A-ONE STEELS IPO
A-ONE STEELS is a MAINBOARD IPO with a current status of LISTED. The price band is 385 - 405. The issue opens on 24 SEP and closes on 28 SEP. The listing date is 01 OCT.
Price Band
385 - 405
Unofficial GMP
₹46
Lot Size
37 shares
Minimum Investment
₹₹14,985
A-ONE STEELS IPO GMP
The latest available GMP is ₹46. Grey Market Premium is unofficial, may change frequently and does not guarantee the listing price, listing gains or investment returns.
Estimated Listing Price
₹451.00
Estimated Gain
+11.4%
A-ONE STEELS IPO GMP History
50
22 SEP
55
23 SEP
49
24 SEP
50
25 SEP
52
26 SEP
56
28 SEP
30
29 SEP
46
01 OCT
A-ONE STEELS IPO Details
- IPO Type
- MAINBOARD
- Status
- LISTED
- Price Band
- 385 - 405
- Issue Size
- ₹405.00 Cr
- Issue Type
- Book Build Issue
- Fresh Issue
- ₹355.00 Cr
- Face Value
- 10
- Lot Size
- 37
- Minimum Investment
- ₹14,985
- Exchange
- BSE , NSE
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead Managers
- PL Capital Markets Pvt.Ltd.
A-ONE STEELS IPO Dates
- Open Date
- 24 SEP
- Close Date
- 28 SEP
- Allotment Date
- 29 SEP
- Refund Date
- 30 SEP
- Demat Credit Date
- 30 SEP
- Listing Date
- 01 OCT
A-ONE STEELS IPO Subscription
- QIB
- 7.30x
- NII / HNI
- 24.38x
- Retail
- 8.18x
- Employee
- 4.73x
- Total Subscription
- 11.35x
A-ONE STEELS IPO Financials
Revenue
FY2026
₹4,149.00 Cr
+17.14% vs FY2025
PAT
FY2026
₹127.00 Cr
+1547.21% vs FY2025
Total Assets
FY2026
₹3,191.00 Cr
+15.91% vs FY2025
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | 3,834 | 3,542 | 4,149 |
| Net Profit | 38.91 | 7.71 | 127 |
| Total Assets | 2,396 | 2,753 | 3,191 |
A-ONE STEELS IPO Valuation
- Market Cap (Post IPO)
- ₹3127.84 Cr.
- EPS
- 18.61
- P/E Ratio
- 21.76
- ROE
- 14.70%
- ROCE
- 12.86%
- RONW
- 15.43%
- Debt / Equity
- 1.17%
- PAT Margin
- 3.04%
- EBITDA Margin
- 7.29%
- Valuation
- FAIR
A-ONE STEELS IPO Market Lot
| Category | Lots | Shares | Investment |
|---|---|---|---|
| Retail Minimum | 1 | 37 | ₹14,985 |
| Retail Maximum | 13 | 481 | ₹1,94,805 |
| Small HNI | 14 | 518 | ₹2,09,790 |
| Big HNI | 67 | 2,479 | ₹10,03,995 |
A-ONE STEELS IPO Reservation
- QIB
- 50.00%
- NII / HNI
- 15.00%
- Retail
- 35.00%
A-ONE STEELS Promoter Holding and Anchor Allocation
- Pre-IPO Promoter Holding
- 85.86%
- Post-IPO Promoter Holding
- 74.51%
A-ONE STEELS Company Overview
A-One Steels India Limited is a backward-integrated steel manufacturer based in South India. The company operates across multiple stages of the steel value chain and manufactures intermediate, finished and industrial steel products. Its diversified product portfolio includes sponge iron, mild steel billets, TMT bars, hot-rolled and cold-rolled coils, MS pipes, galvanised pipes and tubes, met coke and ferro alloys. As of March 31, 2026, the company had an aggregate installed manufacturing capacity of approximately 17.33 lakh MTPA across six manufacturing facilities located in Karnataka and Andhra Pradesh. TMT bars were the company's largest manufactured product category in FY2026, contributing approximately 29% of revenue from operations, followed by pipes and tubes at approximately 21.7%. The company's backward-integrated manufacturing structure allows certain intermediate products to be consumed internally, which can reduce dependence on external suppliers and provide greater control over production and product quality.
A-ONE STEELS Business Model
A-One Steels operates an integrated steel manufacturing business covering multiple stages of the steel production chain. The company manufactures products including sponge iron, MS billets, TMT bars, HR and CR coils, pipes and tubes, met coke and ferro alloys. Its products are sold through multiple distribution channels, including direct retail, authorised distributors, institutional customers and intermediaries. As of June 30, 2026, the company's distribution network included approximately 1,246 retail sales channels, 32 distributors and 57 institutional customers. The company's business performance is influenced by steel prices, raw-material costs, capacity utilisation, infrastructure and construction demand, energy costs and broader economic conditions.
