Anubhav Plast Ltd IPO
Steel
Price Band
₹77 – ₹80
Lot Size
1600
Minimum Bid Quantity
3200
Minimum Investment
₹256000
Issue Size
₹24Cr
Opens
2026-06-19
Closes
2026-06-23
Listing
29-06-2026
Subscription Status
Qualified Institutional Buyers
1.23 x
Non-Institutional Investor
2.07 x
Retail Individual Investor
2.45 x
Total
2.02 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1O7201010
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Anubhav Plast Limited is engaged in the manufacturing of Electric Resistance Welding (ERW) steel pipes and tubes in round and square hollow sections, along with swaged steel tubular poles. Established in 1987, the company has over three decades of operating history and markets its products under the “ANUBHAV” brand. Its products are used across electricity transmission and distribution, telecom infrastructure, construction, irrigation, water supply, and engineering applications. The company operates two manufacturing facilities in Kanpur Dehat, Uttar Pradesh. While one unit primarily manufactures steel poles, the other produces both ERW steel pipes and tubular poles. The company currently has an installed capacity of 90,000 MT per annum for ERW steel pipes and tubes and 150,000 units per annum for swaged steel tubular poles. Anubhav Plast sources key raw materials from major domestic suppliers and employs advanced manufacturing technologies, including high-frequency welding units. It supplies products to state electricity boards, public sector undertakings, contractors, and private customers through direct contracts, tenders, and sub-contracting arrangements across multiple states in India.
Pros
- • The company claims to have strengthened operational efficiency through backward integration, supported by the installation of tube mills in 2022 and 2024 and in-house slitting and forming facilities. It states that this strategy contributed to an improvement in gross margins from 10.75% in FY23 to 13.26% in FY24 and further to 15.69% in FY25. The company also declares that its integrated operations enable better cost control, faster execution, and reduced dependence on external processors.
- • The company claims that its two manufacturing facilities in Kanpur Dehat, Uttar Pradesh, provide logistical advantages and support efficient servicing of customers across northern and eastern India. It states that proximity to a major PSU supplier located within 25 km of its plants ensures reliable raw material availability and lower transportation costs. The company declares that this strategic location supports the timely execution of bulk orders and strengthens supply chain efficiency.
- • The company claims that its integrated manufacturing infrastructure enables it to cater to large project-based requirements across multiple sectors. It states that long-standing relationships with state electricity boards (SEBs) and private clients have helped establish its execution capabilities. The company declares that its existing facilities support the production of BIS-compliant ERW pipes, tubes, and steel poles, allowing it to deliver customer-specific requirements with consistency and reliability.
Cons
- • The company derives a significant portion of its revenue from private sector clients. Revenue from private customers stood at Rs 87.61 crore (89.25%) for FY25, Rs 78.85 crore (90.29%) for FY24 and Rs 85.57 crore (98.20%) for FY23. Any reduction in orders from key private customers or changes in government procurement policies and tender conditions could adversely affect revenue growth and profitability.
- • Certain immediate relatives of the promoters, deemed to be part of the Promoter Group under SEBI regulations, have not provided the required information. As a result, the company's disclosures relating to such individuals are based solely on publicly available information. Any regulatory concerns or disclosure-related issues arising from this matter could adversely affect compliance and governance perceptions.
- • The company has significant business dealings with the group company Anubhav Tubes & Conductors Private Limited (ATCPL), which is also one of its major customers. Revenue derived from ATCPL contributed 39.73% in FY25, 29.74% in FY24, and 37.42% in FY23. Any deterioration in this relationship, reduction in order volumes, or changes in transaction terms could adversely affect revenues, profitability, and working capital requirements.
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