A-One Steels India shares made their debut on both BSE and NSE on Thursday, October 1, with strong market response. The stock opened at ₹462 on BSE, representing a 14.07% premium over the IPO price of ₹405, while on NSE, it opened at ₹455, translating to a 12.35% premium. This performance exceeded the grey market premium of ₹47 (11.6% over issue price) that was observed ahead of listing. The IPO was priced in the band of ₹385-₹405 per share with a lot size of 37 shares, requiring a minimum investment of ₹14,985 for retail investors at the upper price band. On the BSE, the stock has a market capitalisation of ₹3,336.54 crore post-listing. Investors who received the IPO allotment made ₹91,850 per lot, taking the value of their investment to ₹16,835 as per the listing price on NSE. At 11:32 AM, the stock was trading at ₹415.20, representing a 2.52% gain above the IPO price but 8.75% below its NSE listing price.
The A-One Steels India IPO received robust investor response with 12.23 times subscription by the close of bidding on September 28. According to latest NSE data, investors placed bids for around 8.57 crore shares against 73.85 lakh shares on offer. The non-institutional investor (NII) portion was subscribed 25.80 times, while the retail category received 9.11 times subscription. The qualified institutional buyers (QIBs) portion was subscribed 7.69 times. The employee portion saw 5.15 times subscription, while the retail portion received 9.11 times subscription. The IPO opened for subscription on September 24 and closed on September 28, with the price band fixed at ₹385-405 per share. Based on the grey market premium of ₹47, a retail investor could have made an estimated profit of ₹1,739. At the NSE listing price, investors who received shares in the IPO saw a gain of ₹50 per share, while on the BSE, the gain stood at ₹57 per share.
A-One Steels India, incorporated in 2012, is a vertically integrated steel manufacturer with operations spanning sponge iron, MS billets and finished steel products. The company reported consolidated revenue of ₹4,202 crore in FY26, representing an 18% year-on-year increase from ₹3,570 crore in FY25. Profit after tax (PAT) rose sharply by 1,552% to ₹127 crore in FY26 from ₹8 crore in FY25. Operating profit increased 74.4% to ₹303.64 crore from ₹174.06 crore, while operating profit margin improved to 7.3% from 4.9%. The company operates six manufacturing facilities across Karnataka and Andhra Pradesh with a combined capacity of around 17.33 lakh metric tonnes per annum, manufacturing long and flat steel products as well as industrial products used in steel manufacturing. In FY2026, 93.49% of revenue came from the domestic market and 6.51% from exports. The company is headquartered in Sahakarnagar, Bengaluru, Karnataka, and is involved in the production of long and flat steel products and other steel-related products, including TMT and pipes.
The ₹405-crore IPO comprises a fresh issue of ₹355 crore and an offer for sale of around ₹50 crore by promoters Sandeep Kumar, Krishnan Kumar Jalan and Sunil Jallan. Of the net proceeds, ₹250 crore will be utilised for pre-payment or partial repayment of certain outstanding borrowings, while the remaining funds will be used for general corporate purposes. The company's outstanding borrowings stood at ₹1,158.14 crore as of July 15, 2026. A-One Steels operates as a backward-integrated steel manufacturer with a portfolio spanning long and flat steel products, as well as industrial products such as met coke, silicon manganese and ferrosilicon. Its product portfolio includes sponge iron, mild steel (MS) billets, thermo-mechanically treated (TMT) bars, hot-rolled and cold-rolled coils, HR/CR pipes and galvanised tubes, catering to construction, infrastructure, automotive and power sectors. The company also uses solar and wind power and operates near iron ore sources and ports.
Ahead of the public issue, A-One Steels raised ₹120.9 crore from anchor investors on September 23, allotting 29.85 lakh shares to eight anchor investors at ₹405 apiece. LRSD Securities was the largest anchor investor, acquiring 7.01 lakh shares worth ₹28.39 crore, while Morgan Stanley bought 6.17 lakh shares for ₹25 crore and Longthrive Capital subscribed to 4.98 lakh shares worth ₹20 crore. The shares are scheduled to list on both NSE and BSE today, October 1, 2026 at 10 am. The company's shares are now trading on both exchanges with strong debut performance, reflecting positive investor sentiment towards the steel manufacturer's growth prospects. PL Capital Markets Pvt. Ltd. served as the book-running lead manager, while Bigshare Services Pvt. Ltd. was the registrar to the issue.
