A-One Steels India Limited IPO
ListedMainboardSteel
12.22×
Subscribed
Price band
₹385 – ₹405
Lot size
37
1 lot = ₹14,985
Issue size
₹405 Cr
Open – close
24 Sept 2026
to 28 Sept 2026
Listing
01 Oct 2026
Listing gain
+12.35%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
We can't judge this issue yet. A verdict needs at least three independent dimensions — valuation, growth, profitability, balance sheet, issue structure, governance or demand — and this issue does not yet publish enough of them for a read that would mean anything. The offer document has been analysed but reports too few of these to conclude on. A confident score from two fields would be worse than this notice.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens24 Sept 2026
- Closes28 Sept 2026
- Allotment29 Sept 2026
- Listing01 Oct 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB7.68x
Non-institutionalNII / HNI25.78x
Big NIIabove ₹10L26.17x
Small NII₹2L – ₹10L25.01x
Retail individualRII9.10x
Employee5.15x
8,17,917 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 28 Sept 2026.
Chance of allotment
Retail9.10× subscribed
~1 in 9.1
Minimum 1 lot · 37 shares · ₹14,985 blocked
Retail is 9.1× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 9.1 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII25.78× subscribed
~1 in 25.8
Minimum 14 lots · 518 shares · ₹2,09,790 blocked
HNI is 25.78× subscribed. This category is allotted proportionately, so a bid receives roughly 1/25.8 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹64+15.8%
over the upper band · last seen 19 Oct 2026 · flat since 22 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹385 – ₹405
Face value₹10
Lot size37shares
Minimum application₹14,985at cut-off
Total issue size₹405 Cr
Fresh issue₹355 Cr
Offer for sale₹50 Cr
Listing atMainboard
Anchor investorsAllotted
Company & valuation
NAV per share₹119.70
Debt / equity1.17×
ROE14.70%
ROCE12.86%
RoNW15.43%
PAT Margin3.04%
EBITDA Margin7.29%
NAV119.70
ISININE0OTC01025
RegistrarBIGSHARE
12.3% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 49,72,752 | 49.73% |
| Anchor Investor | 29,85,160 | 29.85% |
| QIB (Ex. Anchor) | 19,87,592 | 19.88% |
| NII (HNI) | 14,91,825 | 14.92% |
| bNII > ₹10L | 9,94,550 | 9.95% |
| sNII < ₹10L | 4,97,275 | 4.97% |
| Retail | 34,80,926 | 34.81% |
| Employee | 54,496 | 0.54% |
Total issue 99,99,999 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,9851 lot · 37 sh
Retail (Max)₹1,94,80513 lots · 481 sh
S-HNI (Min)₹2,09,79014 lots · 518 sh
S-HNI (Max)₹9,89,01066 lots · 2,442 sh
B-HNI (Min)₹10,03,99567 lots · 2,479 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted29,85,160
Anchor portion₹120.9 Cr
Bid date23 Sept 2026
Lock-in ends (50%)29 Oct 2026
Lock-in ends (rest)28 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Pre-payment or partial re-payment of a portion of certain outstanding borrowings availed by our Company₹250 Cr
- 02General corporate purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| MSP Steel and Power Ltd. | — | — | — | — |
| Jai Balaji Industries Ltd. | — | — | — | — |
| Shyam Metallics and Energy Ltd. | — | — | — | — |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumOur profitability and margins have fluctuated in the past, and we may not be able to sustain the improvement in our profitability and margins recorded in Fiscal 2026.
mediumOur proposed expansion and infrastructure initiatives may involve significant capital outlay, operational complexity, and regulatory dependencies, and may not yield the expected benefits.
mediumOur business is exposed to cyclicality in the steel industry and fluctuations in raw material and finished steel prices.
Litigation
Except as stated in this section, there are no outstanding: (a) criminal proceedings; (b) actions by statutory or regulatory authorities; (c) claims relating to direct and indirect taxes; or (d) Material Litigation involving the Relevant Parties. There are no disciplinary actions imposed by SEBI or Stock Exchanges against Promoters in the last five FYs. There are no outstanding material dues to creditors.
Positives the filing discloses (1)
Primarily fresh capital
88% of the offer is fresh issue, so most proceeds fund the company.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.6%
Listed up
8 of 8
Best
+65.3%
BLS Polymers Limited
Worst
0.6%
EAAA India Alternatives Limited
Bombay Coated and Special Steels Limitedsame segment
60.8× sub+11.0%
M. K. Sons Fine Jewels Limitedsame segment
5.1× sub+5.6%
BLS Polymers Limitedsame segment
241.2× sub+65.3%
SFC Environmental Technologies Limitedsame segment
9.5× sub+7.6%
EAAA India Alternatives Limitedsame segment
5.3× sub+0.6%
Paras Healthcare Limitedsame segment
2.2× sub+3.9%
Jio Platforms Limitedsame segment
21.6× sub+21.4%
Zetwerk Manufacturing Businesses Limitedsame segment
3.1× sub+5.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About A-One Steels India Limited
A-One Steels India Limited is a backward and vertically integrated steel manufacturer based in southern India, with a diversified portfolio comprising long and flat steel products and industrial products used in steel manufacturing. The company commenced operations in 2013 with the manufacturing of MS billets at its Gauribidanur facility. Its integrated manufacturing process covers the production of direct reduced iron (sponge iron), MS billets, and finished steel products, including TMT bars, HR coils, CR coils, HR (MS) pipes, CR pipes, and galvanised tubes and pipes. The company also manufactures met coke and ferro alloys, including silicon manganese and ferro silicon, for sale in the open market. The company and its subsidiaries operate six manufacturing units across Karnataka and Andhra Pradesh, with facilities located at Gauribidanur, Hindupur, Chikkantapur, Bellary, and Koppal.
Founded 2012MD Mr Sandeep KumarSector Steel
Offer documents
The primary sources everything above is drawn from
Common questions
What is the A-One Steels India Limited IPO GMP today?
The most recent grey-market premium recorded for A-One Steels India Limited is ₹64 per share — about 15.8% over the ₹405 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the A-One Steels India Limited IPO subscribed?
A-One Steels India Limited is subscribed 12.22× overall (QIB 7.68×, NII 25.78×, retail 9.10×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, BIGSHARE.
What is the minimum investment in the A-One Steels India Limited IPO?
One lot is 37 shares, so a retail application at the ₹405 cut-off price blocks ₹14,985. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the A-One Steels India Limited IPO?
The retail portion is subscribed 9.10×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 9. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the A-One Steels India Limited IPO allotment date?
Allotment is scheduled for 2026-09-29, with listing on 2026-10-01. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, BIGSHARE.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.