A-One Steels IPO
A-One Steels IPO is a mainboard book-building public issue with a total issue size of approximately ₹405 crore.
The issue comprises a fresh issue of 87.71 lakh equity shares aggregating to approximately ₹355 crore and an offer for sale of 12.35 lakh shares aggregating to approximately ₹50 crore.
The A-One Steels IPO will open for subscription on 24 September 2026 and close on 28 September 2026. The shares are proposed to be listed on both NSE and BSE.
The IPO price band has been fixed at ₹385 to ₹405 per share, while the minimum lot size is 37 shares.
A-One Steels IPO Details
A-One Steels India Limited is entering the primary market with a ₹405 crore mainboard IPO. The issue consists of a fresh issue of equity shares and an offer for sale by existing shareholders.
The fresh issue comprises approximately 87.71 lakh shares aggregating to around ₹355 crore. The company proposes to use a major portion of the fresh issue proceeds for repayment or prepayment of certain outstanding borrowings.
The offer for sale consists of approximately 12.35 lakh shares worth around ₹50 crore. The OFS proceeds will be received by the selling shareholders.
The IPO price band has been fixed at ₹385 to ₹405 per share. Investors can apply for a minimum of 37 shares and thereafter in multiples of the specified lot size.
At the upper price band of ₹405 per share, the minimum investment required for one retail lot is ₹14,985.
A-One Steels IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | 24 September 2026 |
| IPO Close Date | 28 September 2026 |
| IPO Size | ₹405 Crore |
| Price Band | ₹385 to ₹405 per share |
| Face Value | ₹10 per share |
| Lot Size | 37 Shares |
| Issue Type | Book Building |
| Issue Structure | Fresh Issue + Offer for Sale |
| Listing Exchange | NSE and BSE |
| Market Cap at Upper Band | ₹3,128.05 Crore |
| Expected Allotment | 29 September 2026 |
| Refund / Unblocking | 30 September 2026 |
| Demat Credit | 30 September 2026 |
| Tentative Listing Date | 1 October 2026 |
| Registrar | Bigshare Services Pvt. Ltd. |
| Lead Manager | PL Capital Markets Pvt. Ltd. |
| Additional Lead Manager | Khambatta Securities Ltd. |
A-One Steels IPO Issue Size
| Issue Component | Shares | Approx. Amount |
|---|---|---|
| Total Issue | 1,00,05,111 | ₹405 Cr |
| Fresh Issue | 87,70,544 | ₹355 Cr |
| Offer for Sale | 12,34,567 | ₹50 Cr |
A-One Steels IPO Timeline
| Event | Date |
|---|---|
| IPO Opens | Thursday, 24 September 2026 |
| IPO Closes | Monday, 28 September 2026 |
| Allotment | Tuesday, 29 September 2026 |
| Refund / Unblocking | Wednesday, 30 September 2026 |
| Shares Credited to Demat | Wednesday, 30 September 2026 |
| Listing | Thursday, 1 October 2026 |
A-One Steels IPO Reservation
The net public offer is divided among Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NII) and Retail Individual Investors (RII). An employee reservation of 54,496 shares is also provided.
| Investor Category | Shares | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB | 49,72,752 | 50.00% | 49.73% |
| Anchor Investor | 29,85,160 | – | 29.85% |
| QIB (Ex-Anchor) | 19,87,592 | – | 19.88% |
| NII | 14,91,825 | 15.00% | 14.92% |
| Retail | 34,80,926 | 35.00% | 34.81% |
| Employee | 54,496 | – | 0.54% |
The employee portion carries a discount of ₹38 per share to the issue price.
A-One Steels IPO Lot Size
Investors can bid for a minimum of 37 shares and thereafter in multiples of 37 shares.
| Investor Category | Lots | Shares | Investment at ₹405 |
|---|---|---|---|
| Retail Minimum | 1 | 37 | ₹14,985 |
| Retail Maximum | 13 | 481 | ₹1,94,805 |
| S-HNI Minimum | 14 | 518 | ₹2,09,790 |
| S-HNI Maximum | 66 | 2,442 | ₹9,89,010 |
| B-HNI Minimum | 67 | 2,479 | ₹10,03,995 |
A-One Steels IPO Anchor Investors
A-One Steels IPO raised approximately ₹120.90 crore from anchor investors ahead of the public issue. The anchor bidding date was 23 September 2026.
| Particulars | Details |
|---|---|
| Anchor Bid Date | 23 September 2026 |
| Shares Offered | 29,85,160 |
| Anchor Portion | ₹120.90 Crore |
| 50% Lock-in Ends | 29 October 2026 |
| Remaining Lock-in Ends | 28 December 2026 |
About A-One Steels India Ltd.
