A-ONE STEELS INDIA LTD IPO: Company Review, Subscription and Allotment Updates
2026-09-23 — Company overview and issue details A-ONE STEELS INDIA LTD IPO (ABOUT THE COMPANY) A-ONE STEELS INDIA LTD – COMPANY BACKGROUND A-One Steels India Ltd is a steel manufacturer with a portfolio of products that includes HR (hot…
2026-09-23 — Company overview and issue details
A-ONE STEELS INDIA LTD IPO (ABOUT THE COMPANY)
A-ONE STEELS INDIA LTD – COMPANY BACKGROUND
A-One Steels India Ltd is a steel manufacturer with a portfolio of products that includes HR (hot rolled) and CR (cold rolled) coils. It also makes downstream products like HR pipes, CR pipes, galvanized tubes and TMT bars. It is also backward integrated in that it is also into the manufacture of key inputs for the steel industry like met coke and silicon manganese. The company has a total of 6 manufacturing plants; of which 5 are located in Karnataka and one is in Hindupur in Andhra Pradesh. This gives them proximity to irone ore mines as well as access to major ports like Ennore, New Mangalore, and Goa. Its products find applications in industries like construction, power plants, infrastructure, dams, airports, bridges etc.
The promoters of A-One Steels India Ltd are Sandeep Kumar, Sunil Jallan, and Krishan Kumar Jalan. The IPO will be a combination of a fresh issue and an offer for sale (OFS). The fresh issue proceeds will be used for repayment and prepayment of loans taken by the company and for general corporate purposes. The OFS is entirely by the promoter shareholders. The issue is being lead-managed by PL Capital Markets, and Khambatta Securities; while Big Share Services Private Ltd is the IPO registrar.
HIGHLIGHTS OF THE IPO ISSUE OF A-ONE STEELS INDIA LTD
Here are the key highlights of the public issue of A-One Steels India Ltd.
The IPO is open from September 24th, 2026 to September 28th, 2026. It has a face value of ₹10 per share and the IPO price band has been fixed in the range of ₹385 to ₹405 per share.
The IPO of A-One Steels India Ltd will be a combination of a fresh issue of shares and an offer for sale (OFS) by the promoter shareholders.
The Fresh Issue portion of the IPO comprises the issue of 87,65,432 shares (87.65 lakh shares), which at the upper price band of ₹405 per share, translates into a fresh issue size of ₹355.00 crore.
The offer for sale (OFS) portion of the IPO comprises the sale of 12,34,567 shares (12.35 lakh shares), which at the upper price band of ₹405 per share, translates into an OFS size of ₹50.00 crore.
Therefore, the overall IPO will comprise of the fresh issue and the offer for sale of 99,99,999 shares (100.00 lakh shares), which at the upper price band of ₹405 per share translates into an overall issue size of ₹405.00 crore.
Due to dilutive impact of the fresh issue and the offer for sale (OFS) by promoters, the promoter stake in the company will reduce from 84.86% pre-IPO to 74.52% post-IPO.
The IPO of A-One Steels India Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened on September 23, 2026.
KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES
Here are the key dates pertaining to the IPO of A-One Steels India Ltd
| Event | Tentative Date |
|---|---|
| IPO Open Date | Thursday, 24 September, 2026 |
| IPO Close Date | Monday, 28 September, 2026 |
| Basis of Allotment | Tuesday, 29 September, 2026 |
| Initiation of Refunds to non-allottees | Wednesday, 30 September, 2026 |
| Credit of Shares to Demat | Wednesday, 30 September, 2026 |
| Listing Date on NSE and BSE | Thursday, 1 October, 2026 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Investor Category | Share Allocation | % Share |
|---|---|---|
| Reservation for Employees | 57,636 shares | 0.56% of total IPO size |
| Anchor Allocation | 29,85,160 shares | 28.79% of total IPO size |
| QIB Shares Offered | 20,93,531 shares | 20.19% of total IPO size |
| NII (HNI) Shares Offered | 15,70,130 shares | 15.14% of total IPO size |
| Retail Shares Offered | 36,63,637 shares | 35.33% of total IPO size |
| Total Shares Offered | 1,03,70,094 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.
