- ₹405-crore IPO opens September 24: Price band fixed at ₹385–₹405 a share; minimum bid lot of 37 shares, translating into a minimum investment of ₹14,245 at the lower end and ₹14,985 at the cap price.
- ₹355 crore fresh issue, ₹50 crore OFS: Fresh capital will accrue to A-One Steels, while promoters Sandeep Kumar, Sunil Jallan and Krishan Kumar Jalan will offer shares worth up to ₹50 crore.
- ₹250 crore for borrowings: A substantial portion of the fresh issue proceeds is proposed to be used for pre-payment or partial repayment of outstanding borrowings.
- 17.33 lakh MTPA integrated capacity: Six manufacturing units across Karnataka and Andhra Pradesh produce sponge iron, billets, TMT bars, HR coils, pipes, galvanised products, metallurgical coke and ferro alloys.
- FY26 profit jumps to ₹127.41 crore: Revenue from operations rose to ₹4,148.57 crore from ₹3,541.78 crore, while PAT surged from ₹7.71 crore to ₹127.41 crore.
- Green power supplies 83.20% of consumption: The company sourced 5,007.53 lakh units of renewable electricity in FY26 and has contracted 230 MW through long-term solar and wind power agreements.
- MANICKAVASAGAM
AHMEDABAD, SEPT 22
Can a vertically integrated steelmaker turn scale, deleveraging and green power into durable growth? That is the larger market question as Bengaluru-headquartered A-One Steels India Ltd enters the capital market with a ₹405-crore initial public offering (IPO) opening on September 24.
The three-day public issue will close on September 28, following anchor investor bidding on September 23. The company proposes to list its equity shares on the BSE and NSE, with listing scheduled for October 1.
The IPO comes at a point when A-One Steels is seeking to combine manufacturing scale with balance-sheet strengthening and a greater emphasis on renewable energy.
Fresh capital takes centre stage
The IPO comprises a fresh issue of equity shares aggregating up to ₹355 crore and an offer for sale (OFS) of shares worth up to ₹50 crore by promoters Sandeep Kumar, Sunil Jallan and Krishan Kumar Jalan.
The company proposes to deploy ₹250 crore from the fresh issue proceeds towards pre-payment or partial repayment of certain outstanding borrowings. The remaining proceeds are earmarked for general corporate purposes and offer expenses.
At the upper end of the price band, the issue comprises allocations of not more than 49,75,308 equity shares to Qualified Institutional Buyers (QIBs), not less than 14,92,593 shares to Non-Institutional Bidders (NIBs), and not less than 34,82,716 shares to Retail Individual Bidders.
Up to 49,382 shares are reserved for eligible employees, who will also receive a ₹38-per-share discount under the employee reservation category.
PL Capital Markets and Khambatta Securities are the book-running lead managers, while Bigshare Services is the registrar.
Six plants, 17.33 lakh-tonne capacity
A-One Steels operates a vertically integrated manufacturing chain through six units spread across Karnataka and Andhra Pradesh, with aggregate installed capacity of 17,33,100 metric tonnes per annum (MTPA) as of March 31, 2026.
Its Koppal facility produces sponge iron, while the Gauribidanur and Hindupur plants manufacture MS billets and TMT bars. Bellary Facility I produces sponge iron, MS billets, HR coils and HR (MS) pipes; Bellary Facility II manufactures galvanised pipes; and the Chikkantapur facility produces metallurgical coke and ferro alloys.
This product spread gives the company exposure to both long and flat steel products as well as industrial products.
Its distribution network comprised 1,246 direct retail sales channels, 32 authorised distributors and 57 institutional customers as of March 31, 2026.
Profit jumps as revenue crosses ₹4,100 crore
A-One Steels reported revenue from operations of ₹4,148.57 crore in FY26, against ₹3,541.78 crore in FY25.
More strikingly, profit after tax after exceptional items rose to ₹127.41 crore in FY26 from ₹7.71 crore in FY25.
The sharp improvement in reported profitability will put the sustainability of earnings, cash generation, leverage and exposure to steel-price cycles among the key issues for investors to track.
From green power to green steel
Energy-intensive steelmaking is also becoming a sustainability story for A-One Steels.
The company said 83.20% of the total power requirement of its manufacturing facilities in FY26 was met through green energy, helping it save approximately ₹1.57 per unit in electricity costs.
It has entered into 10 long-term solar power purchase agreements and six long-term wind power purchase agreements, together covering 230 MW.
Its TMT bars manufactured at Gauribidanur and Hindupur have received GreenPro Ecolabel accreditation, while specified HR coils and HR (MS) pipes produced at Bellary Facility I have also received GreenPro certification.
The company has further received a Green Steel Certificate from the National Institute of Secondary Steel Technology for producing 1,80,351 tonnes of TMT bars in FY26 at an average emission intensity of 0.67 t-CO₂e/tfs.
A-One Steels has also initiated the compliance process for steel exports to the European Union under the Carbon Border Adjustment Mechanism (CBAM).
IPO opens September 24
The ₹405-crore IPO carries a price band of ₹385–₹405 a share, with a minimum application size of 37 shares. At the cap price, a retail investor bidding for one lot would invest ₹14,985.
The IPO will open on September 24 and close on September 28, with allotment expected to be finalised on September 29, followed by share credit/refunds on September 30 and listing on October 1.
For the steelmaker, therefore, the IPO represents more than a market debut: it is a capital-raising exercise built around deleveraging, manufacturing integration and a growing renewable-energy footprint. The market will now assess whether these three pillars can translate into sustained earnings and stronger financial flexibility.
