A-One Steels India IPO
IPO Details
Bidding Dates
24 Sep '26 - 28 Sep '26
Minimum Investment
₹14,985/1 lot (37 shares)
Price Range
₹385 - ₹405
Maximum Investment
₹1,94,805/13 lots (481 shares)
Retail Discount
N.A.
Issue Size
₹405 Cr
Investor category and sub category
Qualified Institutional Buyers (QIB) | Retail Individual Investors (RII) | Non-institutional Investors (NII)A-One Steels India IPO Important Dates
Important dates with respect to IPO allotment and listing
IPO Opening Date
24 Sept '26
IPO Closing Date
28 Sept '26
Basis of Allotment
29 Sept '26
Initiation of Refunds
30 Sept '26
IPO Listing Date
01 Oct '26
About A-One Steels India IPO
A-One Steels India Limited IPO is a book-built issue comprising a fresh issue of 87,65,432 equity shares aggregating up to ₹355.00 Cr and an offer for sale (OFS) of 12,34,567 equity shares aggregating up to ₹50 Cr, for a total issue size of ₹405 Cr.
The IPO will open for subscription on September 24, 2026, and close on September 28, 2026. The equity shares are proposed to be listed on BSE and NSE, with BSE being the designated stock exchange.
The face value of the equity shares is ₹10 each, with the price band set at ₹385 to ₹405 per share and a minimum bid lot size of 37 shares aggregating up to ₹14,985 at the upper price band for retail individual investors.
PL Capital Markets Private Limited and Khambatta Securities Limited are the book running lead managers, while Bigshare Services Private Limited is the registrar to the offer.
About A-One Steels India Limited
Incorporated on April 9, 2012, A-One Steels India Limited is a Bengaluru, Karnataka-headquartered company specializing in the manufacture of steel and related industrial products, including long steel, flat steel, sponge iron, MS billets, TMT bars, and pipes. The company's core operations involve the production of intermediate and finished steel products, serving institutional and industrial clients across construction, infrastructure, power, and manufacturing sectors.
A-One Steels India Limited executes its operations utilising an integrated manufacturing model anchored primarily around its facilities located across Karnataka and Andhra Pradesh. As of June 30, 2026, the company has a workforce of 1,377 permanent employees.
Industry Outlook
India's real GDP growth is projected to moderate to 6.6% in fiscal 2027 from 7.7% in fiscal 2026, weighed down by higher crude oil and commodity prices, softer global growth, and a high base effect, though domestic demand will continue to support resilience.
The manufacturing Gross Value Added (GVA) expanded by 9.3% in fiscal 2025 and 10.7% in fiscal 2026, driven by government initiatives like Atmanirbhar Bharat and capacity additions.
Measures such as income tax rationalization and GST adjustments are expected to boost consumer demand across categories like automobiles, consumer durables, and FMCG.
Domestic finished steel demand grew at a robust CAGR of 11.6% between fiscals 2021 and 2026, supported by heavy government infrastructure spending and post-pandemic recovery.
Finished steel demand is expected to grow at a CAGR of 6.5% to 8.5% between fiscals 2027 and 2031.
Flat steel demand is forecast to increase by 6% to 8% year-on-year, while long steel demand is projected to rise by 4% to 6% year-on-year.
Infrastructure investments are expected to drive growth of 5% to 7% in fiscal 2027 and a medium-term growth of 8% to 10% over the next five years, with infrastructure capex scaling 1.4 to 1.6 times over fiscals 2027–2031
Driven by government infrastructure outlays, water supply investments, and rising logistics/warehouse demand, the steel pipe market is expected to grow significantly, registering a 7% to 9% increase in fiscal 2027 and sustaining a CAGR of 6% to 8% over the next five years.
A-One Steels India IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
Towards repayment or prepayment, in part or full settlement of certain outstanding borrowings availed by the Company.
To meet general corporate expenses and fulfil regular business requirements.
