Q1. What is the business of A-One Steels India Limited ?

It is a backward-integrated steel maker producing TMT bars, pipes, coils & industrial steel for infrastructure and construction demand.

Q2. Why is the company raising funds via IPO?

For debt repayment, capacity expansion, power efficiency projects and general corporate purposes.

Q3. What is the size of the issue and where will it list?

The IPO includes a Fresh Issue of ₹ 600 Cr and an Offer for Sale (OFS) of ₹ 50 Cr. It will be listed on NSE and BSE platform.

Q4. What are the key risks to an investor?

Raw material price volatility, capacity underutilisation, high competition and cyclical steel industry demand fluctuations.

Q5. What are the potential upsides?

Strong infrastructure demand, integrated operations, capacity expansion plan and improving energy-efficient production scale.

Q6. How to apply for the IPO?

Investors can apply for the IPO through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.

A-One Steels India Limited: New IPO, Price, GMP, Analysis

Closed

A-One Steels India Limited: New IPO, Price, GMP, Analysis

Market Cap

₹ 3,128 Crore

IPO Issue Size

₹ 405 Cr

Expected Price by IPOCorner

₹385 – ₹405

IPO Score

*Score varies on actual price

A-One Steels India Limited IPO is an upcoming public issue from a backward-integrated steel manufacturing company engaged in producing long and flat steel products such as HR/CR coils, pipes, and galvanized tubes used in construction and industrial applications.
A-One Steels India Limited was incorporated on 2012 & currently Mr. Sandeep Kumar serves as the Managing Director of the company.

A-One Steels India Limited filed its DRHP with SEBI on 30 December 2024. The issue size of the IPO is ₹ 600 Cr which features a Fresh Issue of ₹ 355 Cr and an Offer for Sale (OFS) of ₹ 50 Cr.

It serves construction companies, infrastructure developers, and industrial buyers across South India (especially Karnataka & Andhra Pradesh).
Subscription date to apply for A-One Steels India Limited starts on 24th Sep’26 & closes on 28th Sep’26 the price band for the IPO is ₹385 to ₹405 with a lot size of 37 Shares.

Year	2024
Networth	₹ 426.43 Cr
Revenue	₹ 3834.21 Cr
EBITDA	₹ 198.69 Cr
PAT	~5.18%
EBITDA Margin	₹ 38.91 Cr
PAT Margin	~ 1.01%
Face Value	Rs.10 per Equity Share

IPO Important Dates

#	Date
Open Date	24-Sep'26
Close Date	28-Sep'26
Anchor Investor Bidding	23-Sep'26
Allotment Date	29-Sep'26
Refunds& Demat Credit	30-Sep'26
Tentative Listing Date	01-Oct'26

Use Of Proceeds

Purpose	Amount
Growth Capex - Expansion	₹ 344.37 Cr
Repayment/Prepayment of Borrowing	₹ 100 Cr
Acquiring Subsidiary / Buying any Company/ Subsidiary investment	₹ 40 Cr
-	-
-	-
General Corporate Purpose	Balance

Financial Data

#	2022	2023	2024
Revenue (₹ Cr)	₹ 2,756.8	₹ 3,163.5	₹ 3,834.2
PAT (₹ Cr)	₹ 100.7	₹ 97.7	₹ 38.9
Asset (₹ Cr)	₹ 1,107.9	₹ 1,973.9	₹ 2,395.9
Net Worth (₹ Cr)	₹ 264.7	₹ 362.6	₹ 426.4

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
28-Sep	₹ 385 - ₹ 405	₹ 56	₹ 2,072
27-Sep	₹ 385 - ₹ 405	₹ 56	₹ 2,072
26-Sep	₹ 385 - ₹ 405	₹ 51	₹ 1,887
25-Sep	₹ 385 - ₹ 405	₹ 50	₹ 1,850
24-Sep	₹ 385 - ₹ 405	₹ 55	₹ 2,035

Pros

Strong presence in steel manufacturing with integrated production (end-to-end steel value chain).
Growing demand from infrastructure, real estate, and construction sectors in India.
Diverse product portfolio including TMT bars, pipes, and steel coils.
Established promoter-driven business with experience in steel operations.
Expansion potential from IPO proceeds to scale capacity and reduce debt (as indicated in DRHP plans).

Cons

Highly cyclical steel industry, sensitive to raw material and demand fluctuations.
No clearly disclosed market share, making competitive strength harder to assess.
Strong competition from large players like Tata Steel, JSW Steel, and SAIL.
Margin pressure due to volatility in iron ore and coking coal prices.
Limited retail brand visibility and dependence on institutional/industrial buyers.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
Sandeep Kumar	32.81%
Sunil Jallan	30.29%
Krishan Kumar Jalan	22.46%
-	-
-	-
-	-

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	37 Shares	1	37 Shares	₹ 14,245
Retail (Max)	37 Shares	13	481 Shares	₹ 1,85,185
HNI (Min)	37 Shares	14	518 Shares	₹ 1,99,430
HNI (Max)	37 Shares	66	2,442 Shares	₹ 9,40,170
Big HNI (Min)	37 Shares	67	2,479 Shares	₹ 9,54,415

Key Performance Index (KPI)

ROE	9.42%
ROCE	10.45%
RoNW	9.13%

Lead / Book Running Lead Managers

PL Capital Markets Private Limited,Khambatta Securities Limited

Registrar (RTA)

Bigshare Services Private Limited

Q1. What is the business of A-One Steels India Limited ?
It is a backward-integrated steel maker producing TMT bars, pipes, coils & industrial steel for infrastructure and construction demand.
Q2. Why is the company raising funds via IPO?
For debt repayment, capacity expansion, power efficiency projects and general corporate purposes.
Q3. What is the size of the issue and where will it list?
The IPO includes a Fresh Issue of ₹ 600 Cr and an Offer for Sale (OFS) of ₹ 50 Cr. It will be listed on NSE and BSE platform.
Q4. What are the key risks to an investor?
Raw material price volatility, capacity underutilisation, high competition and cyclical steel industry demand fluctuations.
Q5. What are the potential upsides?
Strong infrastructure demand, integrated operations, capacity expansion plan and improving energy-efficient production scale.
Q6. How to apply for the IPO?
Investors can apply for the IPO through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.