ANB Metal Cast Ltd. IPO – Gujarat Aluminium Maker Gears Up for NSE SME Debut

Rajkot-based aluminium extrusion products manufacturer, ANB Metal Cast Ltd., has successfully closed its SME IPO, raising ₹49.92 crore, and is now set for listing on the NSE SME platform on August 18, 2025.

The IPO, which opened on August 8, 2025, and closed on August 12, 2025, was priced in a band of ₹148–₹156 per share with a lot size of 800 shares. Retail investors needed a minimum investment of ₹1,24,800 for two lots.

Issue Structure & Subscription

• Total Issue Size: ₹49.92 crore (Fresh issue – 32 lakh shares)

• Anchor Investors: ₹14.01 crore raised on August 7 at ₹156 per share

• Overall Subscription: ~1.92×

  • Retail Investors: ~2.39×

  • Non-Institutional Investors: ~1.96×

  • QIBs: ~1.04×

The response shows strong retail participation, reflecting optimism towards the company’s growth potential.

Company Overview

Founded in 2019, ANB Metal Cast Ltd. is headquartered in Rajkot, Gujarat, and specializes in manufacturing aluminium extrusion products like motor bodies, solar panel frames, railings, and sliding window profiles.

Its 50,000 sq. ft. manufacturing facility houses advanced machinery and in-house quality control laboratories, catering to diverse industrial needs including renewable energy, infrastructure, and automotive sectors.

Financial Performance

• FY25 Revenue: ₹162.6 crore (+45% YoY)

• FY25 Net Profit: ₹10.25 crore (+92% YoY)

Such performance underscores the company’s growth trajectory, although experts note that operations remain heavily Gujarat-centric (over 99% sales from the state).

Use of IPO Proceeds

• ₹13.70 crore – Expansion & new machinery

• ₹21.50 crore – Working capital

• Balance – General corporate purposes

This capital infusion is expected to boost production capacity and enable the company to capture new market segments.

Analyst Viewpoint

While ANB Metal Cast’s IPO has seen decent subscription, some analysts urge caution. Concerns include high attrition (~50%), dependency on key management, limited geographical diversification, and negative cash flows in earlier years. The post-IPO P/E of ~18× is considered fair but not aggressively cheap.

Listing Outlook

Given the healthy subscription, strong revenue growth, and sectoral tailwinds from India’s infrastructure and renewable energy push, listing gains are possible, especially if the IPO Grey Market Premium (GMP) remains steady ahead of debut. Retail investors will closely watch the listing on August 18, 2025 for possible short-term upside.

Conclusion

The ANB Metal Cast IPO reflects SME market resilience and retail enthusiasm for manufacturing stories backed by infrastructure growth. Its journey post-listing will hinge on how effectively it expands beyond Gujarat, retains skilled talent, and maintains financial momentum.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should consult their financial advisor before making any investment decisions.