Financial Performance of A-One Steels India Limited
Particulars | FY26 (Mar 31, 2026) | FY25 | FY24 |
Revenue from operations (₹ Cr) | 4,148.57 | 3,541.78 | 3,834.21 |
EBITDA (₹ Cr) | 303.64 | 174.06 | 172.19 |
EBITDA Margin (%) | 7.29% | 4.91% | 4.49% |
PAT (₹ Cr) | 127.41 | 7.71 | 38.91 |
PAT Margin (%) | 3.06% | 0.22% | 1.01% |
Net Worth / Total Equity (₹ Cr) | 819.52 | 676.63 | 421.79 |
RoNW / RoE (%) | 15.43% | 1.25% | 9.23% |
RoCE (%) | 12.86% | 7.03% | 8.67% |
A-One Steels India Limited Peer Details Comparison
Company Name | Total Income / Revenue (₹ Cr) | Basic EPS (₹) | RoNW / RoE (%) | NAV per share (₹) |
A-One Steels India Limited | 4,202.05 | 18.47 | 15.43% | 119.93 |
MSP Steel and Power Limited | 2,846.04 | 0.60 | N.A | 18.18 |
Jai Balaji Industries Ltd. | 5,820.59 | 1.42 | N.A | 24.75 |
Shyam Metallics and Energy Ltd. | 18,755.82 | 38.10 | 10.10% | 412.81 |
Strengths and Opportunities of A-One Steels India IPO
The company operates an integrated manufacturing model spanning from raw materials (sponge iron) to intermediate products (MS billets) and finished steel products (TMT bars, HR/CR coils, HR/CR/GP pipes, met coke, and ferro alloys).
The product mix mitigates single-category dependency. In Fiscal 2026, TMT bars contributed 29.00%, pipes and tubes contributed 21.70%, and sponge iron contributed 10.91% of the Revenue from Operations.
Manufacturing units in Bellary and Koppal are situated within a 100 km radius of rich mineral belts in Karnataka, ensuring reliable access to iron ore and iron ore fines, minimizing freight expenses, and driving cost efficiencies.
The company distributes products through a diversified sales mix comprising direct retail channels, authorized distributors, and institutional customers.
It maintains a loyal customer base: out of 1,335 total customers served in Fiscal 2026, 724 customers (54.23%) were repeat customers, generating ₹1,66,506.67 lakhs in revenue.
First-generation promoters have led the company since its inception in Fiscal 2009, bringing over 17 years of industry experience.
Strategic focus on expanding product specifications to address rising demand across sectors such as automotive, infrastructure, engineering, and consumer durables.
Continuous efforts to deepen backward integration capabilities (such as iron ore processing and raw material sourcing) to reduce external dependencies, protect operating margins, and insulate against supply chain volatility.
Risks and Threats of A-One Steels India IPO
The company's profitability has experienced significant volatility. Profit After Tax (PAT) stood at ₹3,891.37 lakhs in Fiscal 2024, declined to ₹2,771.05 lakhs in Fiscal 2025, and subsequently increased to ₹12,740.82 lakhs in Fiscal 2026. Corresponding PAT margins were 1.01%, 0.22%, and 3.06% across the respective periods.
The cost of raw materials consumed constituted 88.53%, 86.22%, and 84.05% of Revenue from Operations in Fiscals 2024, 2025, and 2026, respectively. Any inability to pass on input cost increases to customers can compress operating margins.
The state of Karnataka contributed 50.31%, 57.20%, and 54.86% of Revenue from Operations in Fiscals 2024, 2025, and 2026, respectively. Additionally, 5 out of 6 manufacturing facilities are located in Karnataka, exposing operations to regional disruptions.
Trade receivables and inventories formed 65.11%, 67.54%, and 70.25% of total current assets as of March 31, 2024, 2025, and 2026, respectively. Trade receivables increased significantly from ₹43,757.22 lakhs in Fiscal 2025 to ₹66,445.71 lakhs in Fiscal 2026.
The company, its directors, and promoters have faced penalties and show-cause notices from the Registrar of Companies (RoC), Regional Director (RD), and SEBI in past fiscal years for non-compliance under the Companies Act and SEBI regulations.
Certain manufacturing lines operated below full capacity due to technical ramp-ups, power availability, or equipment breakdowns (e.g., TMT bars at Hindupur at 60.39% and GP Pipes at Bellary Facility II at 67.00% utilization in Fiscal 2026).
