About A-One Steels India IPO
A-One Steels India IPO Details
A-One Steels India IPO is a 100% book-built issue worth up to ₹405 crore, comprising a fresh issue of ₹355 crore and an offer for sale (OFS) of ₹50 crore, with the face value of ₹10 per share. The company filed its DRHP with SEBI on December 30, 2024.
The price band of issue is set at ₹385 to ₹405 per share and the lot size for an application is 37. The minimum amount of investment required by an individual investor is ₹14,985 (37 shares). The IPO will be open for subscription from September 24 to 28, 2026, on the BSE, NSE platforms, with a tentative listing date fixed as Oct 1, 2026.
The book-running lead managers of this issue are PL Capital Markets Pvt. Ltd. and Khambatta Securities Ltd., while the registrar to the issue is Bigshare Services Pvt. Ltd.
A-One Steels India IPO Date & Timeline
The A-One Steels India IPO is officially set to open for subscription on Sep 24, 2026 and will close on Sep 28, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on December 30, 2024 and has now finalized its schedule following SEBI approval. Once the subscription window closes, allotment is expected on Sep 29, 2026. Following this, the firm will initiate refunds and credit shares to successful investors' demat accounts on Sep 30, 2026. Finally, shares of A-One Steels Ltd. are tentatively scheduled to list on the stock exchanges on Oct 1, 2026.
A-One Steels India IPO Timeline
| IPO Open Date | Thu, Sep 24, 2026 |
| IPO Close Date | Mon, Sep 28, 2026 |
| Tentative Allotment | Tue, Sep 29, 2026 |
| Initiation of Refunds | Wed, Sep 30, 2026 |
| Credit of Shares to Demat | Wed, Sep 30, 2026 |
| Tentative Listing Date | Thu, Oct 1, 2026 |
A-One Steels India IPO Details
| Detail | Description |
|---|---|
| IPO Date | 24 to 28 Sep, 2026 |
| Listing Date | 1 Oct, 2026 |
| Face Value | ₹ 10 per share |
| Issue Price Band | ₹ 385 to ₹ 405 |
| Lot Size | 37 Shares |
| IPO Type | Fresh capital cum OFS |
| Total Issue Size | 99,99,999 shares (agg. up to ₹ 405 Cr) |
| Fresh Issue(Ex Market Maker) | 87,65,432 shares (agg. up to ₹ 355 Cr) |
| Offer for Sale | 12,34,567 shares of ₹10 (agg. up to ₹ 50 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 6,84,65,270 shares |
| Share Holding Post Issue | 7,72,30,702 shares |
A-One Steels India IPO raises ₹120.90 crore from anchor investors. A-One Steels India IPO Anchor bid date is Wed, Sep 23, 2026.
| Bid Date | Wed, Sep 23, 2026 |
| Shares Offered | 29,85,160 |
| Anchor Portion (₹ Cr.) | 120.90 |
| Anchor lock-in period end date for 50% shares (30 Days) | Wed, Oct 28, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sun, Dec 27, 2026 |
View the official anchor investors letter for complete details.
Download Anchor Letter (PDF)A-One Steels India IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The A-One Steels India IPO GMP is currently trading at ₹46, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹451, which is 11.36% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
IPO Estimated Listing Return
Based on the IPO Price of ₹405 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹46 and a lot size of 37 shares.
