.65 crore and Rs 5.48 crore over the same three years. Total borrowings rose at each date on record, from Rs 14.21 crore at March 2024 to Rs 21.22 crore at March 2025 and Rs 28.21 crore at March 2026. The issue was subscribed 1.47 times overall, listed at Rs 72.10 against the Rs 72 issue price, and last traded at Rs 66 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

67Balanced

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for Anand Seamless, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2005 · Indrad, Kadi taluka, Mehsana district, Gujarat · 167 employees

Anand Seamless Limited makes cold-drawn seamless steel tubes and pipes, and the finned tubes used inside heat exchangers. The range spans carbon, alloy and stainless steel straight tubes, U-bend heat-exchanger tubes, and extruded, embedded, L-type, welded, crimped and studded fin types. Buyers are industrial: oil and gas refineries, petrochemical plants, thermal and nuclear power stations, boiler and pressure-vessel fabricators, chemical and pharmaceutical producers, railways, automotive and defence. The company names Indian Oil, BHEL, Reliance and NTPC among its customers, and holds ISO 9001:2015, Indian Boiler Regulations and Engineers India Ltd approvals that gate most of that work. It runs two Gujarat units — Zak in Dehgam, operating since 2006, and Indrad in Mehsana, since 2008 — with cold drawing, heat treatment, eddy-current testing and laser fin welding done in-house.

Anand Seamless sells by the tonne into B2B channels: tenders, PSU and OEM supply, and exports, helped by One Star Export House status granted in 2025. Steel is the dominant input, bought without firm supply agreements, with a single supplier at 37.83% of raw-material purchases, so gross margin tracks steel prices. Revenue from operations was Rs 56.17 crore in FY26 against Rs 33.64 crore in FY25; EBITDA Rs 10.22 crore and PAT Rs 5.48 crore in FY26. The binding constraint is working capital, not demand: approval-gated orders run long cycles, operating cash flow was negative in FY25 and FY26 (minus Rs 5.57 crore in FY26), and total borrowings climbed from Rs 14.21 crore at March 2024 to Rs 28.21 crore at March 2026.

The company on paper

Legal name: Anand Seamless Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 25 Nov 2005
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U27100GJ2005PLC047144
Sector: Materials · Cold-drawn seamless steel tubes and finned heat-exchanger tubes
Employees: 167
Registered office: Indrad, Kadi taluka, Mehsana district, Gujarat
Promoters: Kedar Mayank Choksi, Heta Kedar Choksi
Promoter holding, pre-issue: 100.0%
Promoter holding, post-issue: 70.4%
Website: anandseamless.com

The numbers

Financial performance

Revenue has compounded at 23.2% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹25.52 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹25.52 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 1,77,600

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 29.6% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription1.47×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹72.00
Listed at: ₹72.10
Listing gain: up 0.1%
Since listing: down 3.9%
Against the issue price: down 3.8%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 3,200
At cut-off price: ₹72.00
Amount blocked: ₹2,30,400

One lot is 1600 shares at ₹1,15,200. This issue requires a minimum of 2 lots, so the smallest application is ₹2,30,400. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~100%

chance of one lot, per application

Retail subscription: 0.98×
Applicants per share available: 1.0× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹72.10

listed at, 0.1% against the issue price

Issue price: ₹72.00
Premium said: —
If allotted 1600 shares: ₹160

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

FY26 was the strongest year on record on both lines: revenue rose 66.97%, from Rs 33.64 crore in FY25 to Rs 56.17 crore, and profit after tax rose 106.79%, from Rs 2.65 crore to Rs 5.48 crore.
EBITDA margin sat within a narrow band across all three years present: 17.59% in FY24 (Rs 6.51 crore on Rs 37 crore), 17.54% in FY25 (Rs 5.90 crore on Rs 33.64 crore) and 18.19% in FY26 (Rs 10.22 crore on Rs 56.17 crore).
Net worth rose at each date on record, from Rs 11.4 crore at March 2024 to Rs 14.05 crore at March 2025 and Rs 19.52 crore at March 2026.
The entire Rs 25.52 crore was a fresh issue, a sum equal to 1.31 times the Rs 19.52 crore net worth carried at March 2026; promoter holding goes from 100% before the issue to 70.39% after it.

What to weigh against it

Total borrowings rose at each date on record and nearly doubled over the two years, from Rs 14.21 crore at March 2024 to Rs 28.21 crore at March 2026, a rise of 98.52%. Measured against net worth of Rs 11.4 crore, Rs 14.05 crore and Rs 19.52 crore at the same three dates, borrowings stood at 1.25, 1.51 and 1.45 times net worth, so the ratio rose and then fell rather than moving one way.
The record's business-model note states that operating cash flow was negative in both FY25 and FY26, at minus Rs 5.57 crore in FY26. FY26 profit after tax was Rs 5.48 crore. The financial rows themselves carry no operating cash flow figure for any year, so only the FY26 number is quantified.
The revenue and profit series is not one-directional: revenue fell 9.08% in FY25, from Rs 37 crore in FY24 to Rs 33.64 crore, and profit after tax fell 21.13% over the same year, from Rs 3.36 crore to Rs 2.65 crore.
The record's business-model note states that steel is bought without firm supply agreements and that a single supplier accounted for 37.83% of raw-material purchases.

Easy to miss in the prospectus

The shares last traded at Rs 66 on 23 October 2026, 8.33% below the Rs 72 issue price and 8.46% below the Rs 72.10 listing price.
The record holds subscription data for the final day only (24 September 2026): 1.96 times from NII, 0.98 times from retail and 1.47 times overall, with no QIB or employee figure recorded.
The record carries no valuation block, no post-issue share count and no stated objects of the issue, so the Rs 72 price cannot be set against earnings or the proceeds traced to a use from this record alone.

Straight from the filing

Read it yourself

No official copy of the offer document has been linked here yet.

The paperwork

Who is running the issue

Lead managers: Aftertrade Broking Private Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited

How these figures were checked

Built from 13 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

Anand Seamless - company website (product range including U-bend and fin types, customer names, ISO 9001:2015 / IBR / EIL approvals, plant address, founded 2005) · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 22 Sep 2026
Closes: 24 Sep 2026
Allotment: 25 Sep 2026
Lists: 29 Sep 2026
Revenue (FY26): ₹56.17 Cr
Profit (FY26): ₹5.48 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.