Anand Seamless IPO Day 3: Subscribed 1.07x; retail jumps 14% intraday to close at 0.57x

4 min read | Published on 24 Sept 2026, 11:18 AM |Updated on 24 Sept 2026, 12:19 PM

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Ritika DScanX News Team

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Key Highlights

Anand Seamless IPO closed Day 3 at 1.07x overall subscription, crossing the fully subscribed mark on the final day of bidding.
NII (bHNI) led all categories at 1.46x, rising steadily from 1.10x on Day 1; QIB and sHNI recorded 0.00x across all three days.
Retail demand jumped 14% intraday on Day 3, moving from 0.50x at 11:15 IST to 0.57x at 12:15 IST, ending the issue at 0.57x.
The issue is priced at ₹72 per share with a minimum bid quantity of 3,200 shares; allotment is scheduled for 2026-09-25 and listing for 2026-09-29.
For FY2026, the company reported revenue from operations of ₹56.00 crores, PAT of ₹5.48 crores, and an EBITDA margin of 18.25%.

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

Anand Seamless IPO wrapped up its final day of bidding at 1.07x overall subscription, crossing the fully subscribed mark. Retail demand was the standout intraday mover on Day 3, jumping 14% between 11:15 IST and 12:15 IST — from 0.50x to 0.57x — as the issue closed at ₹72 per share.

Subscription Status

The issue built steadily over three days, crossing the 1x threshold on the final day. bHNI demand drove the overall tally past fully subscribed, while retail participation ticked up meaningfully through the session. QIB and sHNI categories saw no bids throughout the subscription period.

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	1.14x	0.36x	0.79x
Day 3	24-09-2026	0.00x	0.00x	1.46x	0.57x	1.07x

Category-wise Breakdown

Non-Institutional Buyers (bHNI) were the clear leaders, racing ahead from 1.10x on Day 1 to 1.46x by close on Day 3 — the only category to sustain meaningful demand throughout the window.

Retail Investors picked up pace after a slow start, moving from just 0.05x on Day 1 to 0.36x on Day 2 and closing at 0.57x on Day 3. The final session saw retail jump +14.0% intraday, adding 0.07x between 11:15 IST and 12:15 IST.

Qualified Institutional Buyers (QIB) and Non-Institutional Buyers (sHNI) recorded 0.00x across all three days, contributing no demand to the issue.

Intra-day Timeline — Day 3 (24-09-2026)

The total subscription ticked up 4.9% during the final session, from 1.02x at 11:15 IST to 1.07x at 12:15 IST, driven entirely by retail participation.

Time (IST)	QIB	NII (bHNI)	Retail	Total
11:15	0.00x	0.00x	0.50x	1.02x
12:15	0.00x	0.00x	0.57x	1.07x

Offer Details

Parameter	Details
Price Band	₹72.00000 - ₹72.00000
Issue Size	₹230400 - ₹500000
Minimum Bid Quantity	3200 shares
Opening Date	2026-09-22
Closing Date	2026-09-24

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%.

Metric	FY2026	FY2025	FY2024
Revenue from Operations (₹ crores)	56.00	33.55	36.90
Total Revenue (₹ crores)	56.17	33.64	37.00
Profit Before Tax (₹ crores)	7.44	3.58	4.56
Net Profit (₹ crores)	5.48	2.65	3.36

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.