About A-One Steels India IPO
A-One Steels India Limited, a Bengaluru-headquartered backward-integrated steel manufacturer, opens its IPO for public subscription from September 24, 2026, to September 28, 2026 at a price band of ₹385 to ₹405 per equity share of face value ₹10.
The IPO is a book-built issue of ₹405.00 crore, comprising a fresh issue of 87,65,432 equity shares worth ₹355.00 crore and an offer for sale of 12,34,567 equity shares worth ₹50.00 crore by the promoters.
The fresh issue accounts for roughly 88% of the offer. BSE is the Assigned Stock Exchange for the A-One Steels issue.
A-One Steels India: IPO Date, Price, and Other Details
Here are the details of the upcoming A-One Steels India IPO:
| Particular | Detail |
|---|---|
| Issue Size | ₹405.00 crore |
| Offer Type | Book-built issue (fresh capital cum OFS) |
| Fresh Issue | 87,65,432 shares (₹355.00 crore) |
| Offer for Sale | 12,34,567 shares (₹50.00 crore) |
| Face Value | ₹10 per equity share |
| Price Band | ₹385 to ₹405 per share |
| IPO Open Date | September 24, 2026 |
| IPO Close Date | September 28, 2026 |
| Basis of Allotment | September 29, 2026 |
| Listing Date | October 1, 2026 |
| Lot Size | 37 shares |
| Minimum Investment (Retail) | ₹14,985 |
| Designated Stock Exchange | BSE |
| Book Running Lead Managers | PL Capital Markets Pvt. Ltd.; Khambatta Securities Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Listing Exchanges | BSE, NSE |
A-One Steels India IPO Market Lot
The A-One Steels India IPO minimum market lot is 37 shares, with an application amount of ₹ 14,985.
| ApplicationLot SizeSharesAmount | |||
|---|---|---|---|
| Retail (Min) | 1 | 37 | ₹14,985 |
| Retail (Max) | 13 | 481 | ₹1,94,805 |
| S-HNI (Min) | 14 | 518 | ₹2,09,790 |
Amounts are calculated at the upper end of the price band.
Who Can Apply in A-One Steels India IPO?
Find the list of who can apply in the A-One Steels India IPO and their application limits by category:
| Category | Limit | Cut-off bidding |
|---|---|---|
| Retail Individual Investors | Up to ₹2 lakh | Yes |
| Small NII (sNII) | ₹2 lakh to ₹10 lakh | No |
| Big NII (bNII) | Above ₹10 lakh | No |
| Eligible Employees | Up to ₹5 lakh | Yes |
Business Overview of A-One Steels India
A-One Steels India Limited was incorporated on April 9, 2012 as A-One Steel and Alloys Private Limited. It was renamed A-One Steels India Private Limited in June 2024 and then converted to a public limited company in December 2024.
Key Highlights of this IPO:
| Business Highlights | Key Details |
|---|---|
| Incorporated | April 9, 2012 |
| Headquarters | Bengaluru, Karnataka |
| Business | Backward-integrated steel manufacturer |
| Product Portfolio | Long steel products, flat steel products, and industrial products used in steel manufacturing |
| Manufacturing Facilities | Including Hindupur and Bellary facilities |
| Capacity Utilisation (FY2026) | TMT bars at Hindupur at 60.39%; GP pipes at Bellary Facility II at 67.00% |
| Growth Strategy | Acquiring financially distressed steel companies and revitalising underutilised assets |
| Subsidiary | Vanya Steels Private Limited |
| Promoters | Krishan Kumar Jalan, Sunil Kumar Jalan and Sandeep Kumar Jalan |
Strengths and Risks of A-One Steels India IPO
Every business has its strengths and risks, and A-One Steels India is no different. Here is a brief business analysis (as per the RHP) below:
Strengths
1. Backward integration: Integrated steel manufacturing reduces dependence on external input suppliers.
2. Diversified product portfolio: Long and flat steel products alongside industrial products used in steel manufacturing.
3. Acquisition-led growth capability: A stated strategy of acquiring and revitalising financially distressed steel assets.
4. Fresh-issue weighted structure: Roughly 88% of the offer is a fresh issue, so most proceeds accrue to the company.
5. Renewable energy transition: Part of the proceeds funds group captive solar power through the subsidiary, reducing energy cost exposure.
