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A-One Steels India IPO

13.39x

subscribed

A-One Steels India IPO

Steel & Iron Products
listed
₹14,245Min. investment
  1. Pre-apply
    23 Sep
  2. Bid start
    24 Sep
  3. Bid end
    28 Sep
  4. Allotment
    29 Sep
  5. Release of funds
    30 Sep
  6. Demat transfer
    30 Sep
  7. Listing
    1 Oct

A-One Steels India Limited IPO Details

SectorSteel & Iron Products
Price range₹385 – ₹405
IPO type
Regular
Lot size37 shares
Issue size₹405Cr
Red Herring Prospectus
Read
Market Cap
₹3,127CrLower than sector avg
RevenueApr 2025 - Mar 2026
₹4,148.5CrHigher than sector avg
Growth rate3Y CAGR
4.02%

A-One Steels India Limited IPO Overview

A-One Steels India IPO date

A-One Steels India IPO will open for subscription on September 24, 2026, and close on September 28, 2026. After that, investors are expected to receive an update on the allotment status on September 29, 2026.

Investors who have been allotted shares can expect them to be credited to their demat account on September 30, 2026. The shares will be listed on NSE and BSE on Thursday, October 01, 2026.

A-One Steels India IPO price band

The IPO includes fresh issues and an offer for sale. The IPO price band has been set between ₹385 and ₹405 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹355 crore and an offer for sale of ₹50. A-One Steels India IPO listing price will be determined on October 01, 2026. The listing price is the price at which a company’s shares debut on the stock exchanges.

A-One Steels India IPO lot size

A-One Steels India Limited IPO details have been declared. The minimum lot size for an application is 37 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹405 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹4,148.5Cr
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₹3,652.65Cr
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PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹127.4Cr
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₹112.07Cr
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Market cap
Higher market cap means strong confidence but may suggest overvaluation
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₹3,127Cr
This sector
₹6,638.34Cr
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P/E ratio
Lower ratio usually means stock is undervalued
This IPO
21.93
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114.91
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D/E ratio
Lower ratio usually means fewer liabilities
This IPO
1.17
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0.53
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Objectives

Repayment of loan
70.40%
General corporate purposes
29.50%

Strength and Weakness

Diversified and integrated production process

The business process ranges from sponge iron and MS billets to TMT bars, coils and pipes, in addition to met coke and ferro alloys. Use of captive intermediate products helps gain visibility about the availability and quality of input products.

Increased capacity for manufacture

The total installed capacity increased from 14,97,100 MTPA in FY24 to 17,33,100 MTPA in FY26, which is 15.7% higher.

Widened geographic coverage and customer base

The sales network in FY26 was composed of 1,246 direct retail outlets, 32 authorised distributors and 57 institutional customers. No individual customer accounted for more than 7.00% of revenues from operations in the past three fiscal years.

Proximity to strategic manufacturing sites

The Bellary and Koppal plants are located within a distance of 100 kilometres from the regional mineral belt, whereas the plant network in general is road- and rail-linked for raw material and finished product movement.

Significant use of green energy

Green energy constituted 83.2% of the total energy requirement in FY26. The firm has signed ten solar power and six wind power procurement contracts for a total of 230 MW.

