A One Steels IPO Day 3: Subscribed 0.70x; NII demand hits 24.88x; QIB lags at 0.13x
- A One Steels IPO closed at 0.70x overall subscription on Day 3.
- NII demand was strong, with bHNI at 24.88x and sHNI at 23.73x.
- QIB interest remained minimal at 0.13x throughout the issue period.
- Retail investors subscribed 8.55x, while employees bid for 4.86x.
- Allotment is scheduled for 29 September 2026, with listing on 1 October 2026.
*this image is generated using AI for illustrative purposes only.
A One Steels IPO closed its subscription window on 28 September 2026 with an overall subscription of 0.70x. Non-institutional buyers drove the final day's activity, with the super high net individual (sHNI) category surging to 24.88x, while Qualified Institutional Buyers (QIB) recorded minimal interest at 0.13x.
Subscription Status
The issue witnessed a significant acceleration in retail and non-institutional demand on the final day. The sHNI segment jumped from 1.78x in the previous update to 24.88x, driving the bulk of the subscription. Despite this robust non-institutional participation, the overall subscription remained below 1x primarily due to the lack of institutional bids. The QIB category remained largely unsubscribed throughout the issue period, ending at 0.13x.
Subscription Progression
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 24-09-2026 | 0.00x | 0.72x | 0.79x | 0.77x | 0.03x |
| Day 2 | 25-09-2026 | 0.00x | 2.50x | 1.78x | 1.76x | 0.08x |
| Day 3 | 28-09-2026 | 0.13x | 24.88x | 23.73x | 8.55x | 0.70x |
Category-wise Breakdown
The Non-Institutional Investors (NII) were the primary drivers of the issue's subscription. The bHNI category emerged as the strongest performer among NII segments, closing at 24.88x, a substantial increase from its Day 2 close of 2.50x. The sHNI segment also saw strong uptake, subscribing 23.73x its portion. Retail investors participated moderately, closing at 8.55x. In stark contrast, the QIB category showed almost no participation, ending the issue at 0.13x. The Employee quota was subscribed 4.86x.
Intra-day Timeline — 28 September 2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 6.16x | 3.28x | 0.17x |
| 12:15 | 0.00x | 8.52x | 4.34x | 0.23x |
| 13:15 | 0.01x | 12.61x | 5.51x | 0.32x |
| 14:15 | 0.01x | 15.94x | 6.44x | 0.39x |
| 15:15 | 0.01x | 19.35x | 7.35x | 0.47x |
| 16:15 | 0.13x | 23.52x | 8.22x | 0.69x |
| 17:15 | 0.13x | 23.73x | 8.55x | 0.70x |
Offer Details
| Parameter | Details |
|---|---|
| Price Band | ₹385 – ₹405 per share |
| Minimum Bid Quantity | 37 shares |
| Issue Open Date | 24 September 2026 |
| Issue Close Date | 28 September 2026 |
| Allotment Date | 29 September 2026 |
| Listing Date | 1 October 2026 |
What's Next
Allotment of shares is scheduled for 29 September 2026, with listing expected on 1 October 2026.
About the Company
A-One Steels India Limited is a backward/vertically integrated steel manufacturer based in southern India, founded in 2012. The company operates six manufacturing facilities across Karnataka and Andhra Pradesh, covering the full value chain from direct reduced iron (sponge iron) production to MS billets and finished steel products including TMT bars, HR coils, CR coils, and pipes and tubes. Its aggregate installed capacity increased from 14,97,100 MTPA as of 31 March 2024 to 17,33,100 MTPA as of 31 March 2026. The company markets products including TMT bars and steel pipes under the 'A-One Gold' brand and sourced 83.20% of its total power requirements through green energy in Fiscal 2026.
Financial Highlights
| Metric | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ crore) | 4,148.57 | 3,541.78 | 3,834.21 |
| Total Revenue (₹ crore) | 4,202.05 | 3,569.63 | 3,862.44 |
| Total Expenses (₹ crore) | 4,035.56 | 3,539.34 | 3,804.26 |
| Profit Before Tax (₹ crore) | 167.02 | 25.85 | 58.18 |
| Total Profit / PAT (₹ crore) | 127.41 | 7.71 | 38.91 |
| Total Assets (₹ crore) | 3,191.31 | 2,753.06 | 2,395.87 |
| Total Equity (₹ crore) | 863.36 | 718.26 | 444.91 |
Revenue from operations grew to ₹4,148.57 crore in FY2026 from ₹3,541.78 crore in FY2025. PAT surged to ₹127.41 crore in FY2026 after declining sharply to ₹7.71 crore in FY2025 from ₹38.91 crore in FY2024.
Objects of the Issue
- Pre-payment or partial re-payment of outstanding borrowings: ₹250.00 crore to reduce outstanding indebtedness, lower debt servicing costs, and improve the debt-equity ratio.
- General corporate purposes: Remaining net proceeds for repayment of loans, plant and machinery maintenance, business development, employee expenses, and other corporate contingencies.
Risk Factors
- Profitability fluctuation: PAT declined from ₹3,891.37 lakhs in FY2024 to ₹771.05 lakhs in FY2025 before rising to ₹12,740.82 lakhs in FY2026; sustained improvement is not assured.
- Interest rate and debt exposure: Total outstanding borrowings were ₹1,15,813.83 lakhs as of 15 July 2026, with ₹91,663.63 lakhs subject to variable interest rates.
- Revenue concentration: Three key products — Pipes and Tubes, TMT Bars, and Sponge Iron — contributed 61.61% of Revenue from Operations in FY2026. Karnataka accounted for 54.86% of Revenue from Operations in FY2026.
How will the severe lack of institutional interest (0.13x) impact A-One Steels' share price volatility and liquidity during its listing on October 1?
Can the company sustain its FY2026 profit surge given the historical volatility in PAT and the significant exposure to variable interest rates on its debt?
Will the pre-payment of ₹250 crore in borrowings significantly improve the company's debt-equity ratio enough to attract institutional investors in future secondary market trades?
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