Anand Seamless
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Big non-institutionalbNII · above ₹10 lakh
- 1.84×
- Retail individualRII · up to ₹2 lakh
- 0.87×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 12 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 29 Sep 2026 | ₹0 | — | ₹0 | ₹72 | ₹0 |
| 28 Sep 2026 | ₹0 | — | ₹0 | ₹72 | ₹0 |
| 27 Sep 2026 | ₹0 | — | ₹0 | ₹72 | ₹0 |
| 26 Sep 2026 | ₹0 | — | ₹0 | ₹72 | ₹0 |
| 25 Sep 2026 | ₹0 | — | ₹0 | ₹72 | ₹0 |
| 24 Sep 2026 | ₹0 | — | ₹0 | ₹72 | ₹0 |
| 23 Sep 2026 | ₹0 | — | ₹0 | ₹72 | ₹0 |
| 22 Sep 2026 | ₹0 | — | ₹0 | ₹72 | ₹0 |
| 21 Sep 2026 | ₹0 | — | ₹0 | ₹72 | ₹0 |
| 20 Sep 2026 | ₹0 | — | ₹0 | ₹72 | ₹0 |
| 19 Sep 2026 | ₹0 | — | ₹0 | ₹72 | ₹0 |
| 18 Sep 2026 | ₹0 | — | ₹0 | ₹72 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Non-institutional | 16,83,200 | 32,91,200 | ₹23.70 Cr | 1.96× |
| Retail individual | 16,83,200 | 16,41,600 | ₹11.82 Cr | 0.98× |
| Total | 33,66,400 | 49,37,600 | ₹35.55 Cr | 1.47× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 24 Sept, 05:11 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 22 Sep 2026 – 24 Sep 2026
- Listing date
- 29 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹72
- Lot size
- 1,600 shares
- Sale type
- Fresh capital
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹25.52 Cr
- Fresh issue
- ₹24.24 Cr 33,66,400 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹86.18 Cr
- Promoter holding
- 100.00% → 70.39% pre-issue → post-issue
- ISIN
- INE0XDX01018
- CIN
- U27100GJ2005PLC047144
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Aftertrade Broking Pvt.Ltd.
- Registered office
- Plot No. 129-A, Ankhol Patiya, Chhatral-Kadi Road, Village Indrad, Mahesana, Kadi, Gujarat, India, 382715
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 0 | 0.00% | 0.00% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 16,83,200 | 50.00% | 47.49% |
| bNII > ₹10L · within NII | 16,83,200 | — | 47.49% |
| sNII < ₹10L · within NII | 0 | — | 0.00% |
| Retail (RII) | 16,83,200 | 50.00% | 47.49% |
| Employee | 0 | — | 0.00% |
| Market maker | 1,77,600 | — | 5.01% |
| Total issue | 35,44,000 | — | 100.00% |
Net offer to the public of 33,66,400 shares, out of a total issue of 35,44,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,600 shares per lot, in multiples, at ₹72
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,15,200 |
| S-HNI (min) | 2 | 3,200 | ₹2,30,400 |
| S-HNI (max) | 8 | 12,800 | ₹9,21,600 |
| B-HNI (min) | 9 | 14,400 | ₹10,36,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹72 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.50 | 4.58 |
| P/E (×) | 11.08 | 15.72 |
| Price to book (×) | 4.32 | — |
| Market cap | — | ₹86.18 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 18.87%
- ROCE
- 24.00%
- Debt / equity
- 1.51
- PAT margin
- 7.88%
- EBITDA margin
- 17.58%
- NAV per share
- ₹16.67
- Price to book
- 4.32
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 56.17 | 33.64 | 37 |
| Revenue from operations | 56 | 33.55 | 36.9 |
| Other income | 0.17 | 0.09 | 0.1 |
| Total expenses | 48.73 | 30.06 | 32.45 |
| Operating profit | 7.44 | 3.58 | 4.55 |
| Operating margin | 13.25% | 10.64% | 12.30% |
| Profit before tax | 7.44 | 3.58 | 4.56 |
| Profit after tax | 5.48 | 2.65 | 3.36 |
| PAT margin | 9.76% | 7.88% | 9.08% |
| Balance sheet | |||
| Total assets | 67.58 | 52.4 | 35.55 |
| Current assets | 59.96 | 44.23 | 28.31 |
| Current liabilities | 35.88 | 28.45 | 21.09 |
| Total liabilities | 48.06 | 38.35 | 24.16 |
| Net worth | 19.52 | 14.05 | 11.4 |
| Current ratio | 1.67× | 1.55× | 1.34× |
| Return on equity | 28.07% | 18.86% | 29.47% |
| Cash flow | |||
| Operating cash flow | -5.57 | -3.31 | 1.51 |
| Investing cash flow | -0.17 | -1.06 | -1.14 |
| Financing cash flow | 4.64 | 5.31 | -0.37 |
| Net cash flow | -1.1 | 0.95 | -0.01 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Capacity Expansion, Technological Upgradation & Cost Optimization ₹13.20 Cr
The company proposes to utilize a portion of the Net Proceeds towards financing the cost of capacity expansion, technological upgradation, cost optimization of operations, and support to the manufacturing facility at Kadi, Gujarat, including civil works, plant & machinery, and electrical upgrades.
