A-One Steels IPO: dates, price band, lot size and GMP
A-One Steels IPO listed on 1 Oct at ₹455 (NSE, BSE). Issue dates 24 – 28 Sep 2026, price band ₹385 – ₹405, lot 37 shares. The shares now trade on the exchange; any pre-IPO price on this site is historical.
Listing: A-One Steels listed on 1 Oct 2026 on NSE, BSE at ₹455, +₹50 (+12.3%) against the ₹405 upper band. A-One Steels IPO listing date, price and gain · Recently listed IPOs
Updated 30 Oct 2026, 09:10 IST. Unofficial grey-market figures, dated.
BuyUnlistedShares tracks 222 IPOs on its calendar; the A-One Steels IPO has a price band of ₹385 – ₹405, a lot of 37 shares and no grey-market premium reported yet as of 30 Oct 2026.
Key details
| Board | Mainboard |
|---|---|
| Issue dates | 24 – 28 Sep 2026 |
| Price band | ₹385 – ₹405 |
| Lot size | 37 shares |
| Issue size | ₹405.00 Cr |
| Fresh issue | ₹355 Cr |
| Offer for sale | ₹50 Cr |
| Subscription | 12.23x |
| Registrar | Bigshare Services Pvt.Ltd. |
| Lead managers | PL Capital Markets Pvt.Ltd., Khambatta Securities Ltd. |
| Status | Listed |
Timeline
- Issue opens: 24 Sep
- Issue closes: 28 Sep
- Allotment: 29 Sep
- Refunds: 30 Sep
- Demat credit: 30 Sep
- Listing: 1 Oct
Live subscription
| Category | Subscribed |
|---|---|
| QIB | 7.69x |
| NII | 25.8x |
| sNII | 25.03x |
| bNII | 26.18x |
| Retail | 9.11x |
| Total | 12.23x |
Last updated 28 Sep 2026, 6:54 PM IST.
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE, BSE |
| Market cap at the upper band | ₹3,127.84 Cr |
| P/E (pre-issue) | 21.76x |
| P/E (post-issue) | 24.55x |
| Fresh issue (shares) | 87,70,544 |
| Offer for sale (shares) | 12,34,567 |
| Total shares offered | 1,00,05,111 |
| Promoter holding pre-issue | 85.86% |
| Promoter holding post-issue | 74.51% |
| Promoters | Sandeep Kumar, Sunil Jallan, Krishnan Kumar Jalan |
| Lead managers | PL Capital Markets Pvt.Ltd., Khambatta Securities Ltd. |
| Registrar phone | 8657578989/8069219065/8069219060 |
| Registrar email | ipo@bigshareonline.com |
| Company website | aonesteelgroup.com |
| Anchor bid date | 23 Sep 2026 |
| Anchor lock-in ends (50%) | 29 Oct 2026 |
| Anchor lock-in ends (remaining) | 28 Dec 2026 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 37 | ₹14,985 |
| Retail (maximum) | 14 | 518 | ₹2,09,790 |
| sNII (minimum) | 14 | 518 | ₹2,09,790 |
| bNII (minimum) | 67 | 2,479 | ₹10,03,995 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 29.9% | 29,85,160 | |
| QIB | 19.9% | 19,87,592 | Not more than 50% of the Net Offer |
| NII (HNI) | 14.9% | 14,91,825 | Not less than 15% of the Net Offer |
| sNII | 5% | 4,97,275 | |
| bNII | 9.9% | 9,94,550 | |
| Retail | 34.8% | 34,80,926 | Not less than 35% of the Net Offer |
| Employee | 0.5% | 54,496 |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 24 Sep | 0.10x | 0.81x | 0.76x | 0.83x | 0.81x | 0.61x |
| Day 2 · 25 Sep | 0.10x | 2.18x | 2.65x | 1.94x | 1.87x | 1.43x |
| Day 3 · 28 Sep | 7.69x | 25.80x | 25.03x | 26.18x | 9.11x | 12.23x |
Key ratios as of 31 Mar 2025
| EPS (pre-issue) | ₹18.61 |
|---|---|
| EPS (post-issue) | ₹16.5 |
| P/E (pre-issue) | 21.76x |
| P/E (post-issue) | 24.55x |
| RoNW | 1.25% |
| RoCE | 7.03% |
| RoE | 1.69% |
| PAT margin | 0.34% |
| EBITDA margin | 4.91% |
| Debt / equity | 1.34 |
| Market cap (upper band) | ₹3,127.84 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 3,191.31 | 2,753.06 | 2,395.87 | +15.9% |
| Total Income | 4,202.05 | 3,569.63 | 3,862.44 | +17.7% |
| Profit After Tax | 127.41 | 7.71 | 38.91 | ×16.5 |
| EBITDA | 303.64 | 174.06 | 172.19 | +74.4% |
| NET Worth | 819.52 | 676.63 | 421.79 | +21.1% |
| Total Borrowing | 1,010.94 | 963.67 | 1,042.53 | +4.9% |
About A-One Steels
Incorporated in 2012, A-one Steels India Limited is a backward-integrated steel manufacturer with a diversified product portfolio, offering both long and flat steel products, as well as industrial products used in steel manufacturing.
