A One Steels IPO concluded its three-day subscription window on 28 September 2026 with an overall subscription of 0.23x. The final day saw a sharp acceleration in non-institutional demand, particularly from the super high net individual (sHNI) category which surged to 8.52x, while Qualified Institutional Buyers (QIB) recorded zero subscription throughout the issue period.

Subscription Status

The issue witnessed a steady build-up in retail and non-institutional interest over the three days, though the total subscription remained below 1x due to the lack of institutional bids. The NII (sHNI) category emerged as the strongest performer, jumping significantly on the final day. The overall subscription figure reflects the heavy weighting of the QIB portion, which remained unsubscribed.

Subscription Progression

Category-wise Breakdown

NII (sHNI) led all categories with a subscription of 8.52x, marking a substantial increase from its Day 2 close of 1.78x. The NII (bHNI) segment followed closely at 6.68x, up from 2.50x on the previous day. Retail investors also showed increased participation, closing at 4.34x compared to 1.76x on Day 2. The Employee quota was subscribed 2.78x. In contrast, the QIB category saw no participation, remaining at 0.00x across all three days.

Intra-day Timeline — 28 September 2026

Offer Details

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

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.
• Outstanding legal proceedings: The company, subsidiaries, and promoters face 33 tax proceedings, 25 statutory/regulatory proceedings, and 4 material civil proceedings with aggregate amount of ₹5,558.44 lakhs.
• Regulatory compliance history: Between FY2021 and FY2025, the Registrar of Companies and Regional Director levied penalties against the company, its Directors, and Promoters for violations of various provisions of the Companies Act, 2013.

A One Steels IPO concluded its three-day subscription window on 28 September 2026 with an overall subscription of 0.23x. The final day saw a sharp acceleration in non-institutional demand, particularly from the super high net individual (sHNI) category which surged to 8.52x, while Qualified Institutional Buyers (QIB) recorded zero subscription throughout the issue period.

Subscription Status

The issue witnessed a steady build-up in retail and non-institutional interest over the three days, though the total subscription remained below 1x due to the lack of institutional bids. The NII (sHNI) category emerged as the strongest performer, jumping significantly on the final day. The overall subscription figure reflects the heavy weighting of the QIB portion, which remained unsubscribed.

Subscription Progression

Category-wise Breakdown

NII (sHNI) led all categories with a subscription of 8.52x, marking a substantial increase from its Day 2 close of 1.78x. The NII (bHNI) segment followed closely at 6.68x, up from 2.50x on the previous day. Retail investors also showed increased participation, closing at 4.34x compared to 1.76x on Day 2. The Employee quota was subscribed 2.78x. In contrast, the QIB category saw no participation, remaining at 0.00x across all three days.

Intra-day Timeline — Day 2 (25-09-2026)

The most significant movement occurred in the NII (bHNI) category, which jumped from 1.02x at 11:15 AM to 2.50x by 17:15 PM. Retail demand also climbed steadily throughout the session, moving from 1.04x to 1.76x over the same period.

Offer Details

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

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.
• Outstanding legal proceedings: The company, subsidiaries, and promoters face 33 tax proceedings, 25 statutory/regulatory proceedings, and 4 material civil proceedings with aggregate amount of ₹5,558.44 lakhs.
• Regulatory compliance history: Between FY2021 and FY2025, the Registrar of Companies and Regional Director levied penalties against the company, its Directors, and Promoters for violations of various provisions of the Companies Act, 2013.