Anubhav Plast Limited
SMEOpenGems & Jewellery · Listed on BSE · IPO ID: IPO-7735
About the IPO
Anubhav Plast IPO is a book build issue of ?24.00 crores. The issue is entirely a fresh issue of 0.30 crore shares aggregating to ?24.00 crores.
Anubhav Plast IPO bidding opened for subscription on Jun 19, 2026 and will close on Jun 23, 2026. The allotment for the IPO is expected to be finalized on Jun 24, 2026. The IPO will list on the BSE SME with a tentative listing date fixed as Jun 29, 2026.
The price band is set at ?77 to ?80 per share. The lot size for an application is 1,600 shares. The minimum investment required by retail investors is ?2,56,000 (3,200 shares). Capital Square Advisors Pvt. Ltd. is the book running lead manager and Bigshare Services Pvt. Ltd. is the registrar of the issue.
About the Company
Anubhav Plast Limited
Incorporated in 1987, Anubhav Plast Limited is engaged in the manufacturing of Electric Resistance Welding (ERW) steel pipes and tubes in round and square hollow sections, along with swaged steel tubular poles.
The company serves various 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 facilities in Kanpur Dehat, Uttar Pradesh.
As of June 2026, the company had manufacturing capacity of 7,500 MT per month for ERW steel pipes and tubes and 12,500 units per month for swaged steel tubular poles. As of March 31, 2026, the company employed 35 people.
Issue Objectives
- 01 Funding capital expenditure requirements towards Construction of Jewellery Studio - 6.40
- 02 Funding towards Repayment or prepayment, in full or in part, of borrowings availed by the Company from banks and financial institutions - 6.50
- 03 Funding long-term Working Capital Requirement - 30.00
- 04 Funding expenditure for General Corporate Purposes. -
- 05 Debt repayment - 5.20
Strengths
- The company has established a niche position in the jewellery market through designer heritage jewellery inspired by Indian cultural, spiritual and mythological themes, including collections based on Radha-Krishna, Shrinathji and Buddha.
- The company supplies jewellery to several established jewellery retail chains and brands across India, including HSJ, Rokde Jewellers, WHP, JOSCO Jewellers, Kalamandir Jewellers, Vaibhav Jewellers and D.P. Abhushan Limited, demonstrating customer trust and repeat business.
- The company has an in-house design team involved in concept development, sketching, CAD modelling and prototype creation, helping maintain design originality and product consistency.
- The company operates in the organized jewellery manufacturing segment and focuses on customized and value-added jewellery products, which may support business growth and customer retention.
Risks
- Gold is the primary raw material used by the company. Any significant fluctuation in gold prices due to global commodity movements, currency changes or macroeconomic factors may adversely affect margins, inventory valuation and consumer demand.
- The company has reported negative cash flows from investing activities in recent financial periods due to capital expenditure, inventory investments and operational expansion. Continued negative cash flows may impact liquidity and growth plans.
- The jewellery industry is highly competitive and fragmented, with competition from organized brands, regional jewellers and unorganized players, which may affect market share and profitability.
- The company relies on third-party artisans and outsourced manufacturing processes for production. Any disruption in the availability of skilled artisans or manufacturing partners may adversely affect operations.
- Any decline in consumer spending on jewellery due to economic slowdown, inflation or changing consumer preferences could negatively impact the company's revenue and profitability.
IPO Details
| IPO Date | 2026-06-19 to 2026-06-23 |
| Listed on | Mon, 29 Jun 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹77.00 - ₹80.00 |
| Issue Price | ₹80 per share |
| Lot Size | 1600 shares |
| Issue Type | Open |
| Listing At | BSE |
IPO Issue Details
| Total Issue Size | 49,80,000 shares (agg. up to ?47.31 Cr) |
