Anand Seamless IPO crossed the fully subscribed threshold on its final day, closing at 1.50x overall. Retail participation was the primary driver, with bids surging 88% intraday to reach 0.94x, while Non-Institutional Buyers (bHNI) maintained robust demand at 1.85x.

Subscription Status

The issue witnessed a strong finish on Day 3, with total subscription rising from 1.02x at 11:15 IST to 1.50x by close. The surge was driven entirely by retail investors, who picked up pace significantly after midday. Non-Institutional Buyers (bHNI) provided the foundational demand, maintaining a robust 1.85x subscription level. Qualified Institutional Buyers (QIB) and Small Non-Institutional Investors (sHNI) recorded no bids across all three days.

Category-wise Breakdown

Retail Investors were the primary drivers of the final-day momentum. After starting the day at 0.50x, retail bids jumped to 0.94x by 4:15 PM, marking an 88% increase within the session. This late surge pushed the overall issue well past the 1x threshold.

Non-Institutional Buyers (bHNI) demonstrated consistent conviction, holding at 1.85x by the close. This category has been the anchor of the issue since Day 1, providing the bulk of the subscription volume.

QIB and sHNI categories remained inactive with 0.00x subscription throughout the offering period.

Intra-day Timeline on 22-09-2026

The sHNI category was the standout mover, with the bulk of its demand appearing to land in the final hour. Retail picked up pace steadily through the afternoon, rising from its opening level by close.

Offer Details

What's Next

Allotment is scheduled for 2026-09-25 and listing is expected on 2026-09-29.

About the Company

Anand Seamless Limited is an India-based manufacturer and exporter of tubes and pipes with nearly two decades of experience, founded in 2005. The company operates from its Gujarat facility at Kadi, offering two primary product categories: Seamless Tubes & Pipes and Finned Tubes, with a manufacturing capacity of ~3,000 MT/annum for seamless pipes and ~3,60,000 meters/annum for finned tubes. It serves sectors including Oil & Gas, Thermal & Nuclear Power Plants, Automobile, Pharmaceutical, and Chemical industries. The company holds ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications and follows ASTM and EN standards, with products certified under PED 97/23/EC for European markets. MD Kedar Mayank Choksi brings over 21 years of specialised experience in the seamless tubes, pipes, and finned tubes sector.

Financial Highlights

For FY2026, Anand Seamless reported revenue from operations of ₹56.00 crores and a PAT of ₹5.48 crores. The EBITDA margin stood at 18.25%.

Objects of the Issue

• Capacity Expansion, Technological Upgradation & Cost Optimization: ₹13.20 crores towards financing civil works, plant & machinery, and electrical upgrades at the Kadi, Gujarat facility.
• Repayment/Prepayment of Outstanding Borrowings: ₹5.49 crores for full or part repayment of secured and unsecured borrowings from lenders including HDFC Bank Limited and Tata Capital Limited.
• General Corporate Purposes: ₹3.70 crores for capital expenditure, working capital requirements, and funding growth opportunities.
• Issue Related Expenses: ₹3.13 crores covering fees payable to the Lead Manager, Registrar, regulators, auditors, legal advisors, and other IPO-related costs.

Risk Factors

• Dependence on Key Customers: Top 10 customers contributed 59.21% of revenues in FY2026. Loss of any key customer could materially affect business and cash flows.
• Negative Cash Flows from Operations: The company reported negative operating cash flows of ₹557.06 lakhs and ₹331.00 lakhs in FY2026 and FY2025 respectively.
• Significant Indebtedness: As of March 31, 2026, aggregate outstanding borrowings stood at ₹2,802.48 lakhs, secured against current assets and the manufacturing facility.
• Single Facility Concentration: The company operates from a sole manufacturing facility in Kadi, Gujarat, making it vulnerable to equipment failures, natural disasters, or labour disputes.
• Corporate Compliance Deficiencies: The company has a history of delayed and non-filed statutory forms with the Registrar of Companies, including delays of up to 1,131 days, as well as late filings of TDS, GST, PF, and ESIC returns.