2 Repayment/Prepayment of Outstanding Borrowings ₹5.49 Cr
The company intends to utilize a portion of the Net Proceeds towards full or part repayment and/or prepayment of certain outstanding secured and unsecured borrowings availed from lenders including HDFC Bank Limited and Tata Capital Limited, to reduce indebtedness and debt servicing costs.
3 General Corporate Purposes ₹3.70 Cr
The company intends to deploy the balance Net Proceeds for general corporate purposes including capital expenditure, operating expenses, working capital requirements, funding growth opportunities, and meeting expenses in the ordinary course of business, subject to SEBI ICDR Regulations.
4 Issue Related Expenses ₹3.13 Cr
The company estimates total issue-related expenses covering fees payable to the Lead Manager, Registrar, regulators, auditors, legal advisors, market maker, escrow/sponsor bank, and other miscellaneous expenses associated with the IPO process.
About Anand Seamless
Anand Seamless Limited, incorporated in 2005 as a private limited company and converted to public limited company in November 2023, manufactures seamless carbon steel and alloy steel tubes, finned tubes, and related piping products. The company operates manufacturing facilities in Kadi, Gujarat, serving heat exchanger fabricators, OEMs, and process industry equipment manufacturers. It generates revenue through the sale of seamless tubes, finned tubes, and specialized piping products to customers in domestic and export markets. The company has transitioned from a private to public entity and is now conducting its initial public offering on the BSE SME platform.
Management
Kedar Mayank Choksi
MD
Heta Kedar Choksi
COO
Jitendra Nandlal Donga
CFO
Kinjal Jain
Director
Hemal Dhirenbhai Shah
Director
Paula Pankaj Shah
Director
Sahil Ramesh Bazari
Director
Bharat P Patel
VP of Sales
Dayalal S Trivedi
VP of Marketing
Yagneshkumar Baldevbhai Patel
Director of Operations
Strengths
As stated in the offer document
Diversified Product Range
The company offers a wide product portfolio spanning Seamless Tubes and Pipes (carbon, alloy, and stainless steel) and various Finned Tubes, with Seamless Tubes contributing ₹3,737.77 lakhs (66.74%) and Finned Tubes ₹1,752.72 lakhs (31.30%) to revenue in FY 2025-26.
International Accreditations and Product Approvals
The company holds ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications, follows ASTM, ASME, and EN standards, and holds IBR accreditation as 'Well Known Tube Maker' and 'Well Known Pipe Maker,' with European market products certified under PED 97/23/EC.
Extensive and Effective Quality Control
The company maintains a dedicated quality control team with in-house infrastructure including spectro testing machines, eddy current testing machines, and profile projectors, ensuring multi-level quality checks from raw material procurement to dispatch, with Mill Test Certificates issued per EN 10204 3.1/3.2 standards.
Customer Diversification
The company serves both domestic and international markets, with domestic revenue of ₹5,311.88 lakhs (94.85%) and export revenue of ₹288.48 lakhs (5.15%) in FY 2025-26, supplying to Middle East countries (UAE, Saudi Arabia, Oman) and European markets (Germany), supported by sole distributors and marketing representatives.
Experienced and Qualified Team
The company is led by Promoter Mr. Kedar Mayank Choksi, who brings over 21 years of specialized experience in the seamless tubes, pipes, and finned tubes sector, supported by a senior management team with deep industry knowledge and long-standing operational continuity.
Equipment Maintenance and Calibration
The company operates a structured preventive maintenance programme covering all critical equipment used in seamless tubes, pipes, and finned tube manufacturing, including routine inspections, scheduled servicing, and timely component replacement to ensure operational reliability and consistent product quality.
