Shares of Anubhav Plast made a flat debut on Monday, listing at their IPO price of Rs 80 apiece on the BSE SME platform. The listing was in line with unlisted market expectations, as the grey market premium (GMP) had remained at zero ahead of the debut, indicating a flat listing.
The IPO received an overall subscription of 2.18 times, driven by strong participation from retail investors. The retail investor portion was subscribed to 2.60 times.
The non-institutional investor (NII) portion was booked 2.49 times, while the qualified institutional buyer (QIB) segment attracted 1.23 times bids. The company had also raised Rs 6.78 crore from anchor investors ahead of the public issue.
Anubhav Plast manufactures Electric Resistance Welding (ERW) steel pipes and tubes in round and square hollow sections, along with swaged steel tubular poles used in electricity transmission, telecom infrastructure, construction, irrigation, water supply and general engineering projects. It markets its products under the "ANUBHAV" brand and operates two manufacturing facilities in Kanpur Dehat, Uttar Pradesh.
The company has an annual installed capacity of 90,000 metric tonnes for ERW steel pipes and tubes and 1.5 lakh swaged steel tubular poles. It primarily caters to government tender-based projects across multiple states.
Financially, Anubhav Plast reported revenue of Rs 98.31 crore and net profit of Rs 6 crore in FY25, compared with revenue of Rs 87.41 crore and profit of Rs 2.08 crore in FY24. For the nine months ended December 2025, it posted total income of Rs 80.6 crore and profit after tax of Rs 5.3 crore.
The IPO proceeds will be used to establish a new manufacturing facility for crash barriers and solar panel structures, meet working capital requirements and for general corporate purposes.
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