A-One Steels IPO opens today: Should you subscribe? Check price band, reviews, fresh GMP and more
A-One Steels is selling its shares in the price band of Rs 385-405 apiece, applied for a minimum of 37 shares and its multiples to raise Rs 405 crore between September 24-28
- Sep 24, 2026,
- Updated Sep 24, 2026 9:52 AM IST
The initial public offering (IPO) of A-One Steels kicks-off for bidding on Thursday, September 24. The financial services company shall be offering its shares in the range of Rs 385-405 apiece and investors can apply for a minimum of 37 equity shares and its multiples thereafter. The issue will close for subscription on Monday, September 28.
A-One Steels is eyeing to raise a total of Rs 405 crore via its IPO, which includes a fresh share sale of Rs 355 crore and an offer-for-sale (OFS) of up to 12,34,567 crore equity shares worth Rs 50 crore by its promoters. Net proceeds from the fresh issue shall be utilized towards repayment of debt and general corporate purposes.
Incorporated in 2012, New-Delhi-based A-One Steels India 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. It manufactures HR and CR coils from MS billets, which are then converted into HR pipes, CR pipes, and galvanized tubes.
Ahead of its IPO, A-One Steels raised Rs 120.9 crore 11 anchor investors as it allocated 29,85,160 crore equity shares at Rs 405 per share. Investors likes LRSD Securities, Morgan Stanley Asia (Singapore), Vikasa India EIF, SB Opportunities Fund II, Venus Investments VCC, Ashika Global Finance, Taurus Mutual Funds and more.
A-One Steels reported a net profit at Rs 127.41 crore with a revenue of Rs 4,202.05 crore for the financial year ended on March 31, 2026. The company clocked a net profit at Rs 7.71 crore with a revenue of Rs 3,569.63 crore for the financial year 2024-25. At the current valuations, A-One Steels is commanding a market capitalization little more than Rs 3,125 crore.
A-One Steels has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of allocation. Retail investors have 35 per cent of the issue reserved for them. Last heard, A-One Steels was commanding a grey market premium of Rs 55-60 apeice, suggesting a 12-14 per cent listing pop for the investors.
PL Capital and Khambatta Securities are the book running lead managers of the A-One Steels IPO and Bigshare Services is the registrar of the issue. Shares of the company shall be listed on both NSE and BSE Ltd on Thursday, October 1. Here's what the brokerage firms have to say about the IPO of A-One Steels:
SBI Securities Rating: Subscribe for long-term A-One Steels delivered revenue, EBITDA and adjusted PAT CAGR of 4 per cent, 29.3 per cent and 80.9 per cent, respectively, over the FY24–FY26 period, underpinned by volume growth in TMT bars and pipes & tubes along with backward integration initiatives. It is valued at a post-issue Adjusted P/E and EV/EBITDA multiple of 24.7x and 12.9x, respectively, said SBI Securities.
"Growth is expected to be supported by the commissioning of a 6,00,000 MTPA iron ore beneficiation plant, operationalization of a 10 MW waste heat recovery boiler power plant, and logistics efficiencies from a dedicated railway siding at Koppal which will support margin expansion. The proposed debt repayment will aid in savings of finance costs," it said with a 'subscribe for long-term' tag.
BP Equities Rating: Subscribe Considering A-One Steels integrated operations, improving profitability, reduction in leverage and planned capacity and backward-integration initiatives, the current multiples provide scope for earnings growth to be reflected in the company's valuation, said BP Equities. "We recommend 'subscribe' rating but one should consider the cyclical nature of the steel industry and raw material price volatility."
Swastika Investmart Rating: Subscribe A-One Steels EBITDA margin improved sharply to 7.29 per cent in FY26, while PAT increased to Rs 127.4 crore, reflecting a significant improvement in profitability. At 24.55 times post-issue FY26 P/E, the valuation is below some of the disclosed listed peers, but the premium still needs to be supported by sustained margins and earnings growth in a cyclical steel business, said Swastika Investmart.
"It is valued at an EV/EBITDA of nearly 13.55 times. This places A-One Steels roughly in line with industry average. One can apply for investors with a 2–3 year horizon. The combination of FY26 earnings recovery, manufacturing scale and planned debt reduction makes the IPO fundamentally interesting, but shall not not treat it as a low-risk listing-gain IPO," it added.
