Anand Seamless IPO

About Anand Seamless IPO

Anand Seamless IPO has been approved on April 08, 2026 and the details pertaining to the issue size and the pricing are yet to be announced. The dates for the IPO are also awaited. Anand Seamless had applied for IPO approval to the SEBI / Stock Exchanges on February 27, 2026, and SEBI had given its IPO approval on April 08, 2026.

The IPO of Anand Seamless consists entirely of a fresh issue of 36.10 Lakh shares. There will be no offer for sale component in the IPO. As a result of the IPO, the total number of outstanding shares of Anand Seamless will increase from 84.25 Lakh shares to 120.35 Lakh shares. The IPO will be a fixed price issue and the stock will be listed on the BSE-SME segment.

Anand Seamless is into the manufacture of seamless tubes and pipes as well as finned tubes. These are extensively used in industrial applications. It is classified as part of the steel manufacturing sector. Apart from various types of finned tubes, Anand Seamless is primarily into the manufacture of carbon steel and alloy steel seamless tubes. It finds applications in industries like oil & gas, petrochemicals, power generation, and other process related industries. The company has a diversified range of products and has several international accreditations and product approvals.

Objectives of Anand Seamless IPO

The company proposes to utilise the IPO fresh proceeds for:

• Funding capex needs for capacity expansion and technology upgradation. The capex is specifically for the manufacturing facility in Mahesana, Gujarat- ₹11.59 crore and ₹7.37 crore for debt repayment
  
• Repayment / Prepayment of outstanding borrowings of the company
  
• General corporate purposes
  

Industry Outlook

Seamless tubes are about handling high pressure / temperature applications. Demand is being driven by industrial expansion, renewable energy integration, and energy efficiency regulations. In terms of the market segments; shells and tubes dominate the seamless tube market while the fastest growing segment is the plate and frame segment. The key inputs used are stainless steel, carbon steel, as well as alloys like nickel and titanium.

There are 3 broad regional markets for seamless tubes in India. The South India market is the leader due to the concentration of chemical and pharma capacities in the region. The western states of Gujarat and Maharashtra are also a major contributor due to the presence of large-scale oil refineries and petrochemicals complexes. East and North East are seeing heavy infrastructure project demand.

The global market for seamless tubes and pipes is slated to nearly double from $69.9 billion in 2025 to $137.5 billion in year 2035. That is a CAGR of nearly 7%. There is growing demand from the oil, automotive and power sector for high-pressure and corrosion resistant piping solutions. Seamless pipes offer superior mechanical performance, uniformity and reliability compared to welded alternatives, even in tough conditions. The seamless tubes market in India is also gaining from the Make in India initiative; and the government focus on building industrial corridors and urban infrastructure.

About Anand Seamless

Anand Seamless is a key manufacturer and exporter of seamless tubes, pipes, and finned tubes. Its user industries include, automotive industry, heat exchanger industry, petroleum, petrochemicals, pharma, oil refineries, and thermal & nuclear power plants. The seamless tubes and pipes manufacturing capacity is nearly 3000 metric tonnes per annum, with finned tubes manufacturing capacity of 3,60,000 metres per annum. It has two facilities in Gujarat and exports are around 7% of annual sales.

Anand Seamless was promoted by Kedar Mayank Choksi, Mayank Bhikhabhai Choksi, and Heta Kedar Choksi. The location of the plants in Gujarat gives the company proximity to the demand centres of the oil & gas and petrochemicals segments. In the last 2 years, the company has consistently maintained EBITDA margins of above 17%, while the ROE over the last 3 years has averaged over 25%. In terms of product revenue split, Anand Seamless gets 75.9% revenues from seamless tubes, and 21.4% from finned tubes. The company has achieved 91% capacity utilization in seamless tubes and pipes production.

Strengths of Anand Seamless

• It has a diversified product range offering to its customers
  
• It caters to a wide range of user segments like oil & gas, petrochemicals, power, automotive etc
  
• It has international accreditations and approvals to cater to global markets
  
• Established long-term relationships with clients and suppliers
  
• Promoters bring extensive experience and exposure to the segment
  
• Sector projected to grow at 7% and more in the next 10 years, to help sustain financial performance
  

Risks of Anand Seamless

• There is client concentration risk with top 5 customers giving 50% of sales
  
• Supplier risk is also there as key raw materials are supplied by few vendors (top 5 supply 83%)
  
• Steel is subject to global supply and demand and prices can be volatile
  
• India runs the risk of dumping of steel products from China and other countries
  
• Legal actions against company and promoters may become contingent liabilities in future
  
• Certain discrepancies / delays in filings can create compliance issues in the future
  
• Manufacturing Unit 2 is not owned by the company, so lease renewal could be a risk
  
• The company has debt of ₹23.24 crore, which could pose financial and solvency risk
  

Anchor Investor Bidding Date

Anchor portion of the IPO – To Be Announced (TBA)

IPO Registrar and Book Running Lead Managers

• Registrar: Integrated Registry Management Services
  
• Book Running Lead Managers: Aftertrade Broking Private Ltd
  

Business Model

The business model of Anand Seamless is based on diversifying its seamless tube client base across sectoral demand baskets like oil & gas, pharmaceuticals, chemicals, petrochemicals, automotive, heat exchanger etc. However, the top 5 customers give about 50% of the revenues as per latest data.

Nearly 92% of revenues comes from the domestic market and only about 8% from global exports. That is because demand for seamless pipes has been growing rapidly in India with the industrial expansion and greater focus on environmental compliance.

Company Growth Trajectory

The revenue from operations of Anand Seamless has actually fallen in last 3 years from₹41.39 crore to ₹33.5 crore. In this period between FY23 and FY25, the PAT also tapered from ₹2.89 crore to ₹2.65 crore. EBITDA grew marginally from ₹5.84 crore to ₹5.90 crore in this period.

Over the last 3 years between FY23 and FY25, the EBITDA margins have grown from 14.12% to 17.58%, while the PAT margins have also grown from 6.96% to 7.88%.

Market Position

Anand Seamless is positioned as an integrated manufacturer and supplier of seamless tubes, pipes and finned tubes. It has also positioned itself as a one stop solutions provider for the specialized needs of industries like oil & gas, nuclear plants, renewable energy plants, petrochemicals plants etc.

The products cater to a segment that is highly demanding, fast growing, and where performance has a lot of business criticality to the clients. Anand Seamless is ISO 9001:2015 certified by TUV India, and ISO 14001: 2015 certified as well as ISO 45001: 2018 certified. Products sold in the European market are certified under PED 97/23/EC and AD 2000 MERKBLATT W0 from TUV Nord.

How to Apply for Anand Seamless IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.