Moneyview vs Orient Cables vs A-One Steels: Which IPO could give strong listing gains and long-term growth?

Three mainboard IPOs are competing for investor attention, but the grey market is already showing a clear pecking order. Moneyview is commanding a GMP of around 39%, Orient Cables is trading at a 29% premium, while A-One Steels is at about 10%. The gap in GMPs comes even as brokerages have recommended subscribing to all three issues.

According to analysts, Moneyview offers high growth in digital lending at a relatively moderate earnings multiple, Orient Cables is backed by strong structural demand but comes at a much richer valuation; A-One Steels is pitched primarily as a longer-term cyclical recovery and deleveraging play.

Moneyview IPO: Strong combination for growth and valuation upside


Moneyview's Rs 1,092 crore IPO comprises a fresh issue of Rs 750 crore and an offer for sale of around Rs 342 crore. The price band has been fixed at Rs 32-34 per share. The company plans to use the fresh proceeds largely to support lending under default-loss guarantee arrangements and strengthen the capital base of its NBFC subsidiary.

Also Read: IPO GMP Today Live Updates: Moneyview IPO subscribed over 25x on Day 3 so far; GMP at 35%. Check other detail


Among the three, Moneyview has drawn perhaps the strongest combination of growth and valuation arguments from brokerages.

BP Equities has a 'Subscribe' rating on the issue. The brokerage said Moneyview's revenue from operations grew at a 58% CAGR between FY24 and FY26 to Rs 3,351 crore. Adjusted for exceptional items, FY26 profit stood at Rs 396 crore. At the upper end of the band, BP Equities values the company at 21.7 times FY26 earnings, compared with a much higher average multiple for the peer set used in its report.

"Strong growth, scalable technology-led operations, improving customer retention and attractive relative valuation" support the issue price, BP Equities said.

Moneyview had 140.28 million registered users and 11.9 million monetised users as of June 2026, while managed assets stood at Rs 22,520 crore. Nearly 80% of monetised users were from Tier-II and smaller cities, giving the fintech significant exposure to what it calls "Middle India".

Anand Rathi has also recommended 'Subscribe – Long Term'. It values Moneyview at 24.7 times FY26 earnings, 1.79 times sales, 2.33 times book value and 2.9 times EV/EBITDA. The brokerage highlighted improving operating efficiency, with operating expenses as a percentage of income falling sharply over FY24-FY26, along with rising repeat AUM.

However, BP Equities flagged Moneyview's exposure to borrower defaults through DLG arrangements, dependence on lending partners and regulatory changes in digital lending. Its NBFC subsidiary also carries unsecured loans on its own balance sheet.

Orient Cables: Strong growth, but valuation leaves less room

Orient Cables' Rs 552 crore IPO has a price band of Rs 258-272 and consists of a Rs 320 crore fresh issue and Rs 232 crore OFS. The company plans to use the money for capex, repayment of borrowings and general corporate purposes.

The operating story is strong. Orient is among India's top four networking cable manufacturers, with market share rising from roughly 16% in FY22 to 22.9% in FY26. It has exposure to telecom, broadband, data centres, renewable energy, EVs and other connectivity applications.

Bajaj Broking has a 'Subscribe' call, citing data-centre expansion, 5G fibreisation, broadband demand and the company's diversification into higher-margin specialty products. But the valuation is far steeper: Bajaj values the issue at 57.8 times earnings and 34.4 times EV/EBITDA at the upper price band.

Canara Bank Securities is similarly positive on the long-term business, but its wording on valuation is telling. It said the stock appears "fully priced" at a P/E of 51.61 times even while retaining a 'Subscribe' recommendation for long-term investors.

The company also has concentration and balance-sheet considerations. Its top 10 customers contributed 76.5% of FY26 revenue and 84% in Q1FY27. Meanwhile, FY26 EBITDA margin slipped to 8.2% from 10.2% in FY25, ROCE declined to 23.8% from 36.5%, and net debt-to-EBITDA rose to 2.3 times.

A-One Steels: Cheaper, but brokerages stress the long-term case

A-One Steels is raising Rs 405 crore at Rs 385-405 per share, including a Rs 355 crore fresh issue and Rs 50 crore OFS.

Swastika Investmart has a 'Subscribe' rating, citing backward integration, manufacturing scale, debt reduction and a sharp FY26 profitability recovery. Revenue rose to Rs 4,202 crore in FY26, while PAT jumped to Rs 127.4 crore from Rs 7.7 crore in FY25. EBITDA margin improved to 7.29% from 4.91%.

At around 24.55 times post-issue FY26 earnings and 13.55 times EV/EBITDA, the valuation is far below Orient Cables' headline multiple. Swastika, however, is explicitly looking beyond listing day.

"Apply for investors with a 2–3+ year horizon," the brokerage said, adding that it would "not treat it as a low-risk listing-gain IPO."

Steel cyclicality, weak cash-flow conversion, raw-material volatility and the company's dependence on Karnataka for nearly 55% of FY26 revenue are among the risks highlighted in the report.

Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘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 disclosures here