Here is a quick look at the lot sizes applicable for the IPO of A-One Steels India Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 37 | ₹ 14,985 |
| Retail (Max) | 13 | 481 | ₹ 1,94,805 |
| S-HNI (Min) | 14 | 518 | ₹ 2,09,790 |
| S-HNI (Max) | 66 | 2,442 | ₹ 9,89,010 |
| B-HNI (Min) | 67 | 2,479 | ₹ 10,03,995 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 37 shares)
FINANCIAL HIGHLIGHTS OF A-ONE STEELS INDIA LTD
The table captures the key financials of A-One Steels India Ltd for last 3 financial years.
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Revenues (₹ in crore) | 4,202.05 | 3,569.63 | 3,862.44 |
| Sales Growth (%) | 17.72% | -7.58% | |
| Profit after Tax (₹ in crore) | 127.41 | 7.71 | 38.91 |
| PAT Margins (%) | 3.03% | 0.22% | 1.01% |
| Total Equity (₹ in crore) | 839.40 | 695.22 | 440.17 |
| Total Assets (₹ in crore) | 3,191.31 | 2,753.06 | 2,395.87 |
| Return on Equity (%) | 15.18% | 1.11% | 8.84% |
| Return on Assets (%) | 3.99% | 0.28% | 1.62% |
| Asset Turnover Ratio (X) | 1.32 | 1.30 | 1.61 |
| Earnings per share (₹) | 18.47 | 1.28 | 6.56 |
| EBITDA (₹ in Crore) | 303.64 | 174.06 | 172.19 |
| EBITDA Margins (%) | 7.23% | 4.88% | 4.46% |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
Between FY24 and FY26, the net margins have improved from 1.01% to 3.03%, while the EBITDA margins have also grown from 4.46% to 7.23%. The PAT margins have been fairly low for the steel industry. That is more due to the overhang of debt, which is what the company is now trying to reduce through the IPO proceeds.
VALUATION METRICS OF A-ONE STEELS INDIA LTD IPO
At the IPO price of ₹405 (upper band), the stock gets discounted at a P/E ratio of 22.0X, based on the latest FY26 EPS of ₹18.47. If one were to other similar companies in the peer group, the company seems to be reasonably valued on the P/E barometer. However, the company could benefit from the substantially positive vibes that the steel industry is attracting, especially with the commodity rally globally.
Apart from the financial numbers, there are also some other areas where A-One Steels India Ltd has an edge. Firstly, the backward integration gives them a cost advantage. Also, the location offers proximity to the sources of iron ore and also to the last mile delivery to ports. While debt has been an issue, the debt equity ratio has come down from 2.3X to 1.3X and the IPO money should reduce it further. It can be a good choice for the patient investors.
2026-09-23 — Anchor allocation
A-ONE STEELS LTD IPO (ANCHOR ALLOCATION 28.79%)
BRIEF ON ANCHOR ALLOCATION OF A-ONE STEELS LTD
The anchor issue of A-One Steels Ltd saw a strong response on 23rd September 2026 with 28.79% of the IPO size absorbed by anchors. Out of 1,03,70,094 shares (103.70 lakh shares) on offer in the IPO; anchors picked up 29,85,160 shares (29.85 lakh shares) accounting for 28.79% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹405 per share. This includes the face value of ₹10 per share plus a share premium of ₹395 per share. The anchor bidding opened and closed on 23rd September 2026.
KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS
Here are the key details pertaining to the anchor bidding of A-One Steels Ltd
| Bid Date | September 23, 2026 |
|---|---|
| Shares Offered | 29,85,160 shares |
| Anchor Portion Size (₹ in crore) | ₹120.90 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | Oct 28, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Dec 27, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
MAJOR ANCHOR ALLOCATION INVESTORS IN A-ONE STEELS LTD
On 23rd September 2026, A-One Steels Ltd allotted 29,58,160 shares to a total of 11 anchor investors. The allocation was done at the upper IPO price band of ₹405 per share which resulted in overall anchor allocation of ₹120.90 crore. The anchors have already absorbed 28.79% of the total issue size of ₹419.99 crore, after factoring in the employee discount offered in the IPO, if any.
Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹120.86 crores, or, 99.97% of the overall anchor allocation of shares, one trading day ahead of the IPO of A-One Steels Ltd. The individual anchor allocation of top-10 investors is indexed descending on the number of shares allotted.
| Anchor Investors | No. of Shares | % of Anchor Portion | Value Allocated | |
|---|---|---|---|---|
| 01 | LSRD Securities Private Ltd | 7,01,124 | 23.49% | ₹ 28.40 |
| 02 | Morgan Stanley Asia Singapore | 6,17,308 | 20.68% | ₹ 25.00 |
| 03 | Longthrive Capital VCC - Trendview | 4,93,839 | 16.54% | ₹ 20.00 |
| 04 | Vikasa India EIF Fund | 3,08,617 | 10.34% | ₹ 12.50 |
| 05 | SB Opportunities Fund II | 2,46,938 | 8.27% | ₹ 10.00 |
| 06 | Venus Investments - Stellar Fund | 2,46,938 | 8.27% | ₹ 10.00 |
| 07 | Ashika Global Finance Private Ltd | 2,46,938 | 8.27% | ₹ 10.00 |
| 08 | Tarus Flexi-Cap Fund | 86,401 | 2.89% | ₹ 3.50 |
| 09 | Taurus ELSS Tax Saver Fund | 24,698 | 0.83% | ₹ 1.00 |
| 10 | Taurus Mid-Cap Fund | 11,489 | 0.38% | ₹ 0.47 |
| Grand Total | 29,84,290 | 99.97% | ₹ 120.86 |
Data Source: BSE Filings (Value Allocated is ₹ in Crore)
The detailed and comprehensive report on the anchor allocation, with the mutual fund portion segregated, can be accessed on BSE by clicking on the link below.
Out of the 29,85,160 shares allocated to the anchors in the IPO, there was an allocation of 1,23,458 shares made to mutual funds regulated by SEBI. This anchor allocation to mutual funds was spread across 4 MF schemes of 1 asset management company (AMC). Mutual funds accounted for 4.14% of the overall anchor allocation.
Out of the 29,85,160 shares allocated to the anchors in the IPO, there was no allocation of shares made to life insurance companies regulated by IRDAI.
The remaining anchor allocation was spread across FPIs, NBFCs, and alternate investment funds (AIFs).
NEXT STEPS IN A-ONE STEELS LTD IPO
Post the closure of the IPO subscription on 28th September 2026, the basis of allotment will be finalized on 29th September 2026 and the refunds will be initiated on 30th September 2026. In addition, the demat credits are expected to also happen on 30th September 2026 and the stock will list on 01st October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 22nd September 2026 under ISIN (INE0OTC01025).
2026-09-28 — Day-3 subscription update
A-One Steels Ltd (Day-3 Final Subscription at 11.61 times)
A-ONE STEELS LTD - IPO SUBSCRIPTION STATUS ON DAY-3
As of 7.10 pm on 28th September 2026, out of the 73.85 lakh shares on offer in the IPO (excluding anchor portion), A-One Steels Ltd saw bids for 857.03 lakh shares. This implies an overall subscription of 11.61X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of A-One Steels Ltd was as under:
| Employees (4.87X) | QIBs (7.30X) | HNI / NII (24.51X) | Retail (8.64X) |
|---|
The subscriptions were led by the HNI / NII Investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. That was the case in this IPO too. Both, the QIB portion and the HNI / NII portion saw bulk of the institutional, corporate and funded subscriptions come in on the last day of the IPO, although the overall QIB subscription was modest. The company had seen strong anchor participation a day ahead of the IPO opening with 28.79% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 29,85,160 | 29,85,160 | 120.90 |
| Employee Quota | 4.87 | 57,636 | 2,80,867 | 11.38 |
| QIB Investors | 7.30 | 20,93,531 | 1,52,92,803 | 619.36 |
| HNIs / NIIs | 24.51 | 15,70,130 | 3,84,82,886 | 1,558.56 |
| Retail Investors | 8.64 | 36,63,637 | 3,16,46,433 | 1,281.68 |
| Total | 11.61 | 73,84,934 | 8,57,02,989 | 3,470.97 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO of A-One Steels Ltd was open up to September 28, 2026, and has closed for subscription as of the close of trading hours on September 28, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹3,591.87 crore.
