IPO Overview
Anubhav Plast is a leading manufacturer of Electric Resistance Welded (ERW) steel pipes, tubes, hollow sections, and swaged steel tubular poles, serving India’s power transmission, telecom, construction, irrigation, water supply, and infrastructure sectors. Established in 1987, the company has evolved from a single-product pole manufacturer into an integrated steel solutions provider with over three decades of industry experience. The company operates two manufacturing facilities in Kanpur Dehat, Uttar Pradesh, with an installed annual capacity of 90,000 MT for ERW pipes and tubes and 1,50,000 steel tubular poles. Its product portfolio includes more than 80 standard pole specifications and a wide range of round and square hollow section pipes manufactured under multiple BIS certifications. Its ERW products are manufactured in compliance with IS:2713, IS:9295, IS:1239, IS:4270, IS:1161, IS:4923, and IS:3589 standards and are sold under the “ANUBHAV” brand.
The company is now launching its SME IPO on the BSE SME platform. Anubhav Plast IPO is an SME book building issue aggregating up to ₹24.00 crore. The IPO comprises a fresh issue of 30,00,000 equity shares and there is no Offer for Sale component. The price band is ₹77–₹80 per share, and the lot size is 3,200 shares for retail investors. The IPO opens for subscription on 19 June 2026 and closes on 23 June 2026, with the shares proposed to be listed on BSE SME with a tentative listing date of 29 June 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 19 June 2026 |
| IPO Close Date | 23 June 2026 |
| Allotment Date | 24 June 2026 (Expected) |
| Listing Date | 29 June 2026 (Tentative) |
| Price Band | ₹77 – ₹80 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,600 shares |
| Minimum Investment (Retail) | ₹2,56,000 (2 lots = 3,200 shares) |
| Issue Size | ₹24.00 crore |
| Fresh Issue | 30,00,000 shares (₹24.00 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII) | ~15% |
| Retail Investors | ~35% |
| Market Maker | 1,50,400 shares (reserved) |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. All funds raised will go directly to the company for business expansion and operational growth.
Objects of the Issue (Fund Utilization)
The IPO proceeds will primarily support working capital requirements and capacity expansion through a new manufacturing facility.
- Funding working capital requirements
- Capacity expansion through a new manufacturing facility
- General corporate purposes
Lead Managers & Registrar
- Book Running Lead Manager: Capital Square Advisors Pvt. Ltd.
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
Promoters & Management
Promoters of Anubhav Plast are Onkar Nath Gupta, Vinamra Gupta, Bina Gupta and Tanvi Gupta. Ahead of the issue, the promoters collectively hold 99.99% equity. Post-listing, their stake will dilute with the addition of 30 lakh fresh shares, increasing total equity from 80,00,000 to 1,10,00,000 shares.
Company Details
Anubhav Plast IPO Description – Anubhav Plast is a leading manufacturer of Electric Resistance Welded (ERW) steel pipes, tubes, hollow sections, and swaged steel tubular poles, serving India’s power transmission, telecom, construction, irrigation, water supply, and infrastructure sectors.
Sectors Served:
- Electricity Transmission & Distribution
- Street Lighting
- Telecom Infrastructure
- Construction & Irrigation
- Water Supply Systems
- General Engineering & Fabrication
Key Capabilities:
- Installed annual capacity of 90,000 MT for ERW pipes and tubes and 1,50,000 steel tubular poles.
- Product portfolio with more than 80 standard pole specifications.
- Strong presence in government tender-based projects across various Indian states
Certifications:
- ISI certification mark on every meter of product, manufactured in compliance with IS:2713, IS:9295, IS:1239, IS:4270, IS:1161, IS:4923, and IS:3589 standards.
Manufacturing Facilities:
- 2 units in Kanpur Dehat, Uttar Pradesh
Workforce:
- As of 31 March 2026, the company has a workforce of 35 employees.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹87.41 | ₹2.08 |
| FY25 | ₹98.31 | ₹6.00 |
Key Financial Metrics
- PAT rose by 191% between the financial year ending March 31, 2025 and March 31, 2024.
- For FY25, EBITDA margin stood at 12.41%, with net worth reaching ₹1,562.93 lakh.
- Borrowings remained relatively high at ₹3,263.60 lakh as of FY25, highlighting the need for liquidity infusion through the IPO.
- Post-IPO market cap (at upper price band): approx. ₹88 crore (based on enhanced equity of 1,10,00,000 shares)
Company Strengths
- Long operating experience of over three decades, established manufacturing facilities, and government project participation.
- Strong improvement in financial performance with healthy growth in profitability and return ratios in recent years
- Diverse product range with ISI-certified quality across multiple BIS standards, ensuring compliance and customer trust.
- Established “ANUBHAV” brand with strong presence in power, telecom, and infrastructure sectors
- Entire IPO is fresh issue — no promoter exit, all funds for business growth
Key Risks & Challenges
- High existing borrowings: Borrowings of ₹3,263.60 lakh as of FY25 indicate continued dependence on debt for operations.
- Thin margins: EBITDA margin of only ~12.41% in FY25, typical of commoditized steel manufacturing businesses.
- High promoter concentration: Promoters collectively hold 99.99% equity pre-IPO, indicating concentrated ownership and governance risk typical of family-run SMEs.
- Government tender dependency: Heavy reliance on government and infrastructure project tenders can lead to inconsistent order flow and payment delays.
- SME IPO liquidity risk: Limited secondary market trading volumes on BSE SME platform.
- Sector cyclicality: Investors may consider the issue for medium-term growth potential while keeping SME liquidity and sector cyclicality risks in mind.
- Raw material price volatility: Steel pipe manufacturing is sensitive to fluctuations in steel and raw material prices, which can impact margins.
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.