Anand Seamless Limited, a Gujarat-based manufacturer of seamless tubes and finned tubes, has filed its Draft Red Herring Prospectus (DRHP) for an initial public offering. The company is raising ₹25.52 crore through a fresh issue to fund capacity expansion and repay outstanding borrowings. The SME IPO is scheduled to open on September 22, 2026.

About the Company

Incorporated in 2005, Anand Seamless Limited operates from its manufacturing facility in Kadi, Gujarat. The company specializes in two primary product categories: seamless tubes and pipes made from carbon steel, alloy steel, and stainless steel, and finned tubes used in heat transfer applications. Its annual manufacturing capacity stands at approximately 3,000 metric tonnes for seamless pipes and tubes and 360,000 meters for finned tubes.

The company serves critical industries including Oil & Gas, Thermal & Nuclear Power Plants, Automobile, Pharmaceutical, and Chemical sectors. In FY2026, seamless tubes and pipes contributed 66.74% of revenue, while finned tubes accounted for 31.30%. Domestic sales constituted 94.85% of revenue, with exports to the Middle East and Europe making up the remainder. Gujarat alone contributed 54.49% of domestic revenue in FY2026.

Financial Performance

Anand Seamless Limited reported a significant revenue recovery in FY2026 after a dip in FY2025. Revenue from operations surged by approximately 67% year-on-year to reach ₹56.00 crore in FY2026, up from ₹33.55 crore in FY2025. Profit after tax (PAT) also doubled to ₹5.48 crore in FY2026 from ₹2.65 crore in FY2025. The company reported an EBITDA margin of 18.25% in FY2026.

Despite profitability, the company reported negative cash flows from operations in both FY2025 (₹-3.31 crore) and FY2026 (₹-5.57 crore). Total borrowings stood at ₹28.02 crore as of March 31, 2026.

Why the Company Is Raising Funds

The proceeds from the ₹25.52 crore fresh issue will be utilized as follows:

• Capacity Expansion: ₹13.20 crore for technological upgradation and cost optimization at the Kadi facility.
• Debt Repayment: ₹5.49 crore for prepayment of outstanding borrowings from lenders including HDFC Bank and Tata Capital.
• General Corporate Purposes: ₹3.70 crore for working capital and operational expenses.
• Issue Related Expenses: ₹3.13 crore for regulatory and professional fees.

Business Strengths

The company holds ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications. It is accredited by IBR as a 'Well Known Tube Maker' and 'Well Known Pipe Maker,' enabling access to regulated markets. Products comply with ASTM, ASME, and EN standards, with European certifications under PED 97/23/EC. The management team, led by Managing Director Kedar Mayank Choksi, brings over two decades of industry experience.

Key Risks

Material risks include high customer concentration, with the top 10 customers contributing 59.21% of revenue in FY2026. Supplier concentration is also significant, with top 10 suppliers accounting for 85.36% of raw material purchases. The company operates from a single manufacturing facility, posing operational disruption risks. Additionally, persistent negative operating cash flows and significant indebtedness present financial risks. The DRHP also notes past corporate compliance deficiencies, including delayed statutory filings.

Important IPO Dates

• IPO Open Date: 22-Sep-2026
• IPO Close Date: 24-Sep-2026
• Allotment Date: 25-Sep-2026
• Listing Date: 29-Sep-2026

Offer Details

• Issue Type: SME IPO
• Fresh Issue Size: ₹25.52 Crores
• Offer for Sale: Not Applicable
• Price Band: Not Available

Bottom Line

Anand Seamless Limited presents a growth narrative with strong revenue and profit recovery in FY2026, supported by international certifications and a diversified product portfolio. However, investors must weigh these positives against material risks including negative operating cash flows, high customer and supplier concentration, and significant leverage.