A-One Steels India IPO subscribed 58% on day 1
The IPO opened for subscription on 24 September 2026 and will close on 28 September 2026. The price band has been fixed at Rs 385 to Rs 405 per share. The minimum bid is 37 shares. The equity shares are proposed to be listed on the BSE and NSE.
The company's board on 23 September 2026 finalised the allocation of 29,85,160 equity shares to anchor investors at Rs 405 per share. Of the total anchor allocation, 1,23,458 shares, representing 4.14% of the total allocation, were allotted to one domestic mutual fund through four schemes.
The IPO comprises a fresh issue of equity shares worth Rs 355 crore and an offer for sale (OFS) of shares worth Rs 50 crore by promoters. Sandeep Kumar and Sunil Jallan will each sell shares worth Rs 20 crore, while Krishan K Jalan will sell shares worth Rs 10 crore.
A-One Steels India plans to use Rs 250 crore from the net proceeds of the fresh issue to prepay or repay, fully or partly, certain outstanding borrowings. The remaining proceeds will be used for general corporate purposes. The company's outstanding borrowings stood at Rs 1,158.14 crore as of 15 July 2026.
A-One Steels India is engaged in manufacturing and supplying steel and related industrial products, including sponge iron, MS billets, TMT bars, HR coils, CR coils, pipes, galvanized pipes, met coke and ferro alloys. Its products are used across construction, infrastructure, power, industrial and other sectors.
The company operates an integrated manufacturing model, with operations spanning sponge iron and MS billet production to finished steel products such as TMT bars, coils, pipes and galvanized tubes. Sponge iron, MS billets, HR coils and CR coils are primarily used for captive consumption, with surplus production sold in the open market.
A-One Steels India and its subsidiaries operate six manufacturing units across Karnataka and Andhra Pradesh. The facilities had an aggregate installed capacity of 17,33,100 MTPA for intermediate, finished steel and industrial products as of March 2026.
The company sources a significant portion of its power through long-term solar and wind power purchase agreements. It has 10 solar and six wind power purchase agreements, together sourcing 230 MW. In FY2026, 57.19% of its power requirements were met through solar and wind sources.
A-One Steels India sells certain products under the ?A-One Gold? brand and also sells selected products under the ?Jindal? brand through a licensing arrangement. In FY2026, about 40.72% of revenue came from products sold under the A-One Gold brand, 9.98% under the Jindal brand and 49.29% from unbranded products.
TMT bars accounted for 29% of FY2026 revenue, followed by pipes and tubes at 21.7%, sponge iron at 10.91%, coal at 10.45%, iron ore at 7.45%, met coke at 6.67%, MS billets at 5.74%, coils at 4.54% and scrap at 1.54%. About 93.49% of revenue came from the domestic market and 6.51% from exports.
The company is expanding its Koppal facility by setting up a 6,00,000 MTPA iron ore beneficiation plant. The project is expected to be commissioned in two phases, with 50% targeted in FY2027 and the remaining 50% in FY2028. A 10 MW waste heat recovery boiler power plant is also being established at the facility, of which 6 MW was partially operational as of the date of the document.
Financially, consolidated revenue increased 17.6% to Rs 4,167.33 crore in FY2026 from Rs 3,544.37 crore in FY2025. Operating profit rose 74.4% to Rs 303.64 crore from Rs 174.06 crore, while operating profit margin improved to 7.3% from 4.9%. PBT after exceptional/other items increased to Rs 167.02 crore from Rs 25.85 crore. Net profit after minority interest rose to Rs 126.49 crore from Rs 8.49 crore.
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