Anand Seamless IPO Day 2: Subscribed 0.62x; Retail demand ticks up to 0.10x

3 min read | Published on 23 Sept 2026, 11:20 AM |Updated on 23 Sept 2026, 12:23 PM

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Ritika DScanX News Team

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Key Highlights

Anand Seamless IPO subscribed 0.62x by end of Day 2
Retail demand increased to 0.10x; QIB interest remains zero
bHNI subscription stable at 1.10x
Issue closes on September 24, 2026

*this image is generated using AI for illustrative purposes only.

Anand Seamless IPO recorded cumulative subscription of 0.62x on Day 2. Retail demand edged up to 0.10x, while QIB interest remained absent at 0.00x.

Subscription Status

The Anand Seamless IPO continues to face tepid response from the market. By the close of Day 2 on September 23, 2026, the overall subscription stood at 0.62x, a marginal increase from 0.59x on Day 1. The lack of institutional participation remains the primary drag on the issue's performance.

Subscription Progression

Day	Date	QIB	NII (bHNI)	NII (sHNI)	Retail	Total
Day 1	22-09-2026	0.00x	0.00x	1.10x	0.05x	0.59x
Day 2	23-09-2026	0.00x	0.00x	1.10x	0.10x	0.62x

Intra-day Timeline on 23-09-2026

Time (IST)	QIB	NII (bHNI)	Retail	Total
11:15	0.00x	0.00x	0.08x	0.61x
12:15	0.00x	0.00x	0.10x	0.62x

Category-wise Breakdown

Retail investors were the only category showing movement on Day 2, with subscription rising from 0.05x to 0.10x. This represents a 25% jump in retail demand compared to the previous day's closing figure. Non-Institutional Investors (bHNI) held steady at 1.10x, while sHNI and QIB categories recorded zero subscription throughout the day.

Offer Details

The Anand Seamless IPO is priced at ₹72.00 per share. The issue size ranges between ₹230400 crore and ₹500000 crore. The minimum bid quantity is set at 3200 shares. The subscription window opened on September 22, 2026, and will close on September 24, 2026.

About the Company

Anand Seamless Limited is an India-based manufacturer and exporter of tubes and pipes with nearly two decades of experience. The company produces Seamless Tubes & Pipes and Finned Tubes, serving sectors such as Oil & Gas, Thermal & Nuclear Power Plants, Automobile, Pharmaceutical, and Chemical industries. Operating from its Gujarat facility, it holds ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications.

Financial Highlights

For FY2026, Anand Seamless reported revenue from operations of ₹5,600.36 lakhs and a Profit After Tax (PAT) of ₹547.76 lakhs. The EBITDA margin stood at 18.25%.

Metric	FY2026	FY2025	FY2024
Revenue from Operations (₹ Crores)	56.00	33.55	36.90
Profit Before Tax (₹ Crores)	7.44	3.58	4.56
Net Profit (₹ Crores)	5.48	2.65	3.36

Objects of the Issue

The net proceeds from the IPO will be utilized for:

Capacity Expansion: Financing capacity expansion, technological upgradation, and cost optimization at the Kadi, Gujarat facility (₹13.20 crores).
Debt Repayment: Repayment or prepayment of outstanding secured and unsecured borrowings from lenders like HDFC Bank Limited and Tata Capital Limited (₹5.49 crores).
General Corporate Purposes: Capital expenditure, operating expenses, and working capital requirements (₹3.70 crores).
Issue Expenses: Covering fees payable to lead managers, registrars, and other IPO-related costs (₹3.13 crores).

Risk Factors

Key risks disclosed include:

Customer Concentration: Top 10 customers contributed 59.21% of revenues in FY2026.
Supplier Dependency: Top 10 suppliers accounted for 85.36% of raw material purchases in FY2026.
Negative Cash Flows: The company reported negative operating cash flows of ₹557.06 lakhs in FY2026.
Indebtedness: Aggregate outstanding borrowings stood at ₹2,802.48 lakhs as of March 31, 2026.