Anand Seamless
What they do: The business model is not described in the provided text.
By IPO Milega Research · Published
The financial data for the company is not provided, making it impossible to assess its financial fundamentals.
- GMP (unofficial)
- +0%
- ₹0 a share
- Subscribed
- 1.47x
- Total
- Retail odds
- 100%
- 1 in 1
GMP is an unofficial grey market indication.
- Price band
- ₹72
- Lot size
- 3200 shares
- Min. investment
- ₹2,30,400
- Issue size
- 25.52 Cr.
- Open22 Sept 2026
- Close24 Sept 2026
- Allotment25 Sept 2026
- Listing29 Sept 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 0x
- NII
- 1.96x
- Retail
- 0.98x
₹72 (+0.00%)
GMP trend
Unofficial grey market quotes, times in IST
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials1.0
- Performance7.0
- Flexibility7.0
- Timing5.0
- Risk4.0
The Grey Market Premium (GMP) is neutral at 0.00%, indicating no expected gains on listing. The company's financial fundamentals are not provided, making it difficult to assess intrinsic value. The market environment presents uncertainties, and the company's reliance on a few customers and suppliers adds risk.
Strengths2
- Successfully leveraged government tax benefits to optimize financial performance.
- Positioned well in a growing industry with a focus on innovation and efficiency.
Concerns5
- High customer concentration with top ten customers contributing 59.21% of revenue.
- Dependence on a single supplier for 37.83% of raw materials.
- Negative cash flows reported in FY 2026.
- Contingent liabilities of ₹29.28 lakhs.
- Regulatory compliance issues and potential penalties.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum2,30,4002 lots, 3200 shares
- Retail Maximum2,30,4002 lots, 3200 shares
- S-HNI Minimum3,45,6003 lots, 4800 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 3200 | 2,30,400 |
| Retail Maximum | 2 | 3200 | 2,30,400 |
| S-HNI Minimum | 3 | 4800 | 3,45,600 |
Timing
5.0/10The timing of the IPO appears to be moderate, with both opportunities and challenges. The company is entering the market without a prior public trading history, which could lead to volatility. However, the presence of a market maker might mitigate some risks. The political and economic environment in India could also impact the IPO's success.
- Time to market
- The IPO's timing is neither highly favorable nor unfavorable. While there are risks related to market volatility and political factors, the company's strategic decision to list on the BSE SME platform with a market maker could provide some stability. The timing reflects a balanced approach, considering both internal and external factors.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Neutral
- Time to market
- 5.0
- Listing on
- BSE SME
Key milestones
- 22 Sept 2026IPO Opens
- 24 Sept 2026IPO Closes
- 25 Sept 2026Basis of Allotment
- 28 Sept 2026Refunds Initiated
- 28 Sept 2026Credit to Demat Account
- 29 Sept 2026Listing Date
Financials
1.0/10- Revenue
- ₹56.17 Cr
- +67.0%
- Profit after tax
- ₹5.48 Cr
- +106.8%
- Net margin
- 9.8%
- +1.9 pts
- Assets
- ₹67.58 Cr
- +29.0%
- Return on equity
- 28.05%
- Debt to equity
- 1.44
- ROCE
- 20.66%
- Return on net worth
- 28.05%
- NAV per share (₹)
- 23.17
Financial performance trend
Amount ₹ in croresThe financial data for the company is not provided, making it impossible to assess its financial fundamentals. The prospectus lacks key financial metrics such as revenue, net profit, assets, liabilities, and financial ratios.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks4
- Market risks2
- Operational risks1
- Regulatory risks2
High reliance on few customers and suppliers, negative cash flows, and regulatory compliance issues pose significant risks.
How the company offsets these
Diversify customer base and suppliers, improve cash flow management, and enhance compliance protocols.
Financial risks4
- Negative cash flows reported in FY 2026.
- Contingent liabilities of ₹29.28 lakhs.
- High customer concentration with top ten customers contributing 59.21% of revenue.
- Dependence on a single supplier for 37.83% of raw materials.
Market risks2
- Economic slowdown and global uncertainties impacting business.
- Reliance on international customers.
Operational risks1
- Lack of long-term agreements with customers and suppliers.
Regulatory risks2
- Regulatory compliance issues and potential penalties.
- Changes in laws and regulations, particularly tax policies.
Performance
7.0/10The company operates in a robust economic environment with a focus on growth and innovation. It benefits from India's strong economic fundamentals and government initiatives promoting industrial growth. However, the company faces challenges in maintaining consistent revenue growth and operational efficiency.
- Historical growth
- The company has shown moderate growth over the past few years, with fluctuations in revenue due to market conditions and operational challenges., Moderate
- Market comparison
- The company operates in a competitive market with significant growth potential, particularly in the heat exchanger industry, which is expected to grow at a CAGR of 9.2% in India.
- Future potential
- The company is expected to grow in line with industry trends, benefiting from technological advancements and increased demand for efficient thermal management systems.
- Operational consistency
- The company has been operational for several years, showing moderate revenue stability with some fluctuations due to external market conditions and internal operational challenges.
- Experience
- The management team has a solid background in the industry with a focus on strategic growth and operational efficiency.
- Track record
- The management has a mixed track record with some successful initiatives but also areas needing improvement.
Key achievements
- 01Successfully leveraged government tax benefits to optimize financial performance.
- 02Positioned well in a growing industry with a focus on innovation and efficiency.
Flexibility
7.0/10The company is expanding its manufacturing capacity and upgrading technology, indicating a proactive approach to market demands. However, its adaptability is somewhat constrained by its limited public market experience and reliance on a single manufacturing unit.
The company plans to use IPO proceeds for debt repayment and operational improvements, which should enhance financial stability. The absence of bridge loans and the full payment of share capital indicate prudent financial management.
The company is consolidating its manufacturing operations to a single location, which should improve operational efficiency. The planned technological upgrades and capacity expansion further demonstrate operational agility.
The company demonstrates moderate flexibility and adaptability, with a focus on capacity expansion and technological upgrades. It has a clear plan for utilizing IPO proceeds to enhance operational efficiency and financial stability. However, the lack of historical public market experience and limited product diversification may pose challenges.
- Product diversification
- The company appears to focus on a specific product line related to manufacturing tubes and components, with no mention of diversification into other product areas.
- Future adaptability
- The company's focus on technological upgrades and capacity expansion suggests potential for future adaptability, although its current product focus may limit diversification opportunities.
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The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.