The company manufactures HR and CR coils from MS billets, which are then converted into HR pipes, CR pipes, and galvanized tubes. It also produces TMT bars from MS billets in long steel products.
The company also manufactures industrial products like met coke and silicon manganese/ferrosilicon, which are sold in the open market. Ferrosilicon is essential in the steel industry for alloying.
The company sources significant green energy compared to peers (Source: CRISIL Report). Its TMT bars, certified as green products by CII, are produced in various sizes at the Gauribidanur and Hindupur plants.
The company relies on a steady power and fuel supply, with power purchase agreements for solar and wind energy (15 to 25 years) to support its manufacturing facilities in Karnataka and Andhra Pradesh.
The company has six manufacturing facilities: five in Karnataka (Gauribidanur, Bellary, Koppal, Chikkantapur) and one in Hindupur, Andhra Pradesh. The company's manufacturing facilities are located near major iron ore sources, within 450 km of ports like Ennore, New Mangalore, and Goa-Mormugao, allowing cost-effective product transportation.
The company products are used in various industries, including construction, infrastructure, power plants, dams, airports, bridges, flyovers, stadiums, highways, marine structures, industrial buildings, and high-rise residential constructions.
The company manufactures sponge iron at its Koppal facility (Vanya Steels) and Bellary Plant. It is setting up a 10 MW power plant with waste heat recovery on 39.29 acres of land.
Products:
As of November 30, 2024, the company had 1,921 employees, including 1,099 permanent and 822 contractual. The sales and marketing team had 59 employees.
Objects of the issue
- Pre-payment or partial re-payment of a portion of certain outstanding borrowings availed by the Company — ₹250 Cr
- General Corporate Purposes
Net proceeds: ₹250 Cr
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | Financial statements |
|---|---|---|---|---|---|---|
| A-One Steels India (issuer) | 18.47 | 18.47 | 119.93 | — | 15.43% | Consolidated |
| MSP Steel and Power | 0.6 | 0.56 | 18.18 | 61.52x | — | Consolidated |
| Jai Balaji Industries | 1.42 | 1.42 | 24.75 | 45.76x | — | Standalone |
| Shyam Metallics and Energy | 38.1 | 37.97 | 412.81 | 28.31x | 10.1% | Consolidated |
Notes: NAV is computed as the closing Total Equity (sum of equity share capital, other equity excluding non-controlling interest) divided by the closing outstanding number of equity shares as on March 31, 2026. Return on Net worth (%) is restated/audited Profit for the financial year as a percentage of the Net worth as at the end of the financial year. With respect to our Company, the information above is based on the Restated Financial Statements for the financial year ended March 31, 2026.
Strengths (per the offer document)
- Backward integrated steel products manufacturer in southern India with a diversified product portfolio — Our presence across multiple stages of the steel-manufacturing value chain enables us to manufacture a diversified portfolio of long steel products, flat steel products and industrial products.
- Business operations capitalizing on the strategic location advantage — Manufacturing facilities at Koppal, Gauribidanur, Hindupur, Bellary and Chikkantapur in Karnataka and Andhra Pradesh, close to iron-ore and coal sources and to southern customers.
- Diversified sales channels and customer base — Sales through dealers, distributors and direct institutional customers across end-use industries, reducing dependence on any one channel.