Risk factors
As stated in the offer document
Dependence on Key Customers
The company relies heavily on a limited number of customers, with the top 10 customers contributing 59.21%, 61.62%, and 47.36% of revenues for FY2026, FY2025, and FY2024 respectively. Loss of any key customer or failure to renew orders on similar terms could materially affect business, financial condition, and cash flows.
Dependence on Key Suppliers and Raw Material Price Volatility
The company's top 10 suppliers accounted for 85.36% of raw material purchases in FY2026, with no definitive long-term supply agreements in place. Supplier failure, supply disruptions, or inability to pass on raw material cost increases to customers could adversely impact profitability and margins.
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. Continued negative cash flows could impair the company's ability to meet capital expenditure needs, repay debt, and sustain operations without external financing.
Significant Indebtedness and Covenant Compliance Risk
As of March 31, 2026, the company had aggregate outstanding borrowings of ₹2,802.48 lakhs, secured against current assets and manufacturing facility. Failure to service debt or comply with loan covenants could result in lenders accelerating repayment, enforcing security, and potentially shutting down manufacturing operations.
Key Personnel and Promoter Dependency
The company is highly dependent on its sole remaining promoter, Mr. Kedar Mayank Choksi, following the demise of co-promoter Mr. Mayank Bhikhabhai Choksi, for strategic direction and key customer/supplier relationships. Loss of this promoter or other key managerial personnel could materially and adversely affect business operations and financial performance.
Manufacturing Facility Concentration and Operational Disruption Risk
The company operates from a single manufacturing facility in Kadi, Gujarat, making it highly vulnerable to equipment failures, power outages, natural disasters, or labour disputes. Any unplanned shutdown or slowdown of this facility could have a material adverse effect on results of operations and financial condition.
Corporate Compliance Deficiencies and Regulatory Risk
The company has a history of multiple 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. Regulatory authorities may impose monetary penalties or take punitive actions, adversely affecting the company's financial condition and reputation.
Competitive Industry Environment
The company operates in a highly competitive steel tubes and pipes industry facing both organized and unorganized domestic and international competitors, some with greater financial and operational resources. Increasing competition could result in pricing pressure, declining profit margins, and loss of market share.
Geographical Revenue Concentration
A substantial portion of the company's domestic revenue is concentrated in Gujarat (54.49% in FY2026), exposing it to regional economic downturns, regulatory changes, and disruptions in that market. Any adverse developments in key regions could materially impact revenue and results of operations.
Capital Expenditure Execution Risk and Lack of Alternate Funding
The company has not yet placed purchase orders for machinery worth ₹1,319.78 lakhs planned under the IPO proceeds, and has not identified any alternate source of funding. Delays in procurement, cost overruns, or failure to raise IPO proceeds could adversely affect expansion plans, financial condition, and growth prospects.
Company Analysis
from PROSPECTUSAnand Seamless Limited manufactures seamless carbon steel and alloy steel tubes and finned heat exchanger tubes for industrial applications.
Anand Seamless Limited, incorporated in 2005 as a private limited company and converted to public limited company in November 2023, manufactures seamless carbon steel and alloy steel tubes, finned tubes, and related piping products. The company operates manufacturing facilities in Kadi, Gujarat, serving heat exchanger fabricators, OEMs, and process industry equipment manufacturers. It generates revenue through the sale of seamless tubes, finned tubes, and specialized piping products to customers in domestic and export markets. The company has transitioned from a private to public entity and is now conducting its initial public offering on the BSE SME platform.