Marwadi Financial Services Rating: Subscribe "We assign an 'subscribe' rating to this IPO as the company is a backward integrated steel products manufacturer in southern India with a diversified product portfolio. Also it is available at a reasonable valuation as compared to its peers," said Marwadi Financial Services.
The initial public offering (IPO) of A-One Steels kicks-off for bidding on Thursday, September 24. The financial services company shall be offering its shares in the range of Rs 385-405 apiece and investors can apply for a minimum of 37 equity shares and its multiples thereafter. The issue will close for subscription on Monday, September 28.
A-One Steels is eyeing to raise a total of Rs 405 crore via its IPO, which includes a fresh share sale of Rs 355 crore and an offer-for-sale (OFS) of up to 12,34,567 crore equity shares worth Rs 50 crore by its promoters. Net proceeds from the fresh issue shall be utilized towards repayment of debt and general corporate purposes.
Incorporated in 2012, New-Delhi-based A-One Steels India 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. It manufactures HR and CR coils from MS billets, which are then converted into HR pipes, CR pipes, and galvanized tubes.
Ahead of its IPO, A-One Steels raised Rs 120.9 crore 11 anchor investors as it allocated 29,85,160 crore equity shares at Rs 405 per share. Investors likes LRSD Securities, Morgan Stanley Asia (Singapore), Vikasa India EIF, SB Opportunities Fund II, Venus Investments VCC, Ashika Global Finance, Taurus Mutual Funds and more.
A-One Steels reported a net profit at Rs 127.41 crore with a revenue of Rs 4,202.05 crore for the financial year ended on March 31, 2026. The company clocked a net profit at Rs 7.71 crore with a revenue of Rs 3,569.63 crore for the financial year 2024-25. At the current valuations, A-One Steels is commanding a market capitalization little more than Rs 3,125 crore.
A-One Steels has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of allocation. Retail investors have 35 per cent of the issue reserved for them. Last heard, A-One Steels was commanding a grey market premium of Rs 55-60 apeice, suggesting a 12-14 per cent listing pop for the investors.
PL Capital and Khambatta Securities are the book running lead managers of the A-One Steels IPO and Bigshare Services is the registrar of the issue. Shares of the company shall be listed on both NSE and BSE Ltd on Thursday, October 1. Here's what the brokerage firms have to say about the IPO of A-One Steels:
SBI Securities Rating: Subscribe for long-term A-One Steels delivered revenue, EBITDA and adjusted PAT CAGR of 4 per cent, 29.3 per cent and 80.9 per cent, respectively, over the FY24–FY26 period, underpinned by volume growth in TMT bars and pipes & tubes along with backward integration initiatives. It is valued at a post-issue Adjusted P/E and EV/EBITDA multiple of 24.7x and 12.9x, respectively, said SBI Securities.
"Growth is expected to be supported by the commissioning of a 6,00,000 MTPA iron ore beneficiation plant, operationalization of a 10 MW waste heat recovery boiler power plant, and logistics efficiencies from a dedicated railway siding at Koppal which will support margin expansion. The proposed debt repayment will aid in savings of finance costs," it said with a 'subscribe for long-term' tag.
BP Equities Rating: Subscribe Considering A-One Steels integrated operations, improving profitability, reduction in leverage and planned capacity and backward-integration initiatives, the current multiples provide scope for earnings growth to be reflected in the company's valuation, said BP Equities. "We recommend 'subscribe' rating but one should consider the cyclical nature of the steel industry and raw material price volatility."
Swastika Investmart Rating: Subscribe A-One Steels EBITDA margin improved sharply to 7.29 per cent in FY26, while PAT increased to Rs 127.4 crore, reflecting a significant improvement in profitability. At 24.55 times post-issue FY26 P/E, the valuation is below some of the disclosed listed peers, but the premium still needs to be supported by sustained margins and earnings growth in a cyclical steel business, said Swastika Investmart.
"It is valued at an EV/EBITDA of nearly 13.55 times. This places A-One Steels roughly in line with industry average. One can apply for investors with a 2–3 year horizon. The combination of FY26 earnings recovery, manufacturing scale and planned debt reduction makes the IPO fundamentally interesting, but shall not not treat it as a low-risk listing-gain IPO," it added.
Marwadi Financial Services Rating: Subscribe "We assign an 'subscribe' rating to this IPO as the company is a backward integrated steel products manufacturer in southern India with a diversified product portfolio. Also it is available at a reasonable valuation as compared to its peers," said Marwadi Financial Services.