Anand Seamless IPO
Anand Seamless LtdSME
This IPO closed on 24 Sep 2026.
- Open date
- 22 Sep 2026
- Close date
- 24 Sep 2026
- Min. Investment
- ₹2,30,400
- Lot Size
- -
- Fresh Issue
- ₹25.52 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers0.00x
- Non-Institutional Investors1.87x
- Retail-Individual Investors0.98x
- Total1.44x
Schedule
- Completed: IPO open date22 Sep 2026
- Completed: IPO close date24 Sep 2026
- Completed: Allotment date25 Sep 2026
- Completed: Funds unblock or debit28 Sep 2026
- Current step: Tentative listing date29 Sep 2026
About
Promoter shareholding in Anand Seamless Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Kedar Mayank Choksi | 75,49,848 | 89.61% | 75,49,848 | 63.08% |
| Heta Kedar Choksi | 84,240 | 1.00% | 84,240 | 0.70% |
| Kedar Mayank Choksi HUF | 1,05,300 | 1.25% | 1,05,300 | 0.88% |
| Mayank Bhikhabhai Choksi HUF | 6,68,250 | 7.93% | 6,68,250 | 5.58% |
| Sara Kedar Choksi | 8,100 | 0.10% | 8,100 | 0.07% |
| Dhruv Kedar Choksi | 8,100 | 0.10% | 8,100 | 0.07% |
| Nitinbhai Shah | 810 | 0.01% | 810 | 0.01% |
| Sudhaben Shah | 810 | 0.01% | 810 | 0.01% |
Anand Seamless IPO Strengths & Risks
- Dealing in diversified product range such as Extruded Fin Tubes, Low- Fin Tube, Embedded Fin Tubes (`G' Fin Tube), `L' Type Fin Tubes, Welded Fin Tubes, Crimped Fin Tubes and Studded Fin Tubes having application across multiple industries.
- International accreditations and product approvals over private and government entities.
- Strategic location of manufacturing facility and fully integrated production.
- Established long term relationship with clients leading to recurring business.
- Extensive and effective quality assurance and control with a track record of high quality product delivery.
- Experienced and qualified Promoter and management team.
- Consistent financial performance.
- Risks Relating to the Business: The company's business is dependent on the sale of its products to certain key customers. The loss of any of these customers or loss of revenue from sales to these customers could have a material adverse effect on the company's business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company generates a significant portion of its revenue from certain geographical regions, and any adverse developments in these regions may materially and adversely affect the company's revenue and results of operations.
- Risks Relating to the Business: The company depends on certain key suppliers for certain raw materials and have not entered into definitive supply agreements with most of the company's suppliers. A failures by its suppliers to meet their obligations may affect the availability and cost of raw materials, which may adversely affect the company's business, results of operations, profitability and margins, cash flows and financial condition. Further volatility in the raw material prices and the company's inability to pass on the increase in cost of raw materials to the customers may impact its results of operations, profitability and margins.
- Risks Relating to the Business: The company has experienced negative cash flows in the past. Any such negative cash flows in the future could affect its business, results of operations and prospects.
- Risks Relating to the Business: The company's contingent liabilities as stated in its Restated Financial Statements could affect the company's financial condition.
- Risks Relating to the Business: The Company and its Promoter are party to certain legal proceeding. Any adverse decision in such proceedings may have a material adverse effect on the company's business, results of operations and financial condition.
- Risks Relating to the Business: There are certain discrepancies/errors/delay filings noticed in some of the company's corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future, for non-compliance with provisions of corporate or any other law could impact the financial position of the Company to that extent.
- Risks Relating to the Business: The company has entered into related party transactions and may continue to do so in the future. There can be no assurance that such transactions, individually or in aggregate, will not have an adverse effect on the Company's financial condition and results of operations.
- Risks Relating to the Business: There have been certain instances of late filing of returns or non-payment/delay in payment of statutory dues by the company in the past. Any non-payment or delay in payment of statutory dues by the company in future, may result in the imposition of penalties and in turn may have an adverse effect on its business, financial condition, results of operation and cash flows.
- Risks Relating to the Business: The company's Statutory Auditor issued a qualified opinion for financial statements pertaining to FY 2023-24.
- Risks Relating to the Business: The company is highly dependent on its Promoter, the company's Key Managerial Personnel and its Senior Management. Any inability on the company's part to retain or recruit skilled personnel could adversely affect its business, results of operations, profitability and margins, cash flows and financial condition.
- Risks Relating to the Business: Under-utilisation of the company's manufacturing capacities and any inability to effectively utilize its expanded manufacturing capacities could have an adverse effect on the company's business, future prospects and future financial performance. The company's inability to accurately forecast demand for its products may have an adverse effect on the company's business, results of operations and financial condition.
- Risks Relating to the Business: Loans availed by the Company has been secured by the properties of the promoters and personal guarantee of the directors.
- Risks Relating to the Business: The company has incurred indebtedness, and an inability to comply with repayment and other covenants in its financing agreements could adversely affect the company's business and financial condition.
- Risks Relating to the Business: Entities associated with the company's Promoters and/or Promoter Group may be engaged in businesses similar to that of the Company and there are no non-compete arrangements in place with Promoter Group Company.
- Risks Relating to the Business: Failures to timely create and register charges with the Registrar of Companies may expose the Company to regulatory action and adversely affect its compliance status.
- Risks Relating to the Business: Discrepancy in land use classification in revenue records.
- Risks Relating to the Business: The company has not yet placed orders in relation to the capital expenditure to be incurred for the proposed purchase of equipment/ machineries. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment/ machineries in a timely manner, or at all, the same may result in time and cost over-runs.
