A-One Steels IPO Day 2: Check subscription status, latest GMP, reviews, other key details

A-One Steels IPO enters its second day of subscription today, September 25, giving investors another day to place their bids. Meanwhile, the company’s unlisted shares are commanding a 12% premium in the grey market, with the latest grey market premium (GMP) at Rs 50. At the current GMP, the estimated listing price works out to Rs 455 per share, compared with the IPO’s upper price band of Rs 405.

The Rs 405 crore public issue is a book-built IPO comprising a fresh issue of 87.65 lakh shares worth Rs 355 crore and an offer for sale (OFS) of 12.35 lakh shares aggregating to Rs 50 crore.

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A-One Steels IPO subscription status

The public issue received a moderate response from investors on the first day of bidding, with the IPO subscribed 55% overall, according to NSE data.

Investors bid for 42,51,818 shares against 73,84,934 shares on offer.

Non-Institutional Investors (NIIs) and Retail Individual Investors (RIIs) each subscribed to 77% of their respective reserved quotas.

Qualified Institutional Buyers (QIBs), meanwhile, bid for 1,91,697 shares against 20,93,531 shares reserved for the category.

The IPO will remain open for subscription until September 28, 2026. The basis of allotment is expected to be finalised on September 29, while the shares are proposed to list on both the NSE and BSE on October 1, 2026, subject to applicable approvals and timelines.

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A-One Steels IPO price band, lot size

The IPO price band has been fixed at Rs 385-Rs 405 per share, with a lot size of 37 shares. At the upper price band, retail investors will need to invest a minimum of Rs 14,985 for one lot.

The floor price is 38.5 times the face value, while the cap price is 40.5 times the face value. Each equity share has a face value of Rs 10. Investors can bid for a minimum of 37 shares and in multiples of 37 thereafter.

Based on diluted FY26 earnings per share (EPS), the company’s price-to-earnings (P/E) ratio stands at 20.84 times at Rs 385 and 21.92 times at Rs 405. The average P/E ratio of the company’s industry peer group for FY26 stands at 45.20 times.

Eligible employees applying under the employee reservation portion will receive a discount of Rs 38 per equity share.

A-One Steels IPO GMP today

The A-One Steels IPO grey market premium (GMP) stands at Rs 50, representing a premium of around 12% over the upper price band of Rs 405 per share.

Based on the current GMP, the estimated listing price works out to Rs 455 per share.

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However, the grey market premium is an unofficial indicator and is not part of the formal IPO price discovery process. GMP can fluctuate before listing and does not guarantee the actual listing price or returns.

A-One Steels IPO: Objects of the issue

A-One Steels India Ltd plans to use the net proceeds from the IPO primarily for the pre-payment or partial repayment of certain outstanding borrowings, with an estimated allocation of Rs 250 crore.

Any remaining proceeds will be used for general corporate purposes, subject to applicable laws and regulations.

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A-One Steels financial performance

A-One Steels India Ltd reported an 18% increase in total income, which rose from Rs 3,570 crore in FY25 to Rs 4,202 crore in FY26.

The company’s profit after tax (PAT) increased 1,552% to Rs 127 crore in FY26, compared with Rs 8 crore in FY25.

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A-One Steels IPO: Lead managers and registrar

PL Capital Markets Pvt. Ltd. and Khambatta Securities Ltd. are the book-running lead managers for the issue, while Bigshare Services Pvt. Ltd. is the registrar.

About A-One Steels India Ltd

Incorporated in 2012, A-One Steels India Ltd. is a backward-integrated steel manufacturer with a diversified portfolio of long and flat steel products, as well as industrial products such as met coke, silicon manganese and ferrosilicon.

The company manufactures sponge iron, MS billets, TMT bars, HR/CR coils, HR/CR pipes and galvanised tubes, catering to sectors including construction, infrastructure, automotive, power and other industries.

A-One Steels operates six manufacturing facilities across Karnataka and Andhra Pradesh, with locations positioned close to iron ore sources and major ports to support raw material sourcing and product transportation.

Disclosure: This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here