Anubhav Plast Summary
The nature of the business operation is manufacture of ERW (Electric Resistance Welding) steel pipes and ERW steel tubes in round and square hollow sections, and ERW steel tubular poles which are swaged. The product range includes both ERW steel pipes and ERW steel tubular poles that cater to various industries such as power transmission and distribution, street lights, telecommunications, civil engineering, irrigation, water supplies, general engineering, and fabrication. Products are sold under "ANUBHAV" brand name. The organization runs two manufacturing facilities in Kanpur Dehat, Uttar Pradesh, and has been able to establish a solid position in government tenders in India.
On the other hand, when looking at the processes involved in running the business operations, all the operations of the company are carried out from its manufacturing unit located in Kanpur Dehat, India. In terms of production, the company produces ERW steel pipes and tubes, round and square hollow sections, as well as swaged steel tubular poles. It would not be a challenge to ensure a consistent cash flow because of the diversity that exists in the sectors that have been served by the company in addition to creating a niche for itself in tenders awarded by the government across several states of India. Revenue for the financial year ending March 31, 2025 was ₹9,816.74 lakhs which was 12.41% higher than that of the last year. Anubhav Plast Limited had 36 employees as of July 31, 2025.
BSE SME book-built issue by Anubhav Plast Limited, wherein face value is ₹10 per share with the price band of ₹77.00–₹80.00 per share. Issue size of ₹24.00 Cr, out of which the new issue is of ₹22.80 Cr (fresh issue), and Market Maker portion is ₹1.20 Cr. Issue is bifurcated between QIBs (49.80% of net issue), NII (15.16% of net issue), and Retail Investors (35.04% of net issue), and tentative listing of the stock will be on BSE SME on 29th June 2026.
Anubhav Plast IPO Details:
Anubhav Plast Limited Issue Management:
Capital Square Advisors Pvt.Ltd. acts as the book-running lead manager for Anubhav Plast BSE SME IPO, managing underwriting and compliance.
Anubhav Plast Limited IPO RTA (Registrar) Details:
Bigshare Services Pvt.Ltd. handles allotment, refunds, and demat credits - contact at +91-22-6263 8200 or ipo@bigshareonline.com.
Anubhav Plast Limited IPO Allotment Status:
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Anubhav Plast IPO totals ₹24.00 Cr, comprising a fresh issue of ₹22.80 Cr and ₹1.20 Cr reserved for the market maker. The face value is ₹10 per share and the price band is ₹77.00–₹80.00 per share (book-built issue on BSE SME).
Anubhav Plast Limited IPO proceeds from the fresh issue will be deployed towards:
Anubhav Plast IPO offers 30,00,000 equity shares (total issue ₹24.00 Cr, net offer to public 28,49,600 shares after market-maker reservation).
The anchor bidding for Anubhav Plast Limited IPO is scheduled one working day before the issue opens on 19th June 2026 (i.e., 18th June 2026), and anchor investors will be allotted shares from the QIB portion (within the overall QIB tranche, as per SME-IPO structure). As per the IPO reservation details, the QIB portion (including anchor) accounts for about 49.80% of the net issue size, with anchor investors getting 28.27% of net issue (8,48,000 shares) and the remainder QIB (ex-anchor) getting 19.04% (5,71,200 shares). The NII (HNI) portion is 15.16% (with bNII > ₹10L getting 9.60% and sNII < ₹10L getting 4.80%) and the Retail portion is 35.04%.
Lock-in: The anchor allocation follows standard BSE SME IPO norms, where 50% of the anchor shares are locked in for 30 days and the remaining 50% for 90 days from the listing date. The issue is scheduled to list on 29th June 2026 on BSE SME.
The anchor allocation details and investor list will be disclosed in the anchor book before the IPO opening. Capital Square Advisors Pvt. Ltd. is the Book Running Lead Manager (BRLM) to the issue, and the registrar for the IPO is Bigshare Services Pvt. Ltd.