About A-One Steels India Limited

A-One Steels India is a southern India-based, backwards-integrated steel manufacturer. Its operations span sponge iron, MS billets and downstream finished products, including TMT bars, HR and CR coils, HR/MS pipes, CR pipes and galvanised pipes.
The company also manufactures met coke and ferroalloys such as silicon manganese and ferro silicon. Intermediate products are primarily consumed within the group's downstream operations, while surplus production is sold in the open market.
The company operates six manufacturing facilities: five in Karnataka and one in Andhra Pradesh. These comprise Bellary Facilities I and II, Gauribidanur, Chikkantapur, Koppal and Hindupur, spread over an aggregate land area of 401.75 acres, excluding 23.03 acres acquired for a proposed railway siding. Aggregate installed capacity for intermediate, finished steel and industrial products was 17,33,100 MTPA as of March 31, 2026; this includes intermediate capacities that are partly captively consumed. The utilisation ratio differs from one plant to another and from one product line to another in FY26, as follows: MS billets in Gauribidanur were 99.8% utilised, sponge iron in Bellary Facility I 98.2%, met coke in Chikkantapur 94.5%, and sponge iron in Koppal Facility 102.9%; TMT bar 83.7% (Gauribidanur) and 60.3% (Hindupur); whereas the HR Coil utilisation Rate at Bellary Facility-I was 85.1%.
The product portfolio addresses construction, infrastructure, power plants, dams, airports, bridges, highways, industrial structures and high-rise residential construction. In FY26, TMT bars contributed 29% of revenue from operations, pipes and tubes contributed 21.7%, and sponge iron contributed 10.9%. Together, these three categories represented 61.6% of revenue from operations.
The company sells through direct retail channels, authorised distributors, institutional customers, intermediaries and trading channels. As of March 31, 2026, its network comprised 1,246 direct retail channels, 32 authorised distributors and 57 institutional customers. The company served 1,335 customers in FY26, of whom 724 were repeat customers; the top ten customers contributed 27.9% of revenue from operations, and the largest customer contributed 5.33%.
The Indian steel industry encompasses primary and secondary production of crude steel and its conversion into flat and non-flat products. India produced approximately 169.2 million tonnes of crude steel in FY26, representing YoY growth of 11.2%; production expanded at a CAGR of 10.4% between FY21 and FY26. Crude-steel production is projected to grow at a CAGR of 7-8% between FY27 and FY31, supported by domestic demand and policy-led capacity additions.
Flat products include HR and CR coils, sheets and plates, while non-flat or long products include rebars, wire rods and structural steel. India produced approximately 75 million tonnes of flat products and 87 million tonnes of long products in FY26. The domestic steel-pipe market is expected to grow by 7 to 9% in FY27 and sustain a CAGR of 6 to 8% through FY31, driven by construction, water infrastructure, oil and gas, logistics and warehousing demand.
Mix of long products, flat products, pipes and steelmaking inputs provides exposure to several parts of this demand base. Its six-plant manufacturing footprint, integrated intermediate-product chain and multi-channel distribution network position it to address varied customer specifications and end-use segments. However, this positioning remains subject to steel-price cyclicality, input-cost movements, regional concentration and execution of planned infrastructure projects.
Now, A-One Steels India is launching its initial public offering (IPO), which consists of a fresh issue of ₹355 crore and an Offer for sale of ₹50 crore. The total issue size of the IPO is ₹405 crore. Its shares will be listed on the NSE and BSE.

How to apply for A-One Steels India IPO?

If you are interested in this investment opportunity but unsure how to apply for an A-One Steels India IPO, follow these steps.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the A-One Steels India IPO on Upstox:
  • Log in to your Upstox account using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘A-One Steels India IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

IPO Analysis

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IPO REVIEW
A-One Steels India IPO
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A-One Steels India IPO Subscription Status

Date
QIB
NII
Retail
Total
24-Sep-26
0.09 times (X)
1.47 times (X)
0.54 times (X)
0.47 times (X)
25-Sep-26
0.09X
4.68X
1.26X
1.16X
28-Sep-26
0.84X
72.55X
8.47X
13.39X

Latest News on A-One Steels India IPO

news logo
The company reduced its issue size from the ₹650 crore proposed in its draft papers filed in December 2024.

3 min read

news logo
A-One Steels India has filed for an IPO to raise ₹650 crore, consisting of a fresh issue of up to ₹600 crore and an OFS of ₹50 crore. The funds will be used for investments, debt repayment, and corporate purposes. The company has six manufacturing units and is among the top five steel producers in southern India.

2 min read

news logo
The ₹405 crore A-One Steels IPO was a fresh issue of ₹355 crore and an offer-for-sale (OFS) of shares totalling ₹50 crore by promoters Sandeep Kumar, Krishnan Kumar Jalan and Sunil Jallan.

3 min read

news logo
The ₹405 crore A-One Steels IPO comprised a fresh issue of ₹355 crore and an offer-for-sale (OFS) component of ₹50 crore by promoters Sandeep Kumar, Krishnan Kumar Jalan and Sunil Jallan.

2 min read

Frequently asked questions

Investors can apply for the A-One Steels India IPO through their Demat account via the stock exchange or through their broker.
The issue size of the A-One Steels India IPO is 405 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.