- Well-positioned in an industry characterised by high entry barriers, with access to cost-efficient manufacturing inputs — Integrated operations from sponge iron to finished steel, with captive inputs such as met coke and ferro alloys.
- Brand presence supported by product quality, diversified offerings and targeted marketing initiatives — Branded TMT bars, pipes and tubes sold under our own brand with certification-backed quality.
- Use of green energy for the manufacture of steel products and certified green product portfolio — Green-energy sourcing and certified green steel products, positioning us for CBAM-linked export demand.
Risk factors (as disclosed by the company)
- Our profitability and margins have fluctuated in the past — Our profitability and margins, after considering the exceptional items, have fluctuated during the last three Fiscals.
- Our proposed expansion and infrastructure initiatives may involve significant capital outlay, operational complexity, and regulatory dependencies — We have in past expanded our operations through a combination of internal accruals borrowings, acquisitions, leases and capacity additions.
- We enter into certain related party transactions in the ordinary course of our business and we cannot assure you that such transactions will not adversely… — We enter into certain transactions with related parties in the ordinary course of our business and may continue to enter into related party transactions in the future.
- Between Fiscal 2021 to 2025, the Registrar of Companies and/or the Regional Director have levied penalties against the Company, its Directors and the Promoters — In the past, there have been numerous instances between Fiscal 2021 to 2025, wherein penalties have been levied by the Registrar of Companies and/ or Regional Director under Section 12, 206, 206(4),…
- We derive a substantial portion of our revenue i.e — We rely heavily on revenue generated primarily from the sale of three key products;
- More than 50% of our Revenue from Operations has historically been concentrated in the State of Karnataka — While we supply our products across India, a major portion of our revenue is concentrated in the State of Karnataka, which is also geographically proximate to our manufacturing facilities.
- Our business is dependent on the performance of the key industries in which our customers operate — The Company is engaged in the manufacturing and supply of steel and related industrial products such as sponge iron, MS billet, TMT bars, HR coils, CR coils, HR (MS) pipes, CR pipes, GP pipes, met…
- Certain deficiencies were identified in relation to the enablement — Our Statutory Auditors have reported in the Restated Consolidated Financial Information that our Company and its Subsidiaries have used accounting software for maintaining their respective books of…
From the RHP (risk factors pages 32–56). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF) · RHP (PDF)
Track this issue
- A-One Steels IPO listing day: listed at ₹455 (+12.3% vs the upper band), 1 Oct 2026
- A-One Steels IPO GMP today and trend
- A-One Steels IPO subscription status, day by day
- A-One Steels IPO allotment status and how to check
Frequently asked questions
When does the A-One Steels IPO open and close?
The issue is scheduled for 24 – 28 Sep 2026.
What is the A-One Steels IPO price band?
The price band is ₹385 – ₹405 per share with a lot size of 37 shares.
How big is the A-One Steels IPO?
The total issue size is ₹405.00 Cr, of which ₹355 Cr is a fresh issue and ₹50 Cr an offer for sale.
When will A-One Steels list?
The tentative listing date is 1 Oct on the main board.
How do I apply for the A-One Steels IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), A-One Steels · as filed with SEBI · sebi.gov.in
- Red herring prospectus (RHP), A-One Steels · as filed · sebi.gov.in
- Registrar allotment page, Bigshare Services Pvt.Ltd. · allotment 29 Sep · ipo.bigshareonline.com
- NSE public issues page · listing 1 Oct · nseindia.com
- BSE public issues page · listing 1 Oct · bseindia.com
- A-One Steels company website · aonesteelgroup.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 1 Oct, 04:07 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “A-One Steels IPO”, https://buyunlistedshares.com/ipo/a-one-steels-ipo, as of 30 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk, run by Gayatri Financial Synergy LLP. Data as of 30 Oct 2026.
Our notes on this IPO
- Read our note: A-One Steels India IPO: Dates, Price Band, Allotment and Listing
Guides for IPO applicants and pre-IPO holders
- The risks of buying unlisted and pre-IPO shares in India
- Unlisted Shares Lock-In Period: What Every Investor Must Know (2026)
- What Happens to Your Unlisted Shares After the IPO? Lock-In Periods Explained
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