The profit made from Anubhav Plast Ltd. is as a result of the production of ERW steel pipes and tubes in round and square sections, as well as swaged steel tubular poles. The company makes its profit through selling ERW steel pipes and steel tubular poles to industries such as electricity transmission and distribution, street lighting, telecommunication, construction, irrigation, water supply, engineering fabrication, among others.
Regarding the performance angle with respect to finance, the firm has seen growth based on the Total Income of ₹87.21 crore in FY23, ₹87.41 crore in FY24, ₹98.31 crore in FY25, and ₹80.60 crore (Dec 2025). Apart from that, the growth in PAT for the firm has gone up from ₹0.74 crore in FY23 to ₹2.08 crore in FY24, ₹6.00 crore in FY25, and ₹5.30 crore (Dec 2025). Regarding EBITDA, it has been ₹4.26 crore in FY23, ₹6.64 crore in FY24, ₹12.18 crore in FY25, and ₹10.29 crore (Dec 2025). It must be mentioned here that the margins have been favorable because the EBITDA and PAT margin has been 12.78% and 6.58%, respectively, (Dec 2025). With regard to ROE and ROCE, the values stand at 29.10% and 42.65%, respectively (Dec 2025). The RoNW of the firm is also good, standing at 29.10% (Dec 2025). In terms of net worth, it has grown from ₹7.47 crore in FY23 to ₹9.55 crore in FY224, to ₹15.55 crore in FY25, and ₹20.85 crore (Dec 2025).
Action Links:
To apply for Anubhav Plast Limited IPO, open a demat account here
Anubhav Plast Limited IPO Subscription Status: Check live subscription here
Anubhav Plast Limited IPO GMP Update: Check latest grey market premium here
Anubhav Plast Key Highlights:
Anubhav Plast Limited is involved in the production of ERW Steel Pipes & Tubes with round & square hollow sections along with swaging of steel tubular poles. These are used in various industries like electric power transmission & distribution, street lighting, telecommunications, construction, irrigation, water supply, engineering industry, and fabrication. These are marketed under the trade name "ANUBHAV" by the firm and there are two manufacturing units located at Kanpur Dehat in Uttar Pradesh.
The firm incorporated in 1987 has had impressive financial performance as shown by its Total Income which stood at ₹87.21 crore in FY23, ₹87.41 crore in FY24, ₹98.31 crore in FY25, and ₹80.60 crore in December 2025. The PAT margin improved from ₹0.74 crore in FY23 to ₹2.08 crore in FY24, ₹6.00 crore in FY25, and ₹5.30 crore in December 2025. The EBITDA margin rose from ₹4.26 crore in FY23 to ₹6.64 crore in FY24, ₹12.18 crore in FY25, and ₹10.29 crore in December 2025. With margins of 12.78% on EBITDA and 6.58% on PAT in December 2025, the firm also enjoys impressive ROE and ROCE at 29.10% and 42.65%, respectively (December 2025), with RoNW at 29.10% (December 2025). Net worth has shown a significant rise from ₹7.47 crore in FY23 to ₹9.55 crore in FY24, to ₹15.55 crore in FY25, and ₹20.85 crore (Dec 2025).
Anubhav Plast Risk Factors:
The risks of Anubhav Plast Limited IPO are mentioned below:
Dependencies on Industrial Products Industry: Dependencies on sectors like electricity transmission, street lighting, telecom, constructions, irrigation, and water supplies. Delay in execution or less demand in government tenders may affect revenue generation negatively.
Price Volatility of Key Raw Material: The company is heavily dependent on the price fluctuation of steel which is being used as the prime raw material for the manufacture of ERW pipes and tubular poles. Any price variation in steel shall have a negative impact on profitability.
Issues Related to Regulatory Compliance: The production process includes the aspect of regulation and noncompliance may pose threats.
Liquidity Risks associated with listing in BSE SME: Listing of the company in BSE SME through issue of ₹24.00 Cr and undisclosed market capitalization brings risks with regard to liquidity.
Borrowings: High levels of borrowings amounting to ₹34.81 crore in Dec-2025 against ₹32.64 crore in FY25, ₹28.99 crore in FY24 and ₹27.80 crore in FY23.
