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A-One Steels India Ltd
Listed
Integrated steel maker in Karnataka and Andhra Pradesh producing sponge iron, billets, TMT bars, coils, pipes and ferro alloys.
Issue details
Price band
₹385 – ₹405
Face value
₹10
Lot size
37 shares
Minimum investment
₹14,985
Issue size
₹405 Cr
Fresh issue
₹355 Cr
Offer for sale
₹49.98 Cr
Issue type
Book Built
Exchange
NSE, BSE
Key dates
Opens
24 Sep 2026
Closes
28 Sep 2026
UPI mandate cut-off
5:00 PM on 28 Sep 2026
Allotment
29 Sep 2026
Refunds
30 Sep 2026
Shares in demat
30 Sep 2026
Listing
1 Oct 2026
Subscription and listing
Subscription
12.23x
Listing price
₹455
Registrar
Bigshare Services Pvt Ltd
Lead manager
PL Capital Markets, Khambatta Securities
Subscription by category
QIB (Ex Anchor)
7.69x
NII
25.80x
bNII (> ₹10L)
26.18x
sNII (< ₹10L)
25.03x
Retail
9.11x
Employee
5.15x
Total
12.23x
Total applications
7,93,085
Anchor investors
Amount raised
₹120.90 Cr
Bid date
23 Sep 2026
50% lock-in ends
28 Oct 2026
Rest lock-in ends
27 Dec 2026
Listing day
Issue price
₹405
Open
₹455.00
High
₹470.00
Low
₹393.70
Day close
₹416.55
Listing gain at open
+12.35%
Issue structure
Shares reserved per category and share of the total issue
QIB
49,75,308
49.73%
Anchor Investor
29,85,160
29.84%
QIB (Ex. Anchor)
19,90,148
19.89%
NII
14,92,592
14.92%
bNII > ₹10L
9,95,061
9.95%
sNII < ₹10L
4,97,531
4.97%
Retail
34,82,716
34.81%
Employee
54,495
0.54%
Total
1,00,05,111
100.00%
Finaccle’s quick read
Avoid
PAT swung from ₹38.91 Cr in FY24 to ₹7.71 Cr in FY25 and ₹127.41 Cr in FY26, with D/E of 1.17, PAT margin of 3.04% and post-issue P/E of 24.55.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
A-One Steels India is a backward-integrated steel maker producing long and flat products, from sponge iron and billets to TMT bars and HR/CR coils, plus ferro alloys and met coke. It runs six plants, five in Karnataka and one at Hindupur in Andhra Pradesh, and sells through a wide distribution network in south India. Revenue is over ₹4,000 Cr with about 2,459 employees.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
14.70%
ROCE
12.86%
Debt / equity
1.17
PAT margin
3.04%
P/E post issue
24.55
Market cap
₹3,127.84 Cr
Use of IPO money
Prepayment/repayment of borrowings
₹250.00 Cr
General corporate purposes
₹75.86 Cr
Issue expenses
₹29.14 Cr
Strengths
✓
Backward-integrated operations from sponge iron to finished steel
✓
Plants located near iron ore sources and ports
✓
Wide product range and distribution in south India
✓
Renewable power agreements lower energy costs
✓
Fresh issue of ₹355 Cr mainly used to cut debt
Risks to watch
!
Erratic profit: ₹38.91 Cr, ₹7.71 Cr, then ₹127.41 Cr
!
Debt/equity of 1.17 even after FY26
!
Thin PAT margin of 3.04%
!
Cyclical commodity business exposed to steel prices
!
Post-issue P/E of 24.55 is full for a steel maker
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.