NEXT STEPS IN THE A-ONE STEELS LTD IPO
Post the closure of the IPO subscription on 28th September 2026, the basis of allotment will be finalized on 29th September 2026 and the refunds will be initiated on 30th September 2026. In addition, the demat credits are expected to also happen on 30th September 2026 and the stock will list on 01st October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 22nd September 2026 under ISIN (INE0OTC01025).
2026-09-28 — Allotment guidance and next steps
A-One Steels India Ltd IPO (How to check allotment status)
ABOUT THE A-ONE STEELS INDIA LTD IPO
The IPO of A-One Steels India Ltd opened for subscription on September 24th, 2026 and closed on September 28th, 2026. The overall IPO comprised of a fresh issue of shares and an offer for sale (OFS) of 1,03,70,094 shares (103.70 lakh shares) worth ₹419.99 crore at the upper band price of ₹405 per share. The allotment status will be finalized by end of day (EOD) of September 29th, 2026. Here is how to check your allotment status for the IPO of A-One Steels India Ltd. You can check IPO status on BSE or NSE or IPO Registrar (Bigshare Services Private Ltd) website.
CHECKING ALLOTMENT STATUS OF A-ONE STEELS INDIA LTD IPO ON BSE WEBSITE
This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.
https://www.bseindia.com/investors/appli_check.aspx
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity Option
Under Issue Name – Select A-One Steels India Ltd from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip or
Enter your PAN (10-digit alphanumeric) number
Once this is done, you need to click on the Captcha to verify you are not a robot
Finally click on the Search Button
You can use either of the parameters to query; Application / CAF number or Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of A-One Steels India Ltd allotted into your demat account. You can save a screenshot of the allotment status output for verifying with demat account credits.
CHECKING ALLOTMENT STATUS OF A-ONE STEELS INDIA LTD IPO ON NSE WEBSITE
This is a common link for all IPOs. Click on NSE link for IPO allotment as below.
https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity & SME IPO Details Option
Under SELECT SYMBOL – Select AONESTEELS from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip and
Enter your PAN (10-digit alphanumeric) number
Once both are entered, click on the Submit Button
You must input both data points; the Application / CAF number and the Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of A-One Steels India Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF A-ONE STEELS INDIA LTD ON BIGSHARE SERVICES PRIVATE LIMITED (REGISTRAR TO THE IPO)
Here are the steps to follow. Visit the Bigshare Services Private Ltd registrar website for IPO status by clicking on the link below:
https://ipo.bigshareonline.com/IPO_Status.html
Here you are given the choice to select 3 servers viz. Server 1, Server 2, and Server 3. There is nothing to be confused, as these are server backups in case one server is experiencing too much traffic, you can select another server and try again. There will be no output difference, whichever server you select.
This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select A-One Steels India Ltd from the dropdown box. Once the company is selected from the dropdown box, you have 3 methods to check allotment status for the IPO.
Firstly, you can access with Application Number / CAF Number. Enter the Application / CAF number, enter the captcha, and then click on the search button.
Secondly, you can search by Beneficiary ID of your demat account. Remember that the NSDL string is alphanumeric while the CDSL string is numeric. Write it in once single string in the box. Then enter the captcha and press the search button.
Thirdly, you can search by Income Tax PAN number. Once you select PAN from the dropdown menu, enter your 10-digit PAN number, enter the captcha code and then, click on the Search Button.
The IPO status with number of shares of A-One Steels India Ltd allotted will be displayed on the screen. You can save a screenshot of the screen for future reference
In case, you have any issues with the output, register an investor query with Bigshare Services India Private Ltd. You can either send an email with all requisite details and problem to info@bigshareonline.com or you can call on (+91)-22-6263-8200 for voice call.
NEXT STEPS IN THE A-ONE STEELS INDIA LTD IPO
Post the closure of the IPO subscription on 28th September 2026, the basis of allotment will be finalized on 29th September 2026 and the refunds will be initiated on 30th September 2026. In addition, the demat credits are expected to also happen on 30th September 2026 and the stock will list on 01st October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 30th September 2026 under ISIN (INE0OTC01025).
Interested in applying for this IPO?
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