Risk to the Shareholding Position of the Promoter after IPO: After IPO, promoters' share in the business shall be decreased by 27.26%, the same was 99.99% before IPO.
Risk associated with the execution of the capex: The capex proposal of ₹2.20 Cr for setting up of a new manufacturing facility for the production of Crash Barriers & Solar Panel Structures is subject to risk concerning utilization and generation of returns from the project.
Working Capital Risk: Working capital requirement of ₹13.75 Cr is suggestive of considerable operating capital requirement.
Customer Concentration Risk: Dependence on government tenders; any delay in payments/cancellation of order can adversely affect revenue streams.
Presence of Competitors in Steel Pipe Business: Competition in industrial goods & steel pipes business will have a bearing on our market share.
Anubhav Plast Expert Analysis:
Anubhav Plast's SME IPO (BSE SME) is a book-built issue with a price band of ₹77.00–₹80.00 per share (face value ₹10). The total issue size is ₹24.00 Cr, comprising a fresh issue of ₹22.80 Cr and ₹1.20 Cr reserved for the market maker. The IPO is structured for QIB (49.80% including anchor with anchor getting 28.27% and QIB ex-anchor getting 19.04%), NII (15.16% with bNII > ₹10L getting 9.60% and sNII < ₹10L getting 4.80%), and Retail (35.04%) investors, with the tentative listing on BSE SME on 29th June 2026. GMP is ₹0 as of June 16, indicating 0.00% above issue price with an estimated listing price of ₹80.
Expert View on the IPO:
This specific concern is concerned with production of ERW steel pipes and tubes in round and square hollow profiles, as well as swaged steel tubular poles, used for electricity transmission, street lighting, telecommunications networks, construction, irrigation, water supply industries, and tender-based government projects. The aforementioned products have good financial results, which includes positive growth in terms of profitability (PAT of ₹5.30 Cr in Dec 2025 as against ₹0.74 Cr in FY23, indicating 7.16x growth in about 2.5 years). In addition, the company stock has a P/E ratio (not given), an impressive ROE of 29.10%, ROCE of 42.65%, with PAT margin of 6.58% and EBITDA margin of 12.78% (Dec 2025). RoNW of the company is very impressive at 29.10% (Dec 2025). Some of the problems associated with this business include cyclicality of industrial products and steel pipes market, fluctuation of steel prices, regulatory compliance concerns, debt of ₹34.81 Cr, significant promoter dilution of 27.26% from 99.99% to 72.73%, and capex execution risks (₹2.20 Cr).
Should you invest in Anubhav Plast?
An investor looking for a small-cap industrial products and steel pipes manufacturing company listed on the SME board, with exceptional growth trajectory (~7.16x PAT growth in ~2.5 years from ₹0.74 Cr in FY23 to ₹5.30 Cr in Dec 2025), strong ROE (29.10%) and ROCE (42.65%), and exposure to India's industrial products and steel pipes sector might find the IPO of Anubhav Plast interesting provided that he can handle steel price volatility, regulatory compliance, high debt burden, and promoter dilution.
Consider investing when:
The need for exposure to the manufacturing of ERW steel pipes and tubes in round and square hollow sections as well as swaged steel tubular poles suitable for power transmission, street lighting, telecoms, construction, irrigation, water supply industries and government project tenders with an outstanding return on investment (ROE) of 29.10% and phenomenal growth of profit after tax (~7.16 times) in just 2.5 years.
There is no issue at all relating to any risk arising from illiquidity of the stock market SME stocks, fluctuations in raw material cost (steel prices), quality control, high level of debt (₹34.81 Crore) and high promoter dilution (27.26%).
Rest assured that the company will use the money raised from the IPO for setting up a new manufacturing plant of Crash Barriers and Solar Panel Structures (₹2.20 Crore) and working capital requirement (₹13.75 Crore).
Future prospects of growth look bright on account of increased infrastructural development, demand for steel pipes and steel tubular poles, and active participation of the government in power generation and construction industries.
Do not invest when:
For an investment in such companies, you will prefer investments in companies that belong to industrial products and steel pipes industries with diversified raw materials hedging, having several factories (2 factories in Kanpur Dehat) and reduced liabilities.