A-One Steels India IPO GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 1 Oct 2026 | ₹405 | ₹46 | 1 Oct, 202610:43 AM |
| 30 Sep 2026 | ₹405 | ₹35 | 30 Sep, 202610:46 AM |
| 29 Sep 2026 | ₹405 | ₹28 | 29 Sep, 202610:00 AM |
| 28 Sep 2026 | ₹405 | ₹56 | 28 Sep, 202610:30 AM |
| 27 Sep 2026 | ₹405 | ₹56 | 27 Sep, 202610:30 AM |
| 26 Sep 2026 | ₹405 | ₹51 | 26 Sep, 202611:21 AM |
| 25 Sep 2026 | ₹405 | ₹49 | 25 Sep, 202610:56 AM |
| 24 Sep 2026 | ₹405 | ₹55 | 24 Sep, 202610:51 AM |
| 23 Sep 2026 | ₹405 | ₹50 | 23 Sep, 202610:27 AM |
| 22 Sep 2026 | ₹405 | ₹44 | 22 Sep, 202606:25 PM |
| 21 Sep 2026 | ₹405 | ₹60 | 21 Sep, 202610:36 AM |
| 20 Sep 2026 | ₹405 | ₹60 | 21 Sep, 202610:36 AM |
| 19 Sep 2026 | ₹405 | ₹60 | 19 Sep, 202610:34 AM |
| 18 Sep 2026 | ₹405 | ₹55 | 18 Sep, 202610:20 AM |
| 17 Sep, 2026 | ₹405 | ₹53 | 17 Sep, 202601:42 PM |
| 16 Sep, 2026 | ₹405 | ₹0 | 16 Sep, 202601:39 PM |
| 15 Sep, 2026 | ₹405 | ₹0 | 15 Sep, 202601:39 PM |
| 14 Sep, 2026 | ₹405 | ₹0 | 14 Sep, 202610:41 AM |
Company Background
A-One Steels India Ltd. was incorporated as a private company on April 9, 2012, in Bengaluru, Karnataka. From the beginning, the company was operating as a backward/vertically integrated steel manufacturer based in southern India, with a diversified product portfolio comprising long and flat steel products, as well as industrial products used in steel manufacturing.
As per the CRISIL Report, the company had a share of 0.27% in overall crude steel production in India. Till the date of listing, the company and its subsidiaries operate six manufacturing units across Karnataka and Andhra Pradesh, comprising facilities located at Gauribidanur, Hindupur, Chikkantapur, Bellary and Koppal. As of FY26, the aggregate installed capacity across the manufacturing facilities for the company’s intermediate, finished steel and industrial products was 17,33,100 MTPA.
Then, on December 23, 2024, the company converted into a public limited company with a fresh certificate of incorporation to proceed with its public listing procedures.
Operations & Product Range
A-One Steels India Ltd. is a steel-making organization that uses the backward integration strategy and functions through Karnataka and Andhra Pradesh, covering every step from the production of raw materials to the manufacture of finished products. Some of the products manufactured include TMT Bars, HR/CR coils, steel pipes, sponge iron and MS Billets and their application involves the construction industry, infrastructure development and automobiles. Through the manufacture of its intermediates and utilizing captive power sources, it upholds high standards of quality and efficiency.
Facilities & Capacity
The 6 manufacturing plants of A-One Steels India Ltd. have a combined annual production capacity of around 14.97 lakh MTPA as of June 2024, of which 5 are situated in Karnataka, while one is positioned in Andhra Pradesh. These plants are strategically located adjacent to the mineral zones of Bellary and Koppal, which ensures that the raw material required for production is available in abundance. The firm utilises a 22 MW power plant for greener energy.
Brands & Market Presence
The premium range of products by A-One Steels India Ltd. is promoted through the brand name “A-One Gold Steel”, which is highly reputed for its quality in Southern India and even their TMT bars are accredited as eco-friendly. This firm has also formed a large chain of distribution channels, where there are about 80 official distributors along with over 1,200 retail stores. Although the emphasis of the company is mainly domestic, they have also become popular in over 15 different nations around the world.
Revenue Streams & Business Model
A-One Steels India Ltd. operates as a backward-integrated steel manufacturer, generating revenue primarily through the B2B and retail sale of long steel, flat steel and industrial products. Its core revenue stream stems from selling TMT bars, steel pipes, coils, structural sections and intermediate raw materials like sponge iron to the construction, infrastructure and industrial sectors.
The business model relies on cost-efficient manufacturing, leveraging six regional production facilities in Southern India, captive power generation and green energy utilization. It distributes products through a network of over 1,200 retail outlets and institutional clients.
Financial Performance
A-One Steels India Ltd. shows strong operational top-line growth and a significant turnaround in profitability during FY26. Revenue reached ₹4,148.56 crore, up from ₹3,541.78 crore recorded in FY25. Operational efficiency drove profitability, lifting net profit to ₹127.4 crore compared to ₹7.7 crore in the prior fiscal year. Supported by a strong focus on sustainability—including sourcing over 5,000 lakh units of green electricity the company strengthened margins, stabilized cash flows, and solidified market positioning.
Management & Shareholding
A-One Steels India Ltd. is promoted by Krishan Kumar Jalan, Sunil Jallan and Sandeep Kumar. Before the IPO, the promoters held 100% of the company's equity. But, after the IPO, the promoters shareholding will be diluted, as the offering includes a ₹355 crore fresh issue and ₹50 crore offer for sale (OFS) from existing shareholders.