Objects of the Issue
- Financing the cost towards capacity expansion, technological upgradation, cost optimization of our operations and support to the manufacturing facility at Survey No. 944, Ankhol Patiya, Chhatral-Kadi Road, Village Indrad, Mahesana, Kadi, Gujarat, India, 382715 ₹1,319.78 lakhs p.102
- Full or part repayment and/or prepayment of certain outstanding secured and unsecured borrowings availed by our Company p.102
- General corporate purposes p.102
- Financing the cost towards capacity expansion, technological upgradation, cost optimization of our operations and support to the manufacturing facility at Survey No. 944, Ankhol Patiya, Chhatral-Kadi Road, Village Indrad, Mahesana, Kadi, Gujarat, India, 382715 ₹1,319.78 lakhs p.110
- Full or part repayment and/or prepayment of certain outstanding secured and unsecured borrowings availed by our Company ₹549.19 lakhs p.120
- General corporate purposes ₹369.99 lakhs p.121
Issue Structure
- Total Issue
- ₹2,551.68 lakhs
- Fresh Issue
- 35,44,000 Equity Shares at ₹72 per share aggregating ₹2,551.68 lakhs
- Offer for Sale
- Not Applicable
- Price Band
- ₹72 per equity share (100% Fixed Price Issue)
- Lot Size
- 1,600 Equity Shares as market lot and trading lot; minimum allotment of 3,200 Equity Shares
- Face Value
- ₹10 per equity share
Business Model
The company manufactures and sells seamless carbon steel tubes, alloy steel tubes, finned heat exchanger tubes, and related products to institutional customers and end-use industries. Revenue is derived from B2B sales to heat exchanger fabricators, OEMs, and process industry equipment manufacturers. The company does not have long-term contracts with most customers, relying instead on repeat orders and customer relationships.
Business Segments
SWOT Analysis
- • Diversified product portfolio across multiple industries(p.126)
- • Strong quality assurance and track record of product delivery(p.126)
- • Established international accreditations and approvals(p.126)
- • Long-term recurring customer relationships(p.126)
- • Fully integrated manufacturing with strategic location(p.126)
- • Diversified product portfolio across seamless and finned tubes(p.182)
- • International quality certifications and accreditations(p.182)
- • Extensive in-house quality control infrastructure(p.182)
- • Strong customer base in specialized segments with entry barriers(p.159)
- • Experienced promoter with 21+ years industry expertise(p.159)
- • Strong revenue growth trajectory(p.161)
- • High profitability with improving margins(p.161)
- • Integrated manufacturing with backward-forward integration(p.159)
- • ISO certifications and quality management systems(p.206)
- • Industry approvals and product certifications(p.206)
- • Recognition as One Star Export House(p.207)
- • International customer approvals(p.207)
- • Established manufacturing facilities and operational scale(p.207)
- • Integrated manufacturing capability with both seamless tubes and finned tubes production(p.285)
- • International quality certifications and approvals(p.285)
- • Strong revenue growth with 67% increase in FY 2025-26(p.288)
- • Improved profitability and EBITDA margins(p.288)
- • Dependence on limited customer base(p.28)
- • High supplier concentration risk(p.31)
- • Historical negative operating cash flows(p.32)
- • Contingent liabilities from GST disputes(p.33)
- • History of statutory filing delays and non-compliance(p.35)
- • Qualified audit opinion for FY 2023-24(p.42)
- • High dependence on promoter leadership(p.42)
- • Significant debt obligations(p.44)
- • Underutilization of manufacturing capacity(p.43)
- • Significant dependence on labour force with strike/disruption risk(p.58)
- • Vulnerability to manufacturing-unit accidents and safety risks(p.58)
- • Inability to fully protect intellectual property and trademarks(p.59)
- • Pending logo trademark registration creates uncertainty(p.59)
- • Dependence on multiple permits and licenses subject to revocation(p.60)
- • Inadequate NDA enforcement and confidentiality risks(p.59)
- • Unstamped agency agreement creates enforceability risk(p.62)
- • Limited listed-company experience of Board of Directors(p.61)
- • High customer concentration risk(p.188)
- • High supplier concentration dependency(p.189)
- • Negative operating cash flow(p.161)
- • High leverage with debt-to-equity ratio above 1(p.161)
- • Relatively low capacity utilization for finned tubes(p.192)
- • Recent facility restructuring and relocation(p.192)
- • Heavy reliance on director/promoter borrowings(p.252)
- • Significant trade payables to micro and small enterprises with accrued interest(p.241)
- • High leverage with total borrowings exceeding equity(p.273)
- • Concentration of inventory and working capital requirements(p.255)
- • Prior audit qualification regarding inventory record-keeping(p.237)
- • High dependence on top customers(p.299)
- • High supplier concentration risk(p.299)