A-One Steels India IPO Reservation
Investor Category | Shares Offered utilisation |
Qualified Institutional Buyer (QIB) | Not more than 50% of the Net Issue |
Retail Shares Offered | Not less than 35% of the Net Issue |
NII Shares Offered | Not less than 15% of the Net Issue |
A-One Steels India IPO Promoter Holding
The promoters of the company are Sandeep Kumar, Sunil Jallan and Krishnan Kumar Jalan.
Share Holding Pre-Issue | 85.86% |
Share Holding Post Issue | 74.52% |
A-One Steels India IPO Prospectus
A-One Steels India IPO Registrar and Lead Managers
A-One Steels India IPO Lead Managers
PL Capital Markets Private Limited
Khambatta Securities Limited
Registrar for A-One Steels India IPO
Bigshare Services Private Limited
Contact Number: +91 22 6263 8200
Email Address: ipo@bigshareonline.com
How To Apply for A-One Steels India IPO Online?
Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
Locate the IPO Section: Navigate to the 'IPO' section on the platform.
Select IPO: Find and select the A-One Steels India IPO from the list of open IPOs.
Enter the Lot Size: Specify the number of lots you want to bid for.
Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of the A-One Steels India IPO?
Steps to check IPO allotment status on Angel One’s app:
Log in to the Angel One app.
Go to the IPO Section and then to IPO Orders.
Select the individual IPO that you had applied for and check the allotment status.
Angel One will notify you of your IPO allotment status via push notification and email.
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Contact Details of A-One Steels India IPO
Registered Office: A One House, No. 326, CQAL Layout Ward No. 08, Sahakarnagar Bangalore – 560 092, Karnataka, India
Phone: +91 80456 46000
E-mail: legal@aonesteelgroup.com
- How to Apply in IPO
- How to Check IPO Allotment Status
Login to Angel One App / Website & click on IPO
Select desired IPO & tap on "Apply"
Enter UPI ID, set quantity/price & submit
Accept mandate on the UPI app to complete the process
A-One Steels India IPO FAQs
What minimum lot size can retail investors subscribe to?
Retail investors can apply for a minimum of one lot, comprising 37 equity shares. At the price range of ₹385 to ₹405 per share, the minimum investment required is ₹14,985.
When will the A-One Steels India IPO be allotted?
The basis of allotment date for A-One Steels India is expected to be finalised on September 29, 2026.
How to increase your chances of getting a A-One Steels India IPO allotment?
Multiple Submissions: Use different Demat accounts belonging to different eligible applicants to make separate applications.
Price Bidding: Opt for bidding at the cut-off price or the upper price band to avoid the application being rejected due to a lower bid.
Timely Subscription: Ensure you submit your IPO application within the specified subscription period and complete the required application process before the deadline.
Application Details: Check your PAN, Demat account, bank account and UPI details carefully before submitting the application to avoid rejection due to errors.
How do I approve the UPI mandate request for the A-One Steels India IPO?
After submitting your IPO application, you will receive a UPI mandate request in your chosen UPI app. Review the details and approve the mandate before the specified deadline to complete your application.
Can I submit more than one application for the public issue of A-One Steels India Limited using one PAN?
No, you should not submit multiple IPO applications using the same PAN under the same investor category. Multiple applications with the same PAN may be rejected as invalid during the allotment process.
What is 'pre-apply' for A-One Steels India Limited IPO?
Pre-apply allows investors to submit their IPO application before the public issue officially opens for subscription. The application is saved in advance and is processed when the IPO opens.
If I pre-apply for the A-One Steels India Limited IPO, when will my order get placed?
Pre-apply allows investors to apply for the A-One Steels India Limited IPO two days before the subscription period opens on Sep 24, 2026, ensuring an early submission of your application.
When will I know if my A-One Steels India Limited IPO order is placed?
You will receive a confirmation once your IPO order has been successfully placed on the exchange. You will also receive notifications through your email and SMS.
Where is the A-One Steels India Limited IPO getting listed?
The A-One Steels India Limited IPO is proposed to be listed on BSE and NSE platforms. The listing date is October 1, 2026.
