IPO Overview
Incorporated in November 2005 as Anand Seamless Tubes Private Limited, the company was renamed Anand Seamless Limited in December 2023. It is a Gujarat-based manufacturer and exporter of specialised seamless tubes, pipes, and finned tubes, with nearly two decades of industry experience. The company operates from its owned manufacturing facilities at Indrad, near Kadi, Mahesana district, Gujarat, and specialises in two primary product categories — seamless tubes & pipes (made from carbon steel, alloy steel, and stainless steel) and finned tubes (used in heat transfer applications). It serves critical industries such as oil & gas, power generation (thermal and nuclear), petrochemicals, automotive, pharmaceuticals, defence, and railways. The company holds critical certifications including ISO, IBR approval, and clearances from Engineers India Limited, which serve as significant entry barriers in the market.
The company is now launching its Fixed Price SME IPO on the BSE SME platform, aiming to raise ₹25.52 crore entirely through a fresh issue of 35.44 lakh shares at a fixed price of ₹72 per share. The IPO opens on 22 September 2026 and closes on 24 September 2026, with listing expected on 29 September 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Fixed Price Issue – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 22 September 2026 |
| IPO Close Date | 24 September 2026 |
| Allotment Date | 25 September 2026 (Expected) |
| Credit to Demat | 26 September 2026 |
| Listing Date | 29 September 2026 (Tentative) |
| Issue Price | ₹72 per share (Fixed) |
| Face Value | ₹10 per share |
| Lot Size | 3,200 shares |
| Minimum Investment (Retail) | ₹2,30,400 (1 lot = 3,200 shares) |
| Minimum Investment (HNI) | ₹3,45,600 (3 lots = 4,800 shares) |
| Issue Size | ₹25.52 crore |
| Fresh Issue | 35,44,000 shares (₹25.52 crore) |
| Offer For Sale (OFS) | Nil |
| Post-Issue Market Cap | ~₹86.18 crore |
Note: The entire IPO is a fresh issue — no OFS component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Non-Institutional Investors (NII/HNI) | ~50% |
| Retail Individual Investors (RII) | ~50% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue, and all IPO proceeds will be received directly by the company for business use. No promoter is exiting through this issue.
Objects of the Issue (Fund Utilization)
The company plans to use IPO proceeds for capacity expansion, debt repayment, and working capital:
- Capacity expansion, technological upgradation, and cost optimisation of manufacturing facility at Mahesana, Gujarat — ₹11.59 crore
- Full or part repayment / prepayment of outstanding secured and unsecured borrowings — ₹7.37 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Aftertrade Broking Pvt. Ltd.
- Registrar to the Issue: MUFG Intime India Pvt. Ltd.
Promoters & Management
The company is promoted by Mr. Kedar Mayank Choksi, Mr. Mayank Bhikhabhai Choksi, and Mrs. Heta Kedar Choksi. Their combined promoter holding will decline from 100% pre-IPO to approximately 70.39% post-IPO, with public ownership rising to 29.61%.
The promoters bring nearly two decades of hands-on experience in seamless tube manufacturing and industrial product exports.
Company Details
Anand Seamless Limited operates with an integrated manufacturing setup, enabling end-to-end control over its processes including cold drawing, heat treatment, eddy current testing, and advanced fin welding technologies. The company employs 362 permanent employees and 223 contract employees as of March 31, 2026, with 19 personnel in R&D laboratories.
Sectors Served:
- Oil & Gas
- Thermal & Nuclear Power Generation
- Petrochemicals & Chemicals
- Automotive
- Pharmaceuticals
- Defence & Railways
- General Process Industries
Key Products:
- Seamless Tubes & Pipes (Carbon Steel, Alloy Steel, Stainless Steel)
- Heat Exchanger Tubes
- U-Tubes
- Finned Tubes (for heat transfer applications)
Key Capabilities:
- Integrated cold drawing, heat treatment, eddy current testing, and fin welding under one roof
- Supplies to major domestic PSUs and global energy companies
- Strong international accreditations and product approvals enabling exports
Manufacturing Facility:
- Plot No. 129-A, Indrad, near Kadi, Mahesana district, Gujarat — 382715
- Installed capacity: ~3,000 MT per annum (seamless tubes & pipes) and ~3,60,000 metres per annum (finned tubes)
Certifications:
- ISO certified
- IBR (Indian Boiler Regulations) approved
- Clearances from Engineers India Limited (EIL)
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹33.64 | ₹2.65 |
| FY26 | ₹56.17 | ₹5.48 |
Key Financial Metrics
- Revenue surged ~67% YoY in FY26 (₹33.64 crore → ₹56.17 crore)
- PAT more than doubled in FY26 (₹2.65 crore → ₹5.48 crore), a ~107% jump
- EBITDA Margin improved to 18.25% in FY26
- Post-issue P/E ratio: ~15.72x based on diluted EPS of ₹4.58
- Total borrowings as of March 31, 2026: ₹28.02 crore
Company Strengths
- Nearly two decades of experience in specialised seamless tube manufacturing with deep domain knowledge
- Diversified end-user applications across oil & gas, power, pharma, defence, and railways — reducing dependence on any single sector
- Critical certifications (IBR, EIL approvals, ISO) act as strong entry barriers for new competitors targeting PSUs and global energy clients
- Integrated manufacturing setup with end-to-end process control — cold drawing, heat treatment, eddy current testing, and fin welding
- Strong FY26 financial recovery — revenue up 67% and PAT up 107% YoY, indicating improving scale and operational leverage
- Entire IPO is a fresh issue with no promoter exit — IPO proceeds fully directed towards capacity expansion and debt reduction
Key Risks & Challenges
- Negative operating cash flows: Despite profitability, the company reported negative cash flows from operations in both FY25 (₹-3.31 crore) and FY26 (₹-5.57 crore) — a significant red flag that needs monitoring
- Revenue volatility: FY25 revenue dipped to ₹33.64 crore from ~₹37 crore in FY24 before recovering in FY26 — investors should not extrapolate one year’s rapid growth without accounting for prior fluctuations
- High debt: Total borrowings of ₹28.02 crore as of March 2026 against an issue size of only ₹25.52 crore — only partial debt repayment planned from IPO proceeds
- Customer concentration: Dependence on a limited set of PSUs and industrial clients carries order concentration risk
- Capital expenditure execution risk: The large capex planned for capacity expansion may face delays or cost overruns
- SME IPO liquidity risk: Limited secondary market trading volumes on BSE SME platform; minimum retail investment of ₹2,30,400 creates meaningful per-application exposure
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
