Anchor Offshore Services IPO

Anchor Offshore Services Limited IPO is a book building issue of 70.00 lakh equity shares, consisting of a fresh issue of up to 64.00 lakh equity shares and an offer for sale (OFS) of up to 6.00 lakh equity shares.

The equity shares are proposed to be listed on NSE and BSE. Nirbhay Capital Services Private Limited is the book-running lead manager, and MUFG Intime India Private Limited is the registrar of the issue. Key details such as IPO dates, IPO price bands, and lot size are yet to be announced.

About Anchor Offshore Services Limited

The company’s specialised manpower services vertical involves deploying technically skilled personnel for offshore and onshore engineering assignments. Its workforce supports project execution, installation, commissioning, maintenance, and other operational requirements at customer sites. The company also provides inspection, repair, refurbishment, and recertification services for material-handling products as an authorised service centre for an international original equipment manufacturer.

Anchor Offshore Services Limited has developed its business across offshore and onshore operations. Offshore operations contributed ₹749.32 million, representing 70.81% of revenue from operations in Fiscal 2026, while onshore operations contributed ₹308.94 million, or 29.19%. Its turnkey engineering projects remained the largest business vertical, contributing ₹631.43 million, or 59.67% of revenue from operations, in Fiscal 2026.

The company serves government undertakings and private-sector customers across the oil and gas, defence, and power sectors. Its customer base primarily includes exploration and production public-sector undertakings, private-sector exploration and production companies, downstream oil and gas companies, state-run city gas distribution companies, Indian naval forces, public-sector shipbuilding companies, public-sector energy companies, and nuclear power establishments.

During Fiscal 2026, government undertakings contributed ₹852.38 million, or 80.54% of revenue from operations, while private clients contributed ₹205.89 million, or 19.46%. The company does not disclose the names of certain customers due to the non-receipt of their consent.

The company operates an in-house fabrication workshop at D-331 and D-332, Trans Thane Creek Industrial Area, Village Turbhe, District Thane, Maharashtra. The workshop supports its maintenance, installation, commissioning, and engineering services through light fabrication, modification, repair, and pre-installation activities.

As of June 30, 2026, the facility was operated by 10 skilled fabricators, engineers, and technicians. The company is also setting up an additional fabrication workshop at D-348, MIDC, Trans Thane Creek Industrial Area, Turbhe, Navi Mumbai, which was under construction as of the date of the DRHP. Its registered office is located at Kohinoor Square, Dadar West, Mumbai, Maharashtra.

As of June 30, 2026, the company had 378 employees, comprising 120 permanent employees and 258 contractual employees. Of the contractual workforce, 232 employees were technically skilled and deployed across various functions and project locations. Its permanent workforce included personnel across management, accounts and finance, purchase, human resources and administration, logistics, project execution, sales and marketing, and workshop and fabrication departments.

The company maintains quality, environmental, and occupational health and safety management certifications. It holds ISO 9001:2015 certification for its Quality Management System, issued by LMS Assessments Limited, and ISO 14001:2015 and ISO 45001:2018 certifications for its Environmental Management System and Occupational Health and Safety Management System, respectively, issued by United Kingdom Accreditation Forum Certification.

In addition, personnel deployed for offshore engineering assignments hold certifications under OPITO and BOSIET standards, which are required for access to offshore installations. Its operations also follow relevant technical and safety standards, including International Civil Aviation Organization Annex 14 and the United Kingdom Civil Aviation Authority's CAP 437 standard for offshore helicopter landing areas.

Industry Outlook

• The offshore engineering and construction industry plays a significant role in developing and maintaining offshore energy infrastructure. It supports the exploration, production, and transportation of hydrocarbons, along with emerging offshore renewable energy projects. Its services include engineering, procurement, fabrication, transportation, installation, hook-up, and commissioning of offshore platforms, subsea pipelines, umbilicals, risers, and floating production systems.
• The industry is characterised by high capital requirements and technological complexity. Operations require specialised vessels, advanced engineering capabilities, precision project execution, and compliance with international safety, quality, and environmental standards. Companies must also possess the technical expertise and resources to execute projects in challenging offshore environments.
• The industry is segmented across multiple parameters, including value chain, project nature, execution environment, service scope, and infrastructure type. Its value chain covers upstream exploration and production infrastructure, midstream transportation and storage facilities, and downstream refining and distribution infrastructure. Projects are broadly classified into greenfield developments and brownfield modifications or upgrades, while execution environments include offshore and onshore operations.
• The key services offered by industry participants include offshore engineering and installation, brownfield modification and upgradation, inspection, repair, and maintenance (IMR), equipment operation, and engineering support and technical supervision. These services support the development of new offshore assets, improve the efficiency and lifespan of existing infrastructure, and ensure operational safety and regulatory compliance.
• The Indian offshore engineering and construction industry is an important part of the country's energy infrastructure. The sector has witnessed steady growth over the past decade, supported by increasing domestic energy demand, expansion of exploration and production activities in regions such as Mumbai High and the Krishna-Godavari Basin, and growing interest in offshore renewable energy, particularly wind energy. Indian companies also benefit from skilled manpower, competitive cost structures, and expanding fabrication capabilities, enabling them to serve domestic and international markets.
• Demand for offshore engineering services is driven by the redevelopment of mature oil and gas fields, exploration of deepwater and ultra-deepwater reserves, replacement of ageing offshore infrastructure, and investments in new offshore facilities. Brownfield modifications and maintenance activities also create recurring opportunities, as operators seek to improve production efficiency, extend asset life, and comply with evolving safety and regulatory requirements.
• Technological advancements and sustainability initiatives are shaping the industry's development. Companies are increasingly adopting digital engineering tools, automation, remote monitoring, modular construction, and advanced project management systems to improve execution efficiency and control costs. The shift towards cleaner energy is also creating opportunities in offshore wind farms, hybrid renewable systems, subsea power transmission, and energy-efficient offshore infrastructure.

Anchor Offshore Services IPO Objectives

The company proposes to utilise the net proceeds from the issue towards the following objectives:

• Funding long-term working capital requirements of the company.
• Repayment/pre-payment, in full, of a borrowing availed by the company.
• Towards general corporate purposes.

Financial Performance of Anchor Offshore Services Limited

Anchor Offshore Services Limited Peer Details Comparison