A-One Steels India IPO Subscribed 3x on Final Day as Grey Market Premium Holds at 14%

The initial public offering (IPO) of Bengaluru-headquartered backward-integrated steelmaker A-One Steels India Limited received bids exceeding three times the shares on offer on Monday, September 28, 2026, marking a steady pickup in participation on the final day of bidding.

The ₹405-crore public offer, which opened for subscription on September 24, had seen a measured start with 0.58 times booking on Day 1 and 1.43 times by the end of Day 2. The momentum accelerated notably on Day 3, driven primarily by high-net-worth individuals (HNIs) and retail individual investors bidding aggressively to corner allotments.

Subscription Highlights and Category Breakdown

The issue witnessed diverse bidding patterns across investor categories during the three-day window:

• Non-Institutional Investors (NII): High-net-worth bidders led the subscription tables, with the quota subscribed multiple times over by the afternoon of the final day. Both the big HNI (bHNI) and small HNI (sHNI) segments experienced solid demand.
• Retail Individual Investors (RII): The retail quota witnessed consistent interest throughout the issue, comfortably sailing past full subscription to reach well over 3 times.
• Qualified Institutional Buyers (QIB): Institutional participation followed the standard market pattern, gathering bids during the second half of the closing day after the anchor allocation had previously secured institutional commitments.

Prior to the issue's opening, A-One Steels India successfully allocated 29,85,160 equity shares to anchor investors at the upper price band of ₹405 per share, garnering approximately ₹120.90 crore.

Issue Structure and Financial Details

The public offer comprises a fresh issuance of equity shares worth up to ₹355 crore and an Offer for Sale (OFS) of up to ₹50 crore by promoters Sandeep Kumar, Sunil Jallan, and Krishan K Jalan. The price band was fixed at ₹385 to ₹405 per share, with a lot size of 37 shares, requiring a minimum retail commitment of ₹14,985 at the cut-off price.

Key Objectives and Debt Reduction Plan:

• The company has earmarked ₹250 crore from the net fresh issue proceeds to prepay or repay outstanding borrowings.
• The remaining capital will be deployed towards general corporate purposes.
• The targeted debt reduction is poised to lower borrowing costs, as total borrowings stood at ₹1,158.14 crore as of July 2026.

On the financial front, A-One Steels reported an 18% increase in revenue to over ₹4,148 crore in FY26. Operating efficiency improvements and volume gains drove a rebound in profitability, with profit after tax (PAT) surging to ₹127.41 crore in FY26 compared to ₹7.71 crore in FY25.

Grey Market Premium and Key Timelines

In the unlisted market, shares of A-One Steels India were trading at a grey market premium (GMP) of approximately ₹56 per share, signaling a listing premium of nearly 14% over the cap price of ₹405. This implies an estimated debut price near ₹461 per share, provided market conditions hold stable until listing day.

Upcoming Milestones:

• Basis of Allotment: Tuesday, September 29, 2026
• Initiation of Refunds & Demat Credit: Wednesday, September 30, 2026
• Tentative Listing Date: Thursday, October 1, 2026, on both the BSE and the National Stock Exchange (NSE)

PL Capital Markets Private Limited and Khambatta Securities Limited are acting as the book-running lead managers to the issue, while Bigshare Services Private Limited serves as the registrar.

Tags: A-One Steels India IPO BSE NSE SEBI Steel Sector