Shares of Anubhav Plast made their stock market debut on Monday, opening flat at ₹80 on BSE SME, matching the issue price of ₹80. However, the stock immediately declined to ₹76, trading at a 5% discount to the issue price and hitting the 5% lower circuit limit. According to Business Standard, the stock was locked at the lower circuit with a high of ₹80 and low of ₹76, indicating strong selling pressure despite the flat opening. The grey market premium (GMP) had dropped to zero ahead of the public issue, suggesting expectations of a flat listing on the BSE SME platform.
The ₹24 crore IPO was priced at ₹80 per share with a face value of ₹10 per share and comprised an entirely fresh issue of 30 lakh equity shares. As reported by Business Standard, the issue opened for subscription on June 19, 2026 and closed on June 23, 2026 with a price band of ₹77-80 per equity share. The IPO received an overall subscription of 2.10 times, with the subscription status updated on the third bidding day. The company had also raised ₹6.78 crore from anchor investors ahead of the public issue, with the board allotting 8.48 lakh shares at ₹80 each to 2 anchor investors on June 18, 2026.
Anubhav Plast manufactures Electric Resistance Welded (ERW) steel pipes, tubes, hollow sections, and swaged steel tubular poles under the ANUBHAV brand with over 30 years of industry experience. According to Business Standard, it supplies ISI-certified products to sectors such as power transmission and distribution, street lighting, telecommunications, construction, irrigation, water supply, engineering, and fabrication. The company operates two manufacturing facilities in Kanpur Dehat, Uttar Pradesh and has an annual installed capacity of 90,000 metric tonnes for ERW steel pipes and tubes and 1.5 lakh swaged steel tubular poles. As of March 31, 2026, the company employs 35 employees.
Financially, Anubhav Plast reported revenue from operations of ₹80.49 crore and net profit of ₹5.30 crore for the period ended December 31, 2025, as reported by Business Standard. This compares with revenue of ₹87.41 crore and profit of ₹2.08 crore in FY24. For the nine months ended December 2025, it posted total income of ₹80.6 crore and profit after tax of ₹5.3 crore. The company primarily caters to government tender-based projects across multiple states.
The IPO proceeds will be used to establish a new manufacturing facility for crash barriers and solar panel structures within the existing manufacturing premises, meet working capital requirements and for general corporate purposes. According to Business Standard, this expansion will support the company's diversification into new product segments while strengthening its operational capabilities in the steel pipes and tubes manufacturing sector. Capital Square Advisors served as the book-running lead manager, Bigshare Services as the registrar, and CapitalSquare Financial Services as the market maker for the issue.