Coming to risks, you will worry about the liquidity risks on SME stocks, price risk on raw materials (steel), risks on regulatory compliance, high level of borrowings (₹34.81 Crore) and risks associated with promoter dilution.
Risk with respect to promoters dilution (99.99% to 72.73% after IPO), risks regarding capital expenditure on the expansion of facility and risks related to customers with respect to government tender based projects will not interest you at all.
Companies, which you would consider interesting, would be those where valuation ratios are low (P/E not disclosed) or where debt equity ratios are low or even the market positioning is strong.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for Anubhav Plast Limited IPO, open a demat account here
Anubhav Plast Limited IPO Subscription Status: Check live subscription here
Anubhav Plast Limited IPO GMP Update: Check latest grey market premium here
1. What is the Anubhav Plast Limited IPO open and close date?
Anubhav Plast SME IPO opens on 19th June 2026 and closes on 23rd June 2026. The tentative listing date on BSE SME is 29th June 2026.
Track Anubhav Plast Limited IPO subscription status live here from Finnpick.
2. What is the Anubhav Plast Limited IPO price band and lot size?
The IPO is a book-built SME issue with a price band of ₹77.00–₹80.00 per share (face value ₹10). The minimum bid for retail investors is 3,200 shares (2 lots), with subsequent bids in multiples of 1,600 shares. Minimum investment is ₹2,56,000.
3. What is Anubhav Plast Limited IPO total size?
The total issue size is ₹24.00 Cr, comprising a fresh issue of ₹22.80 Cr and ₹1.20 Cr reserved for the market maker. The net offer to the public is 28,49,600 shares (14,19,200 to QIB including 8,48,000 anchor, 4,32,000 to NII, 9,98,400 to Retail), after excluding 1,50,400 shares for Market Maker.
4. How to apply for the Anubhav Plast Limited IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or apply ASBA by June 23, 4 PM. Monitor Anubhav Plast Limited IPO subscription tracker here. Ensure your demat account is active and UPI mandate is approved before the closing time.
5. How to check Anubhav Plast Limited IPO Allotment Status?
The allotment date is on June 24th and can be checked on Bigshare Services Pvt.Ltd. RTA portal using PAN/DP ID.
6. What is Anubhav Plast Limited IPO GMP today and subscription status?
Current Grey Market Premium (GMP) stands at ₹0 as of June 16, indicating listing at the price range of ₹80 - check daily updates of Anubhav Plast Limited IPO GMP trends here and live subscription status here from June 19th opening only on Finnpick.
7. What does Anubhav Plast Limited specialize in?
Anubhav Plast is engaged in manufacturing Electric Resistance Welding (ERW) steel pipes and tubes in round and square hollow sections, as well as swaged steel tubular poles. Products serve diverse sectors including electricity transmission and distribution, street lighting, telecom infrastructure, construction, irrigation, water supply, general engineering, and fabrication. The company markets its products under the "ANUBHAV" brand and operates two manufacturing units in Kanpur Dehat, Uttar Pradesh, with a strong presence in government tender-based projects across multiple Indian states. Incorporated in 1987.
8. When is the Anubhav Plast Limited IPO listing date?
The IPO is scheduled to list on BSE SME on 29th June 2026, subject to final confirmation from the exchange. Basis of allotment is tentatively on 24th June 2026, with refunds and demat credits around 25th June 2026.
9. Who are the promoters of Anubhav Plast Limited?
The promoters of Anubhav Plast Ltd. are Onkar Nath Gupta, Vinamra Gupta, Bina Gupta, and Tanvi Gupta. Promoter holding is 99.99% pre-IPO and 72.73% post-IPO.
10. What is the anchor investor allocation for Anubhav Plast IPO?
Anchor investors are allocated 8,48,000 shares (28.27% of net issue). The anchor book will be disclosed on June 18, 2026 (one day before IPO opening). Minimum anchor investment is ₹1 crore for SME IPOs. Lock-in is 50% for 30 days and 50% for 90 days from listing date.
