A-One Steels IPO Listing: Listing Price, Performance and Review

A-One Steels India had a rollercoaster first day. The ₹405 crore issue, priced at ₹405, opened at ₹462 on BSE on 1 October, a 14% premium, touched ₹469 and then slid as low as ₹393 before closing at ₹417, just 3% above the issue price.

The Karnataka steel maker drew 12.23 times subscription, with HNIs most eager. Here is what the business looks like after listing.

How A-One Steels India listed

For a retail investor with one lot of 37 shares, the ₹14,985 investment was worth ₹17,094 at the ₹462 open, a gain of about ₹2,100. By the ₹417 close, that gain had shrunk to about ₹440. At the day’s low of ₹393.45, the same lot was briefly showing a loss.

The intraday swing of more than ₹75 a share shows how quickly listing gains can evaporate when early buyers take profits. The next trading session after the 2 October holiday is on Monday 5 October.

A-One Steels India IPO at a glance

What A-One Steels India actually does

A-One Steels India Ltd was incorporated in 2012 and is promoted by Sandeep Kumar, Sunil Jallan and Krishnan Kumar Jalan. It runs six plants: five in Karnataka (Gauribidanur, Bellary, Koppal and Chikkantapur) and one in Hindupur, Andhra Pradesh.

It produces a broad range of steel and inputs: HR and CR coils, TMT bars, HR and CR pipes, galvanised tubes, sponge iron, met coke, silicon manganese and ferrosilicon, for construction, infrastructure, power, dams, airports, bridges, highways and marine structures. It had 2,459 employees and contract workers.

Of the fresh issue, ₹250 crore goes to repaying debt.

The numbers behind the business

Here are the figures from the offer documents, in ₹ crore, as reported by IPO data sites.

What these numbers tell us, in plain language:

• Revenue is large and cyclical. Revenue was ₹3,862 crore in FY24, dipped to ₹3,570 crore in FY25 and rose to ₹4,202 crore in FY26.
• Profit swings sharply. Net profit fell from ₹38.9 crore to ₹7.7 crore in FY25, then jumped to ₹127.4 crore in FY26 as EBITDA margin improved from 4.9% to 7.3%.
• Debt is high. Borrowings were ₹1,011 crore in FY26, debt to equity 1.17. The ₹250 crore repayment will help meaningfully.
• Valuation is full for steel. Post-issue P/E was about 24.6x at the issue price, high for a cyclical steel business.

How the subscription ended

Anchors put in ₹120.90 crore on 23 September. By the close on 28 September, QIBs had bid 7.69 times, NIIs 25.80 times, retail 9.11 times and employees 5.15 times, for 12.23 times overall across 8.18 lakh applications.

As with most mainboard issues, the bulk of the bids came on the final day, when NIIs took their portion to 25.80 times. Retail at 9.11 times meant roughly one applicant in nine received a lot, and the employee quota was bid 5.15 times.

The GMP story

A-One Steels went into listing with a healthy grey market premium. The tracker we follow showed about ₹36, or 8.9% over the ₹405 issue price, in the days before listing.

The opening beat that, at ₹462 or 14.1% higher, but the gain did not last. Profit taking pulled the stock below the issue price at one point before it recovered to close 3% up. The GMP-implied price of about ₹441 sat between the opening and the close, which shows how far a stock can swing around its grey market estimate on day one.

What to weigh now

Steel is a cyclical business

A-One’s profit swung from ₹39 crore to ₹8 crore and back to ₹127 crore in three years. Investors should expect similar swings in future, driven by steel prices, coal costs and construction demand.

Interest savings vs. valuation

Repaying ₹250 crore of debt should lift future profits. But at about 24.6 times FY26 earnings, much of that is already priced in.

Quick profit taking after a strong open

NIIs had bid 25.80 times, and much of that money is short-term and often borrowed. When the stock opened 14% higher, many of those allottees sold straight away, and the price fell more than ₹75 from its high. Steel is also a cyclical sector that the market tends to value cautiously, so buyers did not chase the stock once the selling began.

Strengths and risks

Strengths

• Six integrated plants across Karnataka and Andhra Pradesh
• FY26 profit rebounded to ₹127.4 crore
• ₹250 crore of the IPO goes to debt repayment
• Anchor book of ₹120.90 crore and 12.23 times subscription
• Broad product range from coils to ferroalloys

Risks

• Net margin of about 3%
• Borrowings above ₹1,000 crore
• Highly cyclical earnings
• Post-issue P/E of about 24.6x
• Faded from a 14% listing premium to a 3% close on day one

What to watch from here

• Trading on 5 October
• Steel prices and the September quarter results
• Debt after the ₹250 crore repayment
• Anchor lock-in expiry (30 days) in late October
• The anchor lock-in: 50% of the ₹120.90 crore anchor shares can be sold 30 days after allotment, around 29 October, and the rest after 90 days

A-One Steels India IPO: frequently asked questions

Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Data as of 1 October 2026 (2 October was a market holiday).