Anubhav Plast IPO Review (BSE SME)

Anubhav Plast IPO Review: Strong Growth, SME Risks Remain

Anubhav Plast Ltd. IPO GMP manufactures ERW steel pipes, hollow sections, and tubular poles used in infrastructure, telecom, power, and construction projects. The company has over 30 years of operating history and has shown recent growth in revenue and profits. Its SME IPO aims to raise funds mainly for working capital. Key risks include industry competition, steel price volatility, and lower post-listing liquidity. 

IPO Snapshot

• Company: Anubhav Plast Limited
• Issue Size: ~₹24 crore
• Price Band: ₹77–₹80 per share
• IPO Open: 19 June 2026
• IPO Close: 23 June 2026
• Listing: BSE SME
• Retail Minimum Investment: ~₹2.56 lakh (3,200 shares)

About Anubhav Plast IPO  :

Anubhav Plast Limited (APL) has been operating for over three decades, manufacturing Electric Resistance Welded ("ERW") steel pipes and tubes—available in round and square hollow sections—as well as swaged steel tubular poles in India. Under the "Anubhav" brand, the company produces ERW steel pipes, tubes, and hollow sections that bear the ISI certification mark on every meter, reflecting its steadfast commitment to quality. These products serve various sectors, including power transmission and distribution, street lighting, telecom infrastructure, construction, irrigation, water supply, general engineering, and fabrication. APL’s ERW products are manufactured in compliance with standards such as IS:2713, IS:9295, IS:1239, IS:4270, IS:1161, IS:4923, and IS:3589, and are highly valued by customers for their quality, reliability, and durability. The word "Plast" in the company's name is entirely misleading.

The business began with the manufacture of swaged MS steel tubular poles—conforming to the IS:2713 standard—at a dedicated pole manufacturing plant. Over the past three decades, the company has established a strong presence in this segment, supplying poles to numerous state electricity boards and private clients. As part of its backward integration strategy and expansion plan, the company set up two tube mills to manufacture ERW steel pipes and tubes in various shapes and sizes, adhering to standards such as IS:1161, IS:4270, IS:4923, IS:3589, IS:2713, and IS:9295 under the Bureau of Indian Standards Act, 2016. As of the date of this Red Herring Prospectus (RHP), the Company operates two manufacturing units located at: (i) Plot Nos. B-4 and D-8, Industrial Area, Rania, District Kanpur Dehat, Uttar Pradesh ("Unit I") and (ii) Khata Nos. 157 and 166, Gata No. 1354, Kishanrwal, Akbarpur, Kanpur Dehat, Uttar Pradesh ("Unit II"). Unit I focuses primarily on pole manufacturing, while Unit II is equipped to manufacture both ERW steel pipes and swaged steel tubular poles. Its products are corrosion-resistant and manufactured to meet specific project and industry requirements. It has a distribution network spanning several states across India.

As of the date of this RHP, its capacity on a single-shift basis is 7,500 Metric Tonnes (MT) per month and 90,000 MT per annum for ERW steel pipes and tubes, and 12,500 units per month and 1,50,000 units per annum for swaged steel tubular poles. Its product portfolio currently includes over 80 standard sizes of steel tubular poles, ranging from 410SP-1 to 410SP-80 in accordance with IS:2713. The Company manufactures round pipes with diameters ranging from 1.5 inches to 8 inches and square hollow section pipes up to 100x100 mm, as well as other pipes and tubes of varying diameters and thicknesses in compliance with IS:3589, IS:4270, and IS:9295. It is in the process of expanding its product range to include round pipes up to 10 inches and square pipes up to 200x200 mm. It supplies products tailored to customer requirements, which may include galvanization—a process that enhances corrosion resistance and extends the lifespan of steel structures, particularly in outdoor or high-humidity environments. For galvanization, the company sources the necessary poles directly from third-party vendors. As of March 31, 2026, it had 35 employees on its payroll.

Financial Snapshot (₹ Crore) 

Details : 

The company is launching its maiden book-building IPO of 3,000,000 equity shares (face value ₹10 per share) to raise ₹24.00 crore. RLL has announced a price band of ₹77–₹80 per share. The minimum application size is 3,200 shares, with subsequent applications allowed in multiples of 1,600 shares. The issue opens for subscription on June 19, 2026, and closes on June 23, 2026. The shares will be listed on the BSE SME platform. This IPO represents 27.27% of the company's post-IPO paid-up capital. From the net proceeds, the company will utilize ₹2.20 crore for capital expenditure (capex) on a new manufacturing facility for crash barriers and solar panel structures, ₹13.75 crore for working capital, and the remainder for general corporate purposes. However, the offer document (page 3) and the IPO price band advertisement indicate a dilution of 27.72% instead of 27.27%.

CapitalSquare Advisors Pvt. Ltd. is the sole lead manager for the IPO, and Bigshare Services Pvt. Ltd. is the registrar. CapitalSquare Financial Services Pvt. Ltd. (part of the CapitalSquare Group) is acting as the market maker and syndicate member.

Following the initial issuance of equity capital at par value, the company issued bonus shares in the ratio of 2:5 (two bonus shares for every five shares held) in March 2014 and 1:1 (one bonus share for every share held) in September 2024. The average cost of acquisition for shares held by the promoters is ₹3.78, ₹4.54, ₹4.76, and ₹5.00 per share.

Post-IPO, the company's existing paid-up equity capital of ₹8.00 crore will increase to ₹11.00 crore. Based on the upper end of the IPO price band, the company expects to achieve a market capitalization of ₹88.00 crore.

Anubhav Plast IPO FAQs 

1. What is the Anubhav Plast IPO?

The Anubhav Plast IPO is an SME IPO. The company aims to raise ₹24 crore through this IPO. The price band for the issue has been set at ₹77 to ₹80 per equity share. This IPO will be listed on the BSE.

2. When will the Anubhav Plast IPO open for subscription?

The IPO will open for QIB, NII, and retail investors on June 19, 2026. It will close on June 23, 2026.

3. What is the investor quota for the Anubhav Plast IPO?

The investor quota is as follows: 50% for QIBs, 15% for NIIs, and 35% for retail investors.

4. How can one apply for the Anubhav Plast IPO?

You can apply for the Anubhav Plast IPO online using ASBA through your bank account. You can also apply online via ASBA using UPI through your stockbroker. Alternatively, you can apply offline by filling out a form through your stockbroker.