A-One Steels India IPO
A-One Steels India IPO is a Mainboard book-built issue of ₹405 crore, comprising a Fresh Issue of ₹355 crore and an Offer for Sale of ₹50 crore. The face value is ₹10 per share. The price band and lot size are yet to be announced. The IPO is scheduled to
A-One Steels India IPO Details
A-One Steels India IPO bidding is scheduled to start from September 24, 2026 and end on September 28, 2026. The allotment is expected to be finalized on September 29, 2026, while refunds and credit of shares to Demat accounts are expected on September 30, 2026. The shares are scheduled to list on BSE and NSE on October 1, 2026.
A-One Steels India IPO Timeline (Tentative)
A-One Steels India IPO is scheduled to open for subscription on September 24, 2026 and close on September 28, 2026. The basis of allotment is expected to be finalized on September 29, refunds are expected to begin on September 30, and shares are expected to be credited to successful applicants' Demat accounts on the same day. The shares are scheduled to list on BSE and NSE on October 1, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Thu, Sep 24, 2026 |
| IPO Close Date | Mon, Sep 28, 2026 |
| Basis of Allotment | Tue, Sep 29, 2026 |
| Initiation of Refunds | Wed, Sep 30, 2026 |
| Credit of Shares to Demat | Wed, Sep 30, 2026 |
| Listing Date | Thu, Oct 1, 2026 |
| IPO Opens | September 24, 2026 |
| IPO Closes | September 28, 2026 |
| Basis of Allotment | September 29, 2026 |
| Refund Initiation | September 30, 2026 |
| Credit of Shares to Demat | September 30, 2026 |
| Listing Date | October 1, 2026 |
A-One Steels India IPO Lot Size
The A-One Steels India IPO price band and minimum bid lot have not yet been announced. Application amounts for Retail, S-HNI and B-HNI categories will be available after the price band and lot size are finalized.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | N.A. | N.A. | N.A. |
| Retail (Max) | N.A. | N.A. | N.A. |
| S-HNI (Min) | N.A. | N.A. | N.A. |
| S-HNI (Max) | N.A. | N.A. | N.A. |
| B-HNI (Min) | N.A. | N.A. | N.A. |
A-One Steels India IPO Reservation
A-One Steels India IPO proposes not more than 50% of the Net Offer for QIBs, not less than 15% for NIIs and not less than 35% for retail investors. An employee reservation portion is also proposed in the offer structure.
A-One Steels India IPO Subscription
A-One Steels India IPO has not yet opened for subscription. Category-wise and overall subscription figures will be available after bidding begins.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
About A-One Steels India
A-One Steels India Limited is a backward-integrated steel manufacturer incorporated in 2012 and headquartered in Bengaluru, Karnataka. The company manufactures a diversified range of long and flat steel products along with industrial products used in steel manufacturing.
Its product portfolio includes sponge iron, MS billets, TMT bars, hot-rolled coils, cold-rolled coils, HR and CR pipes, galvanized tubes and pipes, ferro alloys and met coke. The company uses MS billets as an input for manufacturing several finished steel products and operates across multiple stages of the steel value chain.
The company has six manufacturing facilities across Karnataka and Andhra Pradesh, with operations covering sponge iron, steel melting, rolling, pipe manufacturing and ferro-alloy production. Its products are used in construction, infrastructure, power, engineering, industrial buildings and other applications. The company's backward integration and manufacturing footprint provide control over several stages of production.
Strengths
- Backward-integrated steel manufacturing model covering multiple stages of the production chain.
- Diversified product portfolio across long steel, flat steel and industrial products.
- Manufacturing presence across Karnataka and Andhra Pradesh.
- Established operating history in the steel industry since 2012.
- FY2026 revenue and profitability showed a significant recovery from FY2025 levels.
- IPO proceeds include a substantial allocation toward repayment or pre-payment of outstanding borrowings.
Risks to Consider
- Steel manufacturing is cyclical and profitability is sensitive to steel prices, raw-material costs, energy prices and demand conditions.
