A-One Steels IPO: Price Band, Lot Size, Financials & Review
A-One Steels IPO listed on BSE & NSE on Thu, 1 Oct 2026. The issue was subscribed 12.22x overall.
- Open Date
- 24 Sep 2026
- Close Date
- 28 Sep 2026
Last updated
- Price band
- ₹385 – ₹405
- Lot size
- 37 shares
- Min. investment
- ₹14,985
- Issue size
- ₹405 Cr
- Last GMP
- +₹46
- Subscribed
- 🔥 12.22x
A-One Steels IPO details
A-One Steels IPO is a ₹405 Cr book-building IPO on the Mainboard segment, listing on BSE & NSE. It combines a fresh issue of ₹355 Cr (87.65%) with an offer for sale of ₹50 Cr (12.35%) by existing shareholders. Only the fresh issue money goes to the company.
The issue was open from Thu, 24 Sep 2026 to Mon, 28 Sep 2026. Allotment was finalised on Tue, 29 Sep 2026, and the shares listed on BSE & NSE on Thu, 1 Oct 2026.
The price band is ₹385 to ₹405 per share and the lot size is 37 shares, so the minimum retail application is ₹14,985. Retail investors can apply for up to 13 lots (481 shares, ₹1,94,805).
Bigshare Services Pvt Ltd is the registrar, and Khambatta Securities Limited and PL Capital Markets Private Limited are the book running lead managers.
Grey market premium (GMP)
Day-wise GMP →The last A-One Steels IPO GMP before listing was +₹46 (+11.36% against the upper price band of ₹405), implying an estimated listing price of ₹451. Across 10 days of tracking, GMP ranged from +₹28 (28 Sep) to +₹56 (26 Sep).
| Last GMP | +₹46 |
|---|---|
| GMP vs upper band | +11.36% |
| Estimated listing price | ₹451 |
| Highest (26 Sep) | +₹56 |
| Lowest (28 Sep) | +₹28 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the A-One Steels IPO day-wise GMP.
Subscription
Day-wise subscription →A-One Steels IPO was subscribed 12.22x overall: QIB 7.69x, NII 25.80x and retail 9.09x.
| Category | Subscribed |
|---|---|
| QIB | 7.69x |
| NII | 25.80x |
| └ bNII (above ₹10 lakh) | 26.18x |
| └ sNII (₹2–10 lakh) | 25.03x |
| Retail | 9.09x |
| Employees | 5.15x |
| Total | 12.22x |
Final figures at the close of bidding on 28 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the A-One Steels IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 29,85,160 | 29.85% |
| Qualified Institutions | 19,87,592 | 19.88% |
| Non-Institutional | 14,91,825 | 14.92% |
| └ BNII | 9,94,550 | 9.95% |
| └ SNII | 4,97,275 | 4.97% |
| Retail Investors | 34,80,926 | 34.81% |
| Employees | 54,496 | 0.54% |
| 99,99,999 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
A-One Steels IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 37 | ₹14,985 |
| Retail (Max) | 13 | 481 | ₹1,94,805 |
| S-HNI (Min) | 14 | 518 | ₹2,09,790 |
| S-HNI (Max) | 66 | 2,442 | ₹9,89,010 |
| B-HNI (Min) | 67 | 2,479 | ₹10,03,995 |
Amounts at the upper end of the price band.
Issue structure and valuation
It combines a fresh issue of ₹355 Cr (87.65%) with an offer for sale of ₹50 Cr (12.35%) by existing shareholders. Only the fresh issue money goes to the company.
At the upper price band of ₹405, the issue is priced at 21.76x pre-issue earnings and 24.55x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Listed peers with positive earnings trade at a median P/E of 45.76x (3 companies).
Promoter holding falls from 85.86% before the issue to 74.52% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹18.61 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 21.76x |
| EPS (post-issue) EPS on the enlarged share capital | ₹16.5 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 24.55x |
| Promoter holding (pre-issue) | 85.86% |
| Promoter holding (post-issue) | 74.52% |
A-One Steels India Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹3,569.63 Cr to ₹4,202.05 Cr, and profit after tax rose from ₹7.71 Cr to ₹127.41 Cr. The PAT margin for 31 Mar 2026 was 3.03%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 3,191.31 | 2,753.06 | 2,395.87 |
| Total Income | 4,202.05 | 3,569.63 | 3,862.44 |
| Profit After Tax | 127.41 | 7.71 | 38.91 |
| EBITDA | 303.64 | 174.06 | 172.19 |
| Net Worth | 819.52 | 676.63 | 421.79 |
| Total Borrowings | 1,010.94 | 963.67 | 1,042.53 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 14.70 | 1.69 | 8.75 |
| ROCE % | 12.86 | 7.03 | 8.67 |
| Debt / Equity | 1.17 | 1.34 | 2.34 |
| RoNW % | 15.43 | 1.25 | 9.12 |
| Pat Margin % | 3.04 | 0.34 | 1.01 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| A-One Steels India Ltd | 10 | — | 18.47 | 18.47 | 15.43% | 119.93 |
| MSP Steel and Power Ltd | 10 | 61.52 | 0.60 | 0.56 | 0.00% | 18.18 |
| Jai Balaji Industries Ltd | 2 | 45.76 | 1.42 | 1.42 | 0.00% | 24.75 |
| Shyam Metallics and Energy Ltd | 10 | 28.31 | 38.10 | 37.97 | 10.10% | 412.81 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Pre-payment or partial re-payment of a portion of certain outstanding borrowings availed by the Company |
| 2 | General corporate purposes |
About A-One Steels India Limited
Incorporated in 2012, A-One Steels India Limited is a backward-integrated steel manufacturer with a diversified product portfolio comprising long steel, flat steel, and industrial products used in the steel manufacturing process. The company's integrated operations enable it to manufacture products across multiple stages of the steel value chain, from sponge iron and MS billets to finished steel products.
