Strong IPO Subscription
A-One Steels IPO Closes With 11.6x Subscription Ahead of October Listing
Anonymous
A-One Steels India’s ₹405 crore IPO closed on September 28 with about 11.6 times subscription. Non-institutional investors bid 24.51 times their allocation, retail investors 8.64 times and institutional buyers 7.30 times. The offering comprised a ₹355 crore fresh issue and a ₹50 crore offer for sale; the company plans to use ₹250 crore of fresh-issue proceeds to repay debt and the remainder for general corporate purposes. Allotment was expected on September 29, with listing scheduled for October 1.
Key Points
1
A-One Steels raised ₹120.9 crore from anchor investors before the IPO opened, allotting 29.85 lakh shares to eight investors at the upper price of ₹405. LRSD Securities was the biggest participant, investing ₹28.39 crore; Morgan Stanley invested ₹25 crore and Longthrive Capital ₹20 crore.
2
The IPO price band was ₹385–₹405 per share, with a minimum lot of 37 shares, requiring a retail investor to invest at least ₹14,985 at the upper band. Eligible employees were offered a ₹38-per-share discount.
3
A-One Steels is a Bengaluru-headquartered vertically integrated steel maker whose product range spans sponge iron, billets, TMT bars, coils, pipes and galvanised products; it also makes met coke and ferro alloys. Its facilities operate across Karnataka and Andhra Pradesh.
4
At the upper IPO price, the company’s FY26 price-to-earnings multiple was estimated at 21.92, below the industry peer-group average of 45.20, according to the IPO details reported by Economic Times.
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