- The company has substantial borrowings, with consolidated borrowings of approximately ₹1,010.94 crore as of March 31, 2026.
- Working capital requirements are high because of significant inventory and receivables.
- FY2026 operating cash flow remained below reported PAT, indicating the importance of monitoring cash conversion.
- Profitability can fluctuate significantly because FY2025 earnings were considerably lower than FY2026 earnings.
- The company remains exposed to changes in infrastructure demand, imports, government policies and global steel-market conditions.
A-One Steels India Financials (₹ Cr)
A-One Steels India reported total income of ₹3,862.44 crore in FY2024, ₹3,569.63 crore in FY2025 and ₹4,202.05 crore in FY2026. PAT increased sharply from ₹7.71 crore in FY2025 to ₹127.41 crore in FY2026. Total assets increased to ₹3,191.31 crore in FY2026, while net worth stood at ₹819.52 crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | ₹3,862.44 Cr | ₹38.91 Cr | ₹2,395.87 Cr | ₹421.79 Cr |
| FY2025 | ₹3,569.63 Cr | ₹7.71 Cr | ₹2,753.06 Cr | ₹676.63 Cr |
| FY2026 | ₹4,202.05 Cr | ₹127.41 Cr | ₹3,191.31 Cr | ₹819.52 Cr |
KPIs & Valuation
For FY2026, A-One Steels India reported basic EPS of ₹18.47, RoNW of 15.43%, ROE of 14.76% and ROCE of 12.86%. EBITDA margin stood at 7.29%, while PAT margin was 3.06%. The price-to-earnings ratio cannot be calculated until the IPO price band is announced.
Objects of the Issue
The revised A-One Steels India IPO structure comprises a Fresh Issue of ₹355 crore. The proceeds are proposed to be used primarily for repayment or pre-payment of outstanding borrowings and general corporate purposes.
- The company proposed to utilise the IPO proceeds for:
- Pre-payment or partial repayment of a portion of certain outstanding borrowings availed by the Company.
- General corporate purposes.
Promoters, Lead Managers & Registrar
A-One Steels India Limited is promoted by Sandeep Kumar, Sunil Jallan and Krishnan Kumar Jalan. PL Capital Markets Private Limited and Khambatta Securities Limited are the Book Running Lead Managers to the issue, while Bigshare Services Private Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Bigshare Services Private Limited |
|---|---|
| Phone | +91-22-6263 8200 |
| ipo@bigshareonline.com | |
| Website | https://www.bigshareonline.com/ipo_allotment.html |
A-One Steels India IPO Review
A-One Steels India has a diversified and backward-integrated steel manufacturing business with exposure to both long and flat steel products. Its manufacturing facilities across Karnataka and Andhra Pradesh allow it to operate through multiple stages of the steel production chain, while its product portfolio serves construction, infrastructure and industrial applications.
The company's FY2026 financial performance showed a significant improvement. Revenue increased to approximately ₹4,148.57 crore, while PAT rose to approximately ₹127.41 crore. EBITDA also improved materially, reflecting a recovery in operating profitability compared with FY2025.
A key positive development in the revised IPO structure is the increased emphasis on deleveraging. A substantial portion of the Fresh Issue is proposed to be used for repayment or pre-payment of borrowings. However, investors should carefully evaluate the company's high debt, working-capital requirements and cyclical exposure to steel prices. Since the price band has not yet been announced, a meaningful valuation assessment should be made only after the final offer price is disclosed.
How to Apply
A-One Steels India IPO applications can be made through ASBA or UPI after the issue opens. The minimum application size and investment amount will be known once the price band and lot size are announced.
Through UPI
- Log in to your stockbroker app/website.
- Go to the IPO section.
- Select A-One Steels India IPO.
- Enter the number of lots you want to apply for.
- Select the bid price. Investors can generally choose Cut-off when available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the company's DRHP, RHP and other offer documents for detailed information about the business, financial performance, risk factors, IPO structure and utilisation of the issue proceeds.
Last updated Sep 14, 2026.