A-One Steels shares made a strong debut on Thursday, listing at a premium of up to 14% on the bourses. The stock opened at Rs 462 apiece on the BSE, up 14.07% from the issue price of Rs 405. On the NSE, the shares started trading at Rs 455, marking a premium of 12.35% over the IPO price.
The debut was broadly in line with unlisted market expectations. The grey market premium on the stock was seen hovering around 10% on Thursday morning.
The Rs 405 crore public issue was a book-built offering comprising a fresh issue of 87.65 lakh shares worth Rs 355 crore and an offer for sale (OFS) of 12.35 lakh shares aggregating to Rs 50 crore.
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The IPO opened for subscription on September 24, 2026, and closed on September 28, 2026. The issue was subscribed 12.23 times overall. The retail portion was subscribed 9.11 times, while the QIB category, excluding the anchor portion, was subscribed 7.69 times. The NII portion saw a subscription of 25.80 times.
The IPO price band was fixed at Rs 385–Rs 405 per share, with a lot size of 37 shares. At the upper price band, retail investors were required to invest a minimum of Rs 14,985 for one lot.
The basis of allotment was finalised on September 29, while the shares are scheduled to list on both the NSE and BSE on October 1, 2026.
The floor price is 38.5 times the face value, while the cap price is 40.5 times the face value. Each equity share has a face value of Rs 10. Investors could bid for a minimum of 37 shares and in multiples of 37 shares thereafter.
Based on diluted FY26 EPS, the company's price-to-earnings (P/E) ratio stood at 20.84x at the lower price band of Rs 385 and 21.92x at the upper price band of Rs 405. The average P/E ratio of its industry peer group for FY26 stood at 45.20x.
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Eligible employees applying under the employee reservation portion were entitled to a discount of Rs 38 per equity share.
PL Capital Markets Pvt. Ltd. and Khambatta Securities Ltd. acted as the book-running lead managers for the issue, while Bigshare Services Pvt. Ltd. was the registrar.
A-One Steels IPO: Objects of the issue
A-One Steels India Ltd. plans to use the net proceeds primarily for the pre-payment or partial repayment of certain outstanding borrowings, with an estimated allocation of Rs 250 crore. Any remaining proceeds will be used for general corporate purposes, subject to applicable laws and regulations.
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A-One Steels financial performance
A-One Steels India Ltd. reported an 18% increase in total income, which rose to Rs 4,202 crore in FY26 from Rs 3,570 crore in FY25. The company's profitability also improved significantly, with profit after tax (PAT) rising 1,552% to Rs 127 crore in FY26 from Rs 8 crore in FY25.
About A-One Steels India Ltd.
Incorporated in 2012, A-One Steels India Ltd. is a backward-integrated steel manufacturer with a diversified portfolio of long and flat steel products, along with industrial products such as met coke, silicon manganese and ferrosilicon.
The company manufactures sponge iron, MS billets, TMT bars, HR/CR coils, HR/CR pipes and galvanised tubes, catering to sectors including construction, infrastructure, automotive, power and other industries.
A-One Steels operates six manufacturing facilities across Karnataka and Andhra Pradesh. The facilities are positioned close to iron ore sources and major ports, supporting raw material sourcing and product transportation.
The company also has a focus on renewable energy, supported by long-term solar and wind power purchase agreements. Its TMT bars are CII-certified green products and are manufactured in multiple sizes.
A-One Steels produces sponge iron at its Koppal and Bellary facilities and is also setting up a 10 MW waste-heat-recovery power plant. As of November 30, 2024, the company had 2,459 employees, including 1,377 permanent and 1,082 contractual employees. Of these, 63 personnel were engaged in sales and marketing.
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