Incorporated in 2012, A-One Steels India Limited is a backward-integrated steel manufacturer with a diversified portfolio covering long steel, flat steel and industrial products.
The company manufactures HR coils, CR coils, HR pipes, CR pipes, galvanized tubes and TMT bars. It also manufactures industrial products such as met coke and silicon manganese/ferrosilicon.
A-One Steels manufactures HR and CR coils from MS billets, while TMT bars are produced from MS billets for construction and infrastructure applications.
The company’s products are used across construction, infrastructure, power plants, dams, airports, bridges, flyovers, stadiums, highways, marine structures, industrial buildings and high-rise residential projects.
The company operates six manufacturing facilities, with five facilities located in Karnataka and one in Hindupur, Andhra Pradesh. Its facilities are positioned near major iron ore sources and ports including Ennore, New Mangalore and Goa-Mormugao.
The company also sources renewable energy through long-term solar and wind power purchase agreements. Its TMT bars have been certified as green products by the Confederation of Indian Industry (CII).
As of 30 November 2024, the company had 2,459 employees, including permanent and contractual employees.
A-One Steels Product Portfolio
- Sponge Iron: Used as a raw material in steel manufacturing and billet production.
- MS Billets: Used for manufacturing bars, rods and structural steel products.
- TMT Bars: Used primarily in construction and infrastructure projects for reinforcement of concrete structures.
- HR Coils: Used in pipes, tubes, automotive components and industrial equipment.
- CR Coils: Used in automotive panels, appliances, precision instruments and applications requiring a smooth surface.
- Galvanized Tubes: Used across construction, infrastructure and industrial applications.
- Met Coke: An industrial product used in metallurgical applications.
- Ferrosilicon / Silicon Manganese: Alloying materials used in the steel manufacturing industry.
A-One Steels Business Strengths
- Backward-integrated steel manufacturing operations.
- Diversified portfolio covering both long and flat steel products.
- Multiple manufacturing facilities across Karnataka and Andhra Pradesh.
- Strategic location of manufacturing units near iron ore sources and ports.
- Wide distribution network serving multiple end-use industries.
- Presence across construction, infrastructure, industrial and engineering applications.
- Renewable energy sourcing through solar and wind power agreements.
- Green product certification for selected TMT products.
A-One Steels IPO Objects of the Issue
The company proposes to use the net proceeds from the IPO mainly for repayment or prepayment of certain outstanding borrowings and for general corporate purposes.
| Use of Funds | Estimated Amount |
|---|---|
| Pre-payment or partial repayment of certain outstanding borrowings availed by the company | ₹250 Crore |
| General Corporate Purposes | Balance Amount |
| Total Identified Proceeds | ₹250 Crore + GCP |
A-One Steels Financial Performance
A-One Steels reported substantial improvement in profitability during FY2026. Total income increased from ₹3,569.63 crore in FY2025 to ₹4,202.05 crore in FY2026.
Profit after tax increased from ₹7.71 crore in FY2025 to ₹127.41 crore in FY2026.
Based on the supplied financial figures, total income grew by approximately 18%, while PAT increased substantially between FY2025 and FY2026.
| Particulars (₹ Crore) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| 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 |
Note: Financial figures are in ₹ crore and are based on the restated consolidated financial information provided for the IPO.
A-One Steels IPO Key Performance Indicators
| KPI | 31 March 2026 | 31 March 2025 |
|---|---|---|
| ROE | 14.70% | 1.69% |
| ROCE | 12.86% | 7.03% |
| Debt / Equity | 1.17 | 1.34 |
| RoNW | 15.43% | 1.25% |
| PAT Margin | 3.04% | 0.34% |
| EBITDA Margin | 7.29% | 4.91% |
| NAV | ₹119.70 | – |
A-One Steels IPO Valuation
At the upper IPO price of ₹405 per share, A-One Steels has a post-issue market capitalization of approximately ₹3,128.05 crore.
The valuation can be assessed using the company’s earnings, return ratios, debt levels and other financial indicators. Investors may also compare these metrics with listed companies operating in the iron and steel products industry.
| Valuation Metric | Pre-IPO | Post-IPO |
|---|---|---|
| EPS | ₹18.61 | ₹16.50 |
| P/E | 21.76x | 24.55x |
| Market Capitalisation | ₹2,772.84 Cr | ₹3,128.05 Cr |
A-One Steels Shareholding Pattern
| Category | Pre-IPO | Post-IPO |
|---|---|---|
| Promoter & Promoter Group | 85.86% | 74.51% |
| Public | 14.14% | 25.49% |
| Total | 100% | 100% |
Company Promoters: Sandeep Kumar, Sunil Jallan and Krishnan Kumar Jalan.