Risks
1. Regulatory penalties and show-cause notices: Between Fiscal 2021 and 2025, the Registrar of Companies and the Regional Director levied penalties against the company, its directors and promoters for violations of the Companies Act, 2013, and the company has also faced show-cause notices from SEBI.
2. Capacity underutilisation: TMT bar production at Hindupur ran at 60.39% and GP pipes at Bellary Facility II at 67.00% in Fiscal 2026, due to technical ramp-ups, power availability and equipment breakdowns.
3. Related party transactions in the ordinary course of business, which the offer document states may adversely affect results and cash flows.
4. Acquisition risk: A growth strategy built on acquiring distressed assets carries integration, turnaround and execution risk.
5. Subsidiary-routed proceeds: Material portions of the proceeds are invested through subsidiary Vanya Steels rather than directly by the company.
6. Steel price cyclicality, where raw material and realisation prices move with the commodity cycle.
7. ₹50.00 crore of the issue is a promoter sale and does not come to the company.
How To Apply for A-One Steels India IPO?
Applications for A-One Steels India IPO must be made through the ASBA mechanism, in which the application amount will be blocked in your bank account rather than debited.
1. Log in to your broker's app or website and open the IPO section.
2. Select "A-One Steels India Limited" from the list of open issues.
3. Enter the lot size and your bid price, or select the cut-off price.
4. Enter your UPI ID and submit the IPO application.
5. Approve the UPI mandate request in your UPI app before 5:00 p.m. on the issue closing date. An unapproved mandate means the application lapses.
Alternatively, apply through your bank's net banking ASBA section, or by submitting a physical ASBA form at a designated bank branch with your PAN and demat details.
IPO Objectives – How Will A-One Steels Use Funds?
A-One Steels has planned to utilise the net proceeds of the fresh issue towards:
| #Issue | Objects | Amount (₹ crore) |
|---|---|---|
| 1 | Pre-payment or partial repayment of certain outstanding borrowings availed by the company | 250 |
| 2 | General corporate purposes | Balance |
Promoter Shareholding of A-One Steels India
The promoters of A-One Steels India Limited are Krishan Kumar Jalan, Sunil Kumar Jalan and Sandeep Kumar Jalan.
| Category | Pre-IPO |
|---|---|
| Promoter and Promoter Group | 85.86% |
| Public | 14.14% |
Financial Performance of A-One Steels India (Restated, ₹ in crores)
With respect to three years’ data, here’s the financials performance of A-One Steels Ltd.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 3,191.31 | 2,753.06 | 2,395.87 |
| Total Income | 4,202.05 | 3,569.63 | 3,862.44 |
| Profit After Tax | 127.41 | 7.71 | 38.91 |
| EBITDA | 303.64 | 174.06 | 172.19 |
| NET Worth | 819.52 | 676.63 | 421.79 |
| Total Borrowing | 1,010.94 | 963.67 | 1,042.53 |
Key Performance Indicators of A-One Steels India
Based on the financials available in the RHP, the following key performance metrics of A-One Steels India IPO can be considered.
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| Return on Equity (ROE) | 14.70% | 1.69% |
| Return on Capital Employed (ROCE) | 12.86% | 7.03% |
| Return on Net Worth (RoNW) | 15.43% | 1.25% |
| Debt / Equity | 1.17 | 1.34 |
| EBITDA Margin | 7.29% | 4.91% |
| PAT Margin | 3.04% | 0.34% |
| Net Asset Value (NAV) | ₹119.70 | ₹98.83 |
Registrar of A-One Steels India IPO
The Registrar of A-One Steels India IPO is Bigshare Services Pvt. Ltd.
Phone: +91 22 6263 8200
Email: [ipo@bigshareonline.com](mailto\:ipo@bigshareonline.com)
Allotment status: [https://ipo.bigshareonline.com/IPO_Status.html](https://ipo.bigshareonline.com/IPO_Status.html)
Lead Managers of A-One Steels India IPO
PL Capital Markets Pvt. Ltd. and Khambatta Securities Ltd. are the book-running lead managers to the A-One Steels India IPO.