- • Significant debt burden with leverage ratio of 1.44:1(p.301)
- • Restrictive covenants on borrowings limiting strategic flexibility(p.284)
- • Significant negative operating cash flow in FY 2025-26(p.294)
- • Capacity expansion and technological upgradation planned(p.108)
- • Increase finned tube production capacity significantly(p.114)
- • New product capabilities through advanced equipment(p.110)
- • Enhanced product quality through bright annealing technology(p.110)
- • Debt reduction to improve financial leverage(p.108)
- • Strong growth in Indian heat exchanger market(p.146)
- • Expansion of seamless pipes market globally(p.153)
- • Growing oil and gas infrastructure investment in India(p.157)
- • Rising per capita steel consumption targeting(p.157)
- • Government policy support for manufacturing and exports(p.154)
- • Expansion of petrochemical industry in India(p.158)
- • Strategic geographic expansion opportunities(p.185)
- • Strong India market positioning within Asia-Pacific(p.154)
- • International market expansion through existing approvals(p.207)
- • Capacity expansion and product diversification(p.207)
- • Growing domestic demand across multiple states(p.257)
- • Revenue growth trajectory(p.242)
- • Expansion into higher-margin finned tubes segment(p.291)
- • Growing export market presence and diversification(p.287)
- • Domestic market expansion with growing geographic reach(p.289)
- • Diverse customer base across multiple high-growth industries(p.285)
- • Volatility in steel prices and demand cyclicality(p.49)
- • Intense competition in steel tubes and pipes industry(p.50)
- • Dependence on third-party logistics infrastructure(p.51)
- • Geographic revenue concentration risk(p.29)
- • Absence of long-term customer and supplier contracts(p.49)
- • Raw material price volatility and supply risks(p.31)
- • Regulatory and compliance risks(p.25)
- • Foreign exchange exposure(p.54)
- • Customer pricing pressure reducing gross margins(p.58)
- • Economic slowdown in India affecting demand(p.62)
- • Dependence on global economic conditions and customers(p.63)
- • Inflation may outpace pricing ability(p.66)
- • Currency exchange rate volatility impacts foreign investors(p.66)
- • Natural disasters and pandemics could disrupt operations(p.67)
- • Political instability and policy changes in India(p.64)
- • Changing laws, regulations and tax uncertainties(p.63)
- • Competition law enforcement could restrict business arrangements(p.65)
- • Financial market instability contagion effects(p.67)
- • Capacity utilization assumptions may not materialize(p.61)
- • Capital expenditure delays and cost overruns risk(p.109)
- • Intense competition from established players(p.190)
- • Dependence on few strategic customer segments(p.159)
- • Cyclicality in oil and gas industry(p.153)
- • Input price volatility from raw material dependence(p.189)
- • Global trade and tariff uncertainties(p.140)
- • Regulatory compliance requirements across multiple jurisdictions(p.197)
- • High qualification and certification entry barriers creating regulatory risk(p.190)
- • Regulatory compliance and statutory dues obligations(p.203)
- • Competition and anti-competitive regulatory scrutiny(p.203)
- • Electricity sector regulation and tariff controls(p.204)
- • Consumer protection regulations and potential penalties(p.203)
- • MSME payment compliance and interest penalties(p.259)
- • Commodity price volatility affecting revenue and margins(p.288)
- • Increased finance costs impacting profitability(p.292)
- • Intense competition from existing and new entities(p.299)
- • Volatility in price and availability of key raw materials(p.286)
- • Manufacturing capacity constraints and utilization risks(p.286)
- • Pending litigation from terminated employees(p.303)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Kedar Mayank Choksi | Promoter | — | — |
| Heta Kedar Choksi | Promoter | — | — |
| Kedar Mayank Chokski | Promoter | 89.61% | 63.08% |
| Heta Kedar Chokski | Promoter | 1.00% | 0.70% |
| Kedar Mayank Chokski HUF | Promoter Group | 1.25% | 0.88% |
| Mayank Bhikhabhai Chokski HUF | Promoter Group | 7.93% | 5.58% |
| Kedar Mayank Choksi | Promoter | — | — |
| Kedar Mayank Chokski | Promoter | 75,49,848 equity shares (89.61%) | — |
| Heta Kedar Chokski | Promoter | 84,240 equity shares (1.00%) | — |
| Kedar Chokski | Promoter | — | — |
Leadership
Auto-extracted from the company's PROSPECTUS using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official PROSPECTUS before relying on it.
Offer documents
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Venus Pipes & Tubes Ltd THIS ISSUE | 49.51 | 322.69 | 15.72, computed at the offer price | 4.32, computed at the offer price | 15.25% |
| 56.26 | 260.00 | 15.69 | 3.39 | 21.64% | |
| 68.85 | 586.46 | 34.16 | 4.01 | 13.00% | |
| 6.79 | 65.15 | 19.62 | 2.05 | 9.95% | |
Anand Seamless Ltd. | 6.50 | 23.17 | — | — | 28.05% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.