Overview
Updated 12 days agoAnand Seamless Limited is an Indian manufacturer and exporter of seamless tubes, pipes, and finned tubes used across diverse industries like oil and gas, power, and defense. The company is raising funds through a fresh issue to expand its manufacturing capacity, upgrade technology, and repay existing debt.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,15,200 |
| bNII (min) | 9 | 14,400 | ₹10,36,800 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 31 Oct, 16:42 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | BSE |
| Segment | SME |
| Sector | Steel & Iron Products |
| Price band | ₹72 |
| Final issue price | ₹72.00 |
| Face value | ₹72 per share |
| Lot size | 1,600 shares |
| Minimum investment | ₹1,15,200 |
| Issue size | ₹26.00 Cr |
| P/E at upper band | 22.9x |
| Registrar | MUFG Intime India Private Limited |
| NSE symbol | ANAND |
| ISIN | INE0XDX01018 |
Shareholder quota and promoter holding
Company & business
Incorporated in 2005, Anand Seamless Limited specializes in the production of seamless steel pipes and finned tubes. The company operates two manufacturing units in Gujarat, providing integrated solutions for sectors including automotive, heat exchangers, petroleum, and power plants. Its product range includes various types of finned tubes such as extruded, embedded, and welded variants. The company markets its products under the 'Anand Seamless Limited' brand and maintains a focus on quality assurance and long-term client relationships. The company is currently consolidating its manufacturing operations to improve efficiency and reduce rental costs.
Objects of the issue — how the money will be used
- Capacity expansion, technological upgradation, and cost optimization at Kadi facility (₹11.59 Cr)
- Repayment/prepayment of certain secured and unsecured borrowings (₹7.04 Cr)
- General corporate purposes
Key strengths
- Diversified product range serving multiple industries
- International product accreditations
- Strategic manufacturing location with integrated production
- Established long-term client relationships
- Effective quality assurance and control systems
- Experienced promoter and management team
Key risks
- High customer concentration with top ten customers contributing significantly to revenue
- Geographical concentration of operations in Gujarat
- Reliance on a limited group of suppliers for raw materials
- History of negative cash flows from operating activities
- Contingent liabilities related to bank guarantees and GST demands
- Pending legal proceedings against the company and promoters
- Past instances of non-compliance and delays in statutory filings
- Leased premises for one manufacturing unit without ownership rights
Promoters
Kedar Mayank Choksi, Mayank Bhikhabhai Choksi, Heta Kedar Choksi
Decoded from the RHP with AI on 01-Nov-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY23 | 41.39 | -- | 2.89 | 32.24 | 8.03 | 13.22 |
| FY24 | 36.90 | -- | 3.36 | 35.55 | 11.40 | 14.21 |
| FY25 | 33.55 | -- | 2.65 | 52.40 | 14.05 | 21.22 |
Key performance indicators · FY25
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| Anand Seamless this issue | 33.6 | 3.15 | 22.9x | 18.87 | 16.67 |
| Venus Pipes & Tubes Limited | 969.2 | 45.65 | 22.4 | 17.48 | 260.13 |
| Gandhi Special Tubes Limited | 184.4 | 48.28 | 15.2 | 22.08 | 218.68 |
| Ratnamani Metals & Tubes Limited | 5,246.1 | 77.27 | 28.7 | 14.89 | 518.90 |
| Scoda Tubes Limited | 488.9 | 7.60 | 17.1 | 21.11 | 34.03 |
This issue is priced at 22.9x P/E against a peer median of 19.8x: a premium of 16%. A measurement, not a verdict.
Other Steel & Iron Products IPOs
Same sector, listed just before and after this one, with their listing-day change.
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A-One Steels IndiaAONESTEELS · BSE, NSE · Mainboard · Steel & Iron Products+2.9%1 Oct
Jindal Supreme (India)JSIPL · BSE, NSE · Mainboard · Steel & Iron Products+35.5%23 Sep
Behari Lal EngineeringBLEL · BSE, NSE · Mainboard · Steel & Iron Products+76.2%19 Aug Documents and resources
Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.