A-One Steels IPO Offer for Sale
The offer for sale portion comprises 12,34,567 equity shares aggregating to approximately ₹50 crore at the upper issue price. The proceeds from the OFS will be received by the selling shareholders rather than the company.
| Selling Shareholder | Category | Estimated Amount |
|---|---|---|
| Sandeep Kumar | Promoter | ₹20 Crore |
| Sunil Jallan | Promoter | ₹20 Crore |
| Krishan Kumar Jalan | Promoter | ₹10 Crore |
| Total OFS | ₹50 Crore |
A-One Steels IPO Potential Positives and Key Risks
Potential Positives
- Backward-integrated steel manufacturing model.
- Diversified product portfolio covering long and flat steel products.
- Multiple manufacturing facilities across southern India.
- Manufacturing locations positioned near raw-material sources and ports.
- Presence across construction, infrastructure, industrial and engineering applications.
- Fresh issue proceeds include planned repayment or prepayment of borrowings.
- FY2026 revenue and PAT were higher than FY2025.
- Renewable energy sourcing through long-term solar and wind power agreements.
Key Risks
- The company operates in the competitive and cyclical steel manufacturing industry.
- Steel prices and margins can be affected by changes in raw material prices and market demand.
- The company has substantial outstanding borrowings.
- Steel demand is linked to construction, infrastructure, manufacturing and broader economic activity.
- Changes in energy costs may affect manufacturing expenses.
- The company’s financial performance can fluctuate with commodity prices and industry cycles.
- Future business performance depends on maintaining manufacturing capacity utilisation and market demand.
A-One Steels IPO Registrar & Lead Managers
IPO Registrar: Bigshare Services Pvt. Ltd.
Book Running Lead Managers:
- PL Capital Markets Pvt. Ltd.
- Khambatta Securities Ltd.
A-One Steels India Ltd. Contact Details
Registered Office:
A-One House, No. 326, CQAL Layout,
Ward No. 08,
Sahakarnagar,
Bangalore Urban, Karnataka – 560092
Phone: 080-45646000
Email: legal@aonesteelgroup.com
A-One Steels IPO Subscription Status
The A-One Steels IPO was subscribed 0.18 times on 24 September 2026 at 11:34 AM on Day 1, based on the supplied subscription data.
| Category | Subscription | Shares Offered | Shares Bid |
|---|---|---|---|
| QIB (Ex-Anchor) | 0.00x | 19,87,592 | 0 |
| NII | 0.18x | 14,91,825 | 2,64,698 |
| bNII (> ₹10L) | 0.19x | 9,94,550 | 1,88,515 |
| sNII (< ₹10L) | 0.15x | 4,97,275 | 76,183 |
| Retail | 0.29x | 34,80,926 | 10,14,318 |
| Employee | 0.23x | 54,496 | 12,506 |
| Total | 0.18x | 70,14,839 | 12,91,522 |
Total Applications: 23,057
A-One Steels IPO Quick Summary
A-One Steels IPO is a mainboard book-building public issue of approximately ₹405 crore. The IPO opens on 24 September 2026 and closes on 28 September 2026.
The IPO price band is fixed at ₹385 to ₹405 per share, while the minimum lot size is 37 shares. At the upper price band, one retail lot requires an investment of ₹14,985.
The issue comprises a fresh issue of approximately 87.71 lakh shares worth ₹355 crore and an offer for sale of 12.35 lakh shares worth ₹50 crore.
A-One Steels India Limited is a backward-integrated steel manufacturer with products including TMT bars, HR coils, CR coils, pipes, galvanized tubes, sponge iron, MS billets and ferroalloys.
The company operates six manufacturing facilities across Karnataka and Andhra Pradesh and serves customers in construction, infrastructure, industrial and other end-use sectors.
The company proposes to use a major portion of the fresh issue proceeds for repayment or prepayment of certain borrowings, with the remaining proceeds allocated towards general corporate purposes.
A-One Steels IPO is proposed to list on NSE and BSE, with a tentative listing date of 1 October 2026.
A-One Steels IPO FAQs
Disclaimer
This A-One Steels IPO information is provided solely for educational and informational purposes. IPO investments are subject to market risks, and actual subscription, allotment and listing outcomes may differ from expectations. Investors should carefully review the company’s RHP, financial statements, risk factors and other official disclosures before making any investment decision. TradingMinds does not provide investment advice or guarantee IPO listing gains.