Business and Product Portfolio
The company manufactures hot-rolled (HR) and cold-rolled (CR) coils using MS billets, which are further processed into HR pipes, CR pipes, and galvanized tubes. In the long-steel segment, the company manufactures TMT bars from MS billets, catering primarily to construction and infrastructure applications.
The company also manufactures industrial products such as met coke, silicon manganese, and ferrosilicon, which are sold in the open market. Ferrosilicon is an important input for the steel industry and is primarily used as an alloying agent during steel production.
The company's key products include:
Sponge Iron: Primarily used as a raw material in steel manufacturing for the production of MS billets and other steel products.
MS Billets: Semi-finished steel products used as feedstock for manufacturing bars, rods, TMT bars, and other structural steel products.
TMT Bars: Used extensively for reinforcement in concrete structures across the construction and infrastructure sectors.
HR Coils: Used in the manufacture of pipes, tubes, automotive frames, industrial equipment, and other applications.
CR Coils: Used in applications requiring a smooth and precise surface finish, including automotive panels, appliances, precision instruments, and other finished products.
Green Energy Initiatives
A-One Steels sources a significant proportion of its power requirements from green energy sources compared with industry peers, according to the CRISIL Report. Its TMT bars have also been certified as green products by the Confederation of Indian Industry (CII).
The company's TMT bars are manufactured in various sizes at its Gauribidanur and Hindupur facilities. To ensure a reliable and stable supply of electricity, the company has entered into long-term power purchase agreements (PPAs) for solar and wind energy, with tenures ranging from 15 to 25 years. These arrangements support the company's manufacturing operations in Karnataka and Andhra Pradesh.
Manufacturing Footprint
The company operates six manufacturing facilities, comprising five facilities in Karnataka and one in Hindupur, Andhra Pradesh. Its Karnataka operations are spread across Gauribidanur, Bellary, Koppal, and Chikkantapur.
The manufacturing facilities are strategically located close to major iron ore sources and within approximately 450 km of key ports such as Ennore, New Mangalore, and Goa-Mormugao. This location advantage provides access to raw materials while supporting efficient and cost-effective transportation of finished products.
The company manufactures sponge iron at its Koppal facility, operated under Vanya Steels, as well as at its Bellary plant. It is also setting up a 10 MW power plant with waste-heat recovery technology on approximately 39.29 acres of land. The proposed facility is expected to enhance energy efficiency and support the company's integrated manufacturing operations.
End-Use Industries
A-One Steels' products cater to a broad range of industries and infrastructure applications. Its products are used in:
Construction and infrastructure projects
Power plants
Dams and irrigation projects
Airports
Bridges and flyovers
Stadiums
Highways
Marine structures
Industrial buildings
High-rise residential projects
Automotive and engineering applications
The diversified end-user base provides the company with exposure to multiple sectors and reduces dependence on a single industry.
Employee Base
As of November 30, 2024, A-One Steels had a total workforce of 2,459 employees, comprising 1,377 permanent employees and 1,082 contractual employees. The company's sales and marketing function had 63 employees.
Promoters
- Sandeep Kumar
- Sunil Jallan
- Krishnan Kumar Jalan
Contact details
A-One Steels India Ltd.
A-One House, No. 326, CQAL Layout,
Ward No. 08,Sahakarnagar,
Bangalore Urban, Karnataka, 560092
Phone: 080-45646000
Email: legal@aonesteelgroup.com
Website: https://aonesteelgroup.com/
A-One Steels IPO FAQs
- What is the A-One Steels IPO price band?
- The A-One Steels IPO price band is ₹385 to ₹405 per share.
- What is the A-One Steels IPO lot size and minimum investment?
- The A-One Steels IPO lot size is 37 shares. The minimum retail investment is ₹14,985 for one lot at the upper price band. Retail investors can apply for up to 13 lots (481 shares), costing ₹1,94,805.
- When was A-One Steels IPO open for subscription?
- A-One Steels IPO was open for subscription from Thu, 24 Sep 2026 to Mon, 28 Sep 2026.
- What is the A-One Steels IPO subscription status?
- A-One Steels IPO was subscribed 12.22x overall: QIB 7.69x, NII 25.80x and retail 9.09x. Day-wise and category-wise figures are on the subscription page.
- What was the A-One Steels IPO GMP before listing?
- The last A-One Steels IPO GMP before listing was +₹46 (+11.36% against the upper price band of ₹405), implying an estimated listing price of ₹451. Across 10 days of tracking, GMP ranged from +₹28 (28 Sep) to +₹56 (26 Sep). GMP is an unofficial grey market indicator and can change quickly.
- What is the A-One Steels IPO allotment date?
- The A-One Steels IPO basis of allotment was finalised on Tue, 29 Sep 2026. You can check your allotment status on the Bigshare Services Pvt Ltd website.
- What is the A-One Steels IPO listing date?
- A-One Steels IPO listed on BSE & NSE on Thu, 1 Oct 2026.
- Is the A-One Steels IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹355 Cr (87.65%) with an offer for sale of ₹50 Cr (12.35%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the A-One Steels IPO?
- The registrar for the A-One Steels IPO is Bigshare Services Pvt Ltd, and the book running lead managers are Khambatta Securities Limited and PL Capital Markets Private Limited.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.