SME
IPO ·
BSE SME
Anand Seamless Ltd
Listed
Makes carbon and alloy steel seamless tubes and finned tubes for oil and gas, power and process industries.
Issue details
Price band
₹72
Face value
₹10
Lot size
1,600 shares
Minimum investment
₹2,30,400
Issue size
₹25.52 Cr
Fresh issue
—
Offer for sale
—
Issue type
Fixed Price
Exchange
BSE SME
Key dates
Opens
22 Sep 2026
Closes
24 Sep 2026
UPI mandate cut-off
5:00 PM on 24 Sep 2026
Allotment
25 Sep 2026
Refunds
28 Sep 2026
Shares in demat
28 Sep 2026
Listing
29 Sep 2026
Subscription and listing
Subscription
1.47x
Listing price
₹72.10
Registrar
MUFG Intime India Pvt Ltd
Lead manager
Aftertrade Broking Pvt Ltd
Subscription by category
Total
1.47x
Total applications
610
Listing day
Issue price
₹72
Open
₹72.10
High
₹75.00
Low
₹72.10
Day close
₹72.10
Listing gain at open
+0.14%
Issue structure
Shares reserved per category and share of the total issue
NII
16,83,200
47.49%
Retail
16,83,200
47.49%
Market Maker
1,77,600
5.01%
Total
35,44,000
100.00%
Finaccle’s quick read
Avoid
PAT moved from ₹3.36 Cr to ₹2.65 Cr to ₹5.48 Cr over three years, and borrowings of ₹28.21 Cr give debt/equity of 1.38, despite a post-issue P/E of 15.72.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Anand Seamless makes seamless tubes, pipes and finned tubes, including heat exchanger and U-tubes, from its plant at Kadi in Gujarat. Its products go to industrial buyers in oil and gas, petrochemicals, power and defence. It is a small steel-products company with total income of ₹56.17 Cr in FY26.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
16.57%
ROCE
11.65%
Debt / equity
1.38
PAT margin
9.31%
P/E post issue
15.72
Market cap
₹86.18 Cr
Use of IPO money
Capacity expansion, technology upgrade, cost optimisation and manufacturing support
₹13.20 Cr
Repayment/prepayment of borrowings
₹5.49 Cr
General corporate purposes
₹3.70 Cr
Issue expenses
₹3.13 Cr
Strengths
✓
Range of seamless and finned tubes for process industries
✓
International accreditations and product approvals
✓
Customers spread across oil and gas, power and defence
✓
Entirely fresh issue
Risks to watch
!
Debt/equity of 1.38 with borrowings rising every year
!
Erratic results: income and PAT fell in FY25, then jumped in FY26
!
Small revenue base of about ₹56 Cr
!
Exposure to steel price swings and capex cycles
!
Weak subscription of 1.47x and flat listing
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.