Board & Key Management
The leadership of A-One Steels India Ltd. is led by a team of experts with many years of experience. Sunil Jallan serves as the Chairman & Whole-time Director and gives strategic direction to the firm. The daily operations are managed by Sandeep Kumar, the Managing Director, along with other Whole-Time Directors, including Uma Shankar Goyanka. To ensure good governance, the board includes Independent Directors Krishan Singh Barguzar, Kamaldeep Singh and Jeevika Poddar for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
A-One Steels India IPO Financial Information
Latest Revenue
₹ 4,148.57 Cr
Profit After Tax
₹ 127.41 Cr
Net Worth
₹ 819.52 Cr
Total Borrowing
₹ 1,010.94 Cr
| Period Ended | Assets | Revenue | Profit (PAT) | Net Worth | Borrowing |
|---|---|---|---|---|---|
| 31 Mar 2026 (Restated Consolidated) | 3,191.31 | 4,148.57 | 127.41 | 819.52 | 1,010.94 |
| 31 Mar 2025(Restated Consolidated) | 2,753.06 | 3,541.78 | 7.71 | 676.63 | 963.67 |
| 31 Mar 2024(Restated Consolidated) | 2,395.87 | 3,834.21 | 38.46 | 426.44 | 1,042.53 |
| Amount in ₹ Crore | |||||
A-One Steels India Key Performance Indicator
| KPI | Values(31 Mar 2026) |
|---|---|
| ROE | 14.70 % |
| ROCE | 12.86 % |
| Debt/Equity | 1.17 |
| RoNW | 15.43 % |
| PAT Margin | 3.04 % |
| EBITDA Margin | 7.29 % |
| NAV | 119.70 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 18.61 | 16.50 |
| P/E (x) | 21.76 | 24.55 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹405.00 | ₹405.00 |
| Open | ₹462.00 | ₹455.00 |
| Low | ₹393.45 | ₹393.70 |
| High | ₹469.45 | ₹470.00 |
| Last Trade | ₹417.00 | ₹416.55 |
A-One Steels India IPO Objectives
A-One Steels India intended to use the IPO proceeds for strategic purposes:
- Repayment or prepayment of debt (in part or in full)
- General corporate purposes
A-One Steels India IPO Review
A-One Steels India Ltd. operates as a backward-integrated steel manufacturer producing a broad array of long and flat steel products, including TMT bars, HR/CR pipes, and galvanized tubes. Headquartered in Karnataka, the business also manufactures key industrial inputs such as met coke and silicon manganese.
Financially, the firm shows a sharp operational turnaround during the latest fiscal year, FY26. Consolidated revenue surged 17.7% to ₹4,148.56 crore compared to ₹3,541.78 crore in FY25. Profit after tax expanded exponentially to ₹127.41 crore in FY26, recovering strongly from ₹7.71 crore in the prior fiscal year, while EBITDA margin improved to 7.29%.
While key strengths of the company include integrated manufacturing capabilities, nearby port access, and growing adoption of green power supply agreements. However, the business remains exposed to cyclical steel price fluctuations, volatile raw material costs, and notable leverage with total borrowings exceeding ₹1,010 crore.
Overall, the IPO presents a strong FY26 financial recovery, but investors should weigh cyclical industry risks and elevated debt levels before making long-term investment commitments.
Conclusion
A-One Steels India IPO offers an opportunity to grow into a well-established, integrated steel manufacturer deeply rooted in India's infrastructure story. With its "A-One Gold Steel" brand and a focus on sustainability through green energy, the company has built a resilient model addressing both cost efficiency and environmental responsibility. While the cyclical nature of steel remains a factor, the company's strategic expansion and debt reduction plans reflect a focused execution strategy.
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹405.00 | ₹405.00 |
| Open | ₹462.00 | ₹455.00 |
| Low | ₹393.45 | ₹393.70 |
| High | ₹469.45 | ₹470.00 |
| Last Trade | ₹417.00 | ₹416.55 |
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Competitive Strengths
Among the biggest integrated steel products manufacturers in Southern India, which guarantees cost management and quality control.
Manufacturing facilities are strategically located close to the mineral belt, which minimises transportation expenses and maximises operating profit.
A diverse range of products like TMT bars, pipes and coils, which eliminates dependence on one particular product line.
Extensive sales network with over 1,200 retail stores in India.
Download regulatory filings
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 37 | 14,985 |
| Individual investors (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 |