Anand Seamless Ltd IPO

Steel

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Price Band

₹72 – ₹72

Lot Size

1600

Minimum Bid Quantity

3200

Minimum Investment

₹230400

Issue Size

₹25.52Cr

Opens

2026-09-22

Closes

2026-09-24

Listing

29-09-2026

Subscription Status

Qualified Institutional Buyers

0 x

Non-Institutional Investor

1.86 x

Retail Individual Investor

0.96 x

Total

1.44 x

IPO Details

Issue Type

EQUITY

Face Value

₹10

Tick Size

1

ISIN

INE0XDX01018

Pre-Apply Available

No

Daily Bidding Time

10:00:00 - 17:00:00

About the Company

Anand Seamless Limited is an Indian manufacturer and exporter of tubes and pipes, with nearly two decades of experience in the industry. The company’s products are broadly classified into seamless tubes and pipes and finned tubes. Its products are used across industries such as automobiles, heat exchangers, petroleum, pharmaceuticals, chemicals, oil and gas refineries, thermal and nuclear power plants, boilers, textile machinery, railways and transportation, and defense. The company serves both domestic and international markets. Its manufacturing facility is located in Gujarat. The company has a manufacturing capacity of approximately 3,000 metric tonnes per annum (MTPA) for seamless pipes and tubes and approximately 360,000 MTPA of finned tubes. Its manufacturing processes include cold drawing, heat treatment, auto cutting, eddy current testing and fin welding. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes:​ Financing the cost of capacity expansion, technological upgradation, cost optimisation of the operations and support at the manufacturing facility at Mahesana, Gujarat — Rs 13.20 crore Full or part repayment and/or prepayment of certain outstanding secured and unsecured borrowings availed by the company — Rs 5.49 crore General corporate purposes — Rs 3.7 crore.

Pros

  • • The company manufactures seamless tubes and pipes in carbon steel, alloy steel and stainless steel, along with several types of finned tubes. Its finned tube range includes extruded fin, G fin, L fin, low fin, crimped fin, studded fin and welded fin tubes.
  • • The company is ISO 9001:2015 certified for quality management systems, ISO 14001:2015 for environmental management systems, and ISO 45001:2018 for occupational health and safety management systems. It also holds PED 97/23/EC: AD 2000 MERKBLATT W0 certification for products sold in Europe and approvals from the Indian Boiler Regulations as a Well Known Tube Maker and Well Known Pipe Maker.
  • • The company claims to have quality control equipment including spectro testing machines, eddy current testing machines and profile projectors. It also uses controlled-atmosphere annealing for heat treatment and provides Mill Test Certificates as per EN 10204 3.1/3.2 standards.

Cons

  • • The company’s top 10 customers contributed Rs 33.16 crore (59.21%), Rs 20.67 crore (61.62%), and Rs 17.47 crore (47.36%) to its revenue from customers in FY26, FY25, and FY24, respectively. Any loss of key customers, reduction or cancellation of orders, or failure to retain these customers on similar terms could materially affect the company’s revenue, profitability and cash flows.
  • • The company generated Rs 30.52 crore (54.49%) and Rs 9.94 crore (17.74%) of its revenue from customers in Gujarat and Maharashtra, respectively, in FY26, together accounting for 72.23% of total revenue from operations. Any adverse economic, regulatory, political, social or logistical developments in these states could disrupt customer demand, transportation or operations and adversely affect the company’s revenue and results of operations.
  • • The company’s top 10 suppliers accounted for Rs 38.43 crore (85.36%) of its raw material purchases in FY26, compared with Rs 18.27 crore (81.30%) in FY25 and Rs 14.72 crore (68.15%) in FY24, with its largest supplier alone accounting for 37.83% of purchases in FY26. The company has not entered into definitive supply agreements with most suppliers, and any disruption in supplies, increase in raw material costs or inability to pass on higher costs to customers could adversely affect its margins, profitability and operations.

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