| Total Issue Size | 47.31 Cr |
| Reserved for Market Maker | 2,49,000 shares (agg. up to ?2.37 Cr) |
| Reserved for Market Maker | Fresh Issue |
| Market Maker | Asnani Stock Broker Pvt. Ltd. |
| Fresh Issue | 47,31,000 shares (agg. up to ?44.94 Cr) |
| Net Offered to Public | 47,31,000 shares (agg. up to ?44.94 Cr) |
| Share Holding Pre Issue | 1,50,00,000 shares |
| Share Holding Post Issue | 1,99,80,000 shares |
| BSE Script Code | TBA |
| ISIN | TBA |
Subscription Status (Day-wise)
| Date | QIB | NII | Retail | Total |
|---|---|---|---|---|
| 26 May | 2.35x | 0.00x | 0.02x | 2.37x |
| 27 May | 2.35x | 0.00x | 0.06x | 2.41x |
| 28 May | 5.60x | 0.06x | 0.26x | 5.92x |
| 02 Jun | NaNx | — | — | NaNx |
| Final | NaNx | 0.06x | 0.26x | NaNx |
Grey Market Premium History
| Date | Ipo Price (₹) | GMP (₹) | Est. Listing | Est Profit (₹) |
|---|---|---|---|---|
| 2026-05-25 | ₹80 | +₹18 | ₹ | ₹20 |
| 2026-05-26 | ₹80 | +₹40 | ₹135.00 (34%) | ₹40 |
| 2026-05-27 | ₹80 | +₹40 | ₹157.00 (34.19%) | ₹80000 |
| 2026-05-26 | ₹80 | +₹38 | ₹155.00 (32.48%) | ₹76000 |
| 2026-05-25 | ₹80 | +₹35 | ₹152.00 (29.91%) | ₹70000 |
| 2026-05-24 | ₹80 | +₹32 | ₹149.00 (27.35%) | ₹64000 |
| 2026-05-23 | ₹80 | +₹30 | ₹147.00 (25.64%) | ₹60000 |
Company Financials (Restated Consolidated)
| Period Ended | 31 MAR 2023 | 31 MAR 2024 | 31 MAR 2025 | 31 DEC 2025 |
|---|---|---|---|---|
| EBITDA | 1.96 | 6.14 | 15.17 | 26.71 |
| Net Worth | 1.04 | 4.88 | 24.14 | 42.69 |
| Profit After Tax | 0.91 | 3.85 | 10.41 | 18.56 |
| Reserves and Surplus | 1.03 | 4.87 | 19.25 | 28.04 |
| Total Assets | 21.30 | 15.06 | 43.35 | 85.43 |
| Total Borrowings | 6.33 | 7.65 | 8.57 | 16.54 |
| Total Income | 67.53 | 124.52 | 263.25 | 308.72 |
Key Performance Indicator (KPI)
| KPI | 31 Dec 2025 |
|---|---|
| EBITDA Margin | 5.76% |
| PAT Margin | 3.96% |
| Price to Book Value | 2.19% |
| ROCE | 6.30% |
| ROCE | 47.92% |
| ROE | 8.90% |
| ROE | 22.10% |
| ROE | 71.76% |
| RoNW | 16.30% |
| RoNW | 43.14% |
Pre / Post IPO Metrics
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (?) | ₹7.67 | ₹5.57 |
| EPS (?) | ₹8.9 | ₹10.1 |
| EPS (?) | ₹90 | ₹110 |
| Market Cap | ₹54.98 | — |
| P/E (x) | ₹14.34 | ₹19.74 |
| Promoter Holding | ₹95.32 | ₹69.85 |
IPO Anchor Investors
SMR Jewels IPO reserved 24,000 shares for Anchor Investors. The anchor bidding was scheduled on May 25, 2026, ahead of the IPO opening on May 26, 2026. The company allotted shares under the QIB portion; however, the investor-wise anchor allocation list was not publicly disclosed.
| Investor | Shares | Allocation |
|---|---|---|
| Anchor Investor Details Not Disclosed | 24000 | ₹100 Cr |
Investor Category Reservations
| Application Category | Bidding Limits |
|---|---|
| Only bNII | 14 lots and above |
| Only Individual investor (retail) | 1 lot |
| Only Individual investor (retail) | 2-4 Lots |
| Only sNII | 2 lots - 13 lots |
* Bidding at cut-off price is not allowed for any category
IPO Timeline
Issue Reservation
SMR Jewels IPO comprises a total issue size of 49,80,000 shares. The net offer to the public is 47,31,000 shares, after excluding 2,49,000 shares allotted on a firm basis. Of the net offer, 4,73,000 shares are allocated to QIBs, 18,93,000 shares to NIIs, and 23,65,000 shares to Retail Individual Investors.
| Investor Category | Shares Offered | % of Net Issue |
|---|---|---|
| QIB Shares Offered | 4,73,000 | 10.00% |
| Anchor Investor Shares Offered | 24,000 | — |
| QIB (Ex. Anchor) Shares Offered | 4,49,000 | — |
| NII (HNI) Shares Offered | 18,93,000 | 40.00% |
| bNII > ₹10L | 12,62,000 | — |
| sNII < ₹10L | 6,31,000 | — |
| Retail Shares Offered | 23,65,000 | 50.00% |
| Market Maker Shares Offered | 2,49,000 | — |
| Total Shares Offered | 49,80,000 | 100.00% |
IPO Lot Size
Investors can bid for a minimum of 1,200 shares and in multiples of 1,200 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 1,200 | ₹1,14,000 |
| Individual investors (Retail) (Max) | 1 | 1,200 | ₹1,14,000 |
| S-HNI (Min) | 2 | 2,400 | ₹2,28,000 |
| S-HNI (Max) | 8 | 9,600 | ₹9,12,000 |
| B-HNI (Min) | 9 | 10,800 | ₹10,26,000 |