A-One Steels India Sets Price Band at Rs 385-405 for Rs 405 Crore IPO

Bengaluru-headquartered integrated steel maker A-One Steels India Limited (ASIL) has finalized the price band for its forthcoming Initial Public Offering (IPO) at ₹385 to ₹405 per equity share, aiming to raise ₹405 crore from the capital markets.

The public subscription window will officially open on September 24, 2026, and conclude on September 28, 2026. Anchor investor bidding is slated to take place on September 23, 2026. Following the share allotment process, the company's equity shares will debut on both the BSE and the National Stock Exchange (NSE) on October 1, 2026.

Issue Structure and Use of Proceeds

The ₹405 crore public issue represents a downsized capital raise compared to the ₹650 crore initially proposed in the draft papers filed with market regulator SEBI.

Key components of the offering include:

• Fresh Issue: ₹355 crore worth of newly issued equity shares.
• Offer for Sale (OFS): ₹50 crore worth of shares offloaded by company promoters.
• Minimum Lot Size: 37 equity shares per bid (translating to a minimum application value of ₹14,985 at the upper price band).

From the fresh issue proceeds, the management has allocated ₹250 crore exclusively toward the prepayment or partial repayment of outstanding debt. The balance will be deployed toward general corporate purposes, bolstering the balance sheet and decreasing ongoing finance costs.

Financial Performance and Growth Drivers

A-One Steels India has recorded significant expansion in top-line and bottom-line figures:

• Revenue Growth: Revenue from operations advanced 17.1% to ₹4,148.57 crore in FY26, up from ₹3,541.78 crore in FY25.
• Surge in Net Profit: Profit after tax expanded sharply to ₹127.41 crore in FY26 compared to ₹7.71 crore in FY25.
• Manufacturing Base: As of March 31, 2026, the company commanded an aggregate installed manufacturing capacity of 17,33,100 metric tonnes per annum (MTPA).

Promoters Sandeep Kumar, Sunil Jalan, and Krishan Kumar Jalan attribute the margin improvement to strict backward integration across manufacturing facilities in Karnataka and Andhra Pradesh. The firm manufactures sponge iron, MS billets, and downstream steel products including TMT bars, hot-rolled (HR) and cold-rolled (CR) coils, structural pipes, and galvanized tubes, alongside industrial by-products such as metallurgical coke and ferroalloys.

Operational Efficiencies and Green Transition

A distinguishing feature cited by the company is its operational focus on sustainable energy. During FY26, green electricity accounted for 83.20% of the firm's total power consumption, totaling 5,007.53 lakh units.

Supported by 230 MW contracted through 10 solar and six wind long-term Power Purchase Agreements (PPAs), the green transition yielded energy savings of approximately ₹1.57 per unit. Additionally, the company implemented direct hot charging of billets, lowering reheating fuel expenditures and delivering an expansion in operating margins.

PL Capital Markets Private Limited and Khambatta Securities Limited serve as the book-running lead managers for the issue, with Bigshare Services Private Limited acting as the registrar.

Tags: A-One Steels India IPO BSE NSE Primary Market Metals & Mining