A-ONE STEELS Objects of the Issue
Pre-payment/partial repayment of certain outstanding borrowings ₹250.00 Crore General Corporate Purposes Balance Net Proceeds The IPO comprises a ₹355 crore fresh issue and a ₹50 crore Offer for Sale, resulting in a total issue size of ₹405 crore. Approximately ₹250 crore from the fresh issue is proposed to be utilised towards repayment or partial repayment of certain outstanding borrowings.
A-ONE STEELS Strengths
1. Backward-Integrated Manufacturing A-One Steels operates across multiple stages of the steel value chain. Captive consumption of certain intermediate products can provide greater control over availability, quality and production planning. 2. Diversified Product Portfolio The company manufactures a broad range of products including sponge iron, billets, TMT bars, coils, pipes, tubes, met coke and ferro alloys. This reduces complete dependence on a single steel product. 3. Large Manufacturing Capacity As of March 31, 2026, aggregate installed capacity stood at approximately 17.33 lakh MTPA across six manufacturing facilities. 4. Strong Distribution Network The company sells through retail channels, distributors and institutional customers, giving it access to different customer categories. 5. Strong FY2026 Earnings Recovery PAT increased from approximately ₹7.71 crore in FY2025 to ₹127.41 crore in FY2026. EBITDA also increased from approximately ₹174.06 crore to ₹303.64 crore. 6. Improving Operating Margins EBITDA margin increased from approximately 4.91% in FY2025 to 7.29% in FY2026, indicating a substantial improvement in operating profitability. 7. Debt Reduction Through IPO ₹250 crore of fresh issue proceeds is proposed to be used for repayment/prepayment of borrowings. This could improve the company's post-IPO leverage and reduce finance costs.
A-ONE STEELS Risks
1. High Borrowings Total borrowings stood at approximately ₹1,010.94 crore as of March 31, 2026. Debt/Equity was approximately 1.17x. Given the absolute debt level and cyclical nature of steel operations: Debt Risk: HIGH 2. Volatile Profitability PAT has fluctuated significantly: FY2024: ₹38.91 Cr FY2025: ₹7.71 Cr FY2026: ₹127.41 Cr Therefore, the very high FY2026 PAT growth comes from a particularly weak FY2025 base and should not automatically be treated as sustainable earnings growth. 3. Steel Industry Cyclicality Steel prices and demand are cyclical. Changes in domestic demand, global steel prices, imports, exports and economic activity can materially affect revenue and margins. 4. Raw-Material Price Risk Iron ore, coal, scrap and other inputs represent significant production costs. Sharp changes in raw-material prices can adversely affect profitability if costs cannot be passed to customers quickly. 5. Geographic Concentration A significant part of the company's manufacturing operations and revenue exposure is concentrated in southern India. Karnataka contributed approximately 54.86% of FY2026 revenue from operations. 6. Capital-Intensive Operations Steel manufacturing requires substantial investments in plants, equipment, working capital and energy infrastructure. Future expansion could require additional capital expenditure or financing. 7. Regulatory and Environmental Risk Steel manufacturing is subject to environmental regulations, pollution-control requirements, licences and statutory approvals. Failure to maintain required approvals could affect operations. 8. Execution Risk The company has multiple expansion initiatives. Delays, cost overruns, regulatory approvals or lower-than-expected capacity utilisation could adversely affect returns from these investments. 9. Margin Risk Despite improvement in FY2026, the company's EBITDA margin remains sensitive to steel prices, input costs, energy costs and product mix.
A-ONE STEELS Frequently Asked Questions
What is the A-ONE STEELS IPO price band?
The A-ONE STEELS IPO price band is 385 - 405.
What is the latest A-ONE STEELS IPO GMP?
The latest available A-ONE STEELS IPO GMP in the IPOWEB database is ₹46. GMP is unofficial and does not guarantee a listing gain.
When does the A-ONE STEELS IPO open and close?
The A-ONE STEELS IPO opens on 24 SEP and closes on 28 SEP.
When is the A-ONE STEELS IPO allotment date?
The A-ONE STEELS IPO allotment date is 29 SEP.
When is the A-ONE STEELS IPO listing date?
The A-ONE STEELS IPO listing date is 01 OCT.
What is the A-ONE STEELS IPO subscription?
The latest total subscription available for the A-ONE STEELS IPO is 11.35x.