- Risks Relating to the Business: The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Issue. Further, the company has not identified any alternate source of financing the `Objects of the Issue'. Any shortfall in raising / meeting the same could adversely affect its growth plans, operations and financial performance.
- Risks Relating to the Business: The unexpected loss, shutdown or slowdown of operations at any of the company's manufacturing facility could have a material adverse effect on its results of operations and financial condition.
- Risks Relating to the Business: The Company has faced frequent changes in its statutory auditors in the past. Frequent changes in the statutory auditors of the Company may raise concerns regarding financial reporting continuity and may adversely affect investor perception.
- Risks Relating to the Business: The demand and pricing in the Steel Tubes and Pipes Industry is volatile and are sensitive to the cyclical nature of the industries it serves. A decrease in steel prices may have a material adverse effect on the company's business, results of operations, prospects and financial condition.
- Risks Relating to the Business: The company does not have long-term agreements with its customers and suppliers which would have a material adverse effect on the company's business, results of operations and financial condition.
- Risks Relating to the Business: The company operates in a competitive business environment and its inability to compete effectively may adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company is dependent on stable and reliable third party logistics and transportation infrastructure for the delivery of its products and raw materials. Disruption of logistics and transportation services could impair the ability of the company's suppliers to deliver raw materials or its ability to deliver products to the company's customers and may increase its transportation costs which may adversely affect the company's business, results of operations, profitability and margins, cash flows and financial condition.
- Risks Relating to the Business: Insurance coverage obtained by the company may not adequately protect it against unforeseen losses.
- Risks Relating to the Business: The company's business, results of operations and financial condition may be adversely impacted if the company is unable to sustain, safeguard and enhance its brand reputation.
- Risks Relating to the Business: Verification of Employee Records and Statutory Registers is subject to inherent limitations.
- Risks Relating to the Business: The company's manufacturing facility are subject to various operating risks including shortage or non-availability of essential utilities such as electricity, etc.
- Risks Relating to the Business: The company may faces several risks associated with the construction of the shed and installation of plant & machinery of the proposed capital expenditure, which could hamper its growth, prospects, cash flows and business and financial condition.
- Risks Relating to the Business: Currency exchange rate fluctuations may have an adverse effect on the company's results of operations and value of the Equity Shares.
- Risks Relating to the Business: If the company does not continue to invest in new technologies and equipment, its technologies and equipment may become obsolete and the company's cost of processing may increase relative to its competitors, which may have an adverse impact on the company's business, results of operations and financial condition.
- Risks Relating to the Business: The company may requires financing to support its current operations, expansion plans or adapt to changes in business conditions, but the company may not be able to obtain additional financing on favourable terms or at all. The company's inability to obtain additional financing on acceptable terms and in a timely manner could adversely affect its business, results of operations, profitability and margins, cash flows and financial condition.
- Risks Relating to the Business: Errors in forecasting demand for the company's products could result in failures to manage its inventory and misallocation of production capacity, which in turn, could lead to decreased efficiency, increased cost and lost opportunity which could have an adverse effect on the company's business, results of operations, profitability and margins, cash flows and financial condition.
- Risks Relating to the Business: Any increase in interest rates would have an adverse effect on its results of operations and will expose the Company to interest rate risks.
- Risks Relating to the Business: Fraud, theft, employee negligence or similar incidents may adversely affect the company's results of operations and cash flows.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares by the company's Promoters, is lower than the face value of Equity Share.
- Risks Relating to the Business: The company funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency and the company's management will have broad discretion over the uses of the Net Proceeds.
- Risks Relating to the Business: The company may requires further equity issuance, which will lead to dilution of equity and may affect the market price of the company's Equity Shares or additional funds through incurring debt to satisfy its capital needs, which the company may not be able to procure and any future equity offerings by the company.
- Risks Relating to the Business: The activities carried out at the company's Manufacturing unit can cause injury to people or property in certain circumstances.
- Risks Relating to the Business: Labour-intensive operations and the potential risks of workforce disruptions.
- Risks Relating to the Business: Pricing pressure from customers may adversely affect the company gross margin, profitability and ability to increase its prices.
- Risks Relating to the Business: Failures to duly execute or enforce a Non-Disclosure Agreement may result in the loss of confidentiality protection, limited legal recourse, and potential financial and reputational damage.
- Risks Relating to the Business: The company may be unable to sufficiently obtain, maintain, protect, or enforce its intellectual property and other proprietary rights.
- Risks Relating to the Business: The company requires certain approvals and licenses in the ordinary course of business and are required to comply with certain rules and regulations to operates its business, any failures to obtain, retain and renew such approvals and licenses or comply with such rules and regulations may adversely affect the company operations.
- Risks Relating to the Business: The company has not independently verified certain data in this Prospectus.
- Risks Relating to the Business: Failures or disruption of the company's ERP internal controls and compliances may adversely affect its business, results of operations and financial condition.
- Risks Relating to the Business: Any future issuance of Equity Shares, or convertible securities or other equity-linked securities by the Company may dilute your shareholding and any sale of Equity Shares by its Promoters or members of the company's Promoter Group may adversely affect the trading price of the Equity Shares.
- Risks Relating to the Business: Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.
- Risks Relating to the Business: Limited Listed Companies experience of the company's Board of Directors.
- Risks Relating to the Business: Information relating to the company's installed capacity and the historical capacity utilization of its products included in this Prospectus is based on various assumptions and estimates and future production and capacity utilization may vary.
- Risks Relating to the Business: The Company has entered into an agency agreement for marketing and/or sale of certain of its products however, such agreement has not been duly executed on appropriate stamp paper in accordance with applicable stamp laws. Consequently, the enforceability of the said agency agreement may be subject to legal uncertainty.
