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₹385 - 405
A-One Steels India Ltd
SteelIPO
₹385 - 405
Founded in 2012 after originating operations in 2008, A-One Steels India Ltd manufactures finished long steel, flat steel, and metallurgical inputs as a top-five crude steel producer in South India. The company converts regional iron ore into construction bars and pipes through backward integration (making its own inputs instead of buying them), powering electric furnaces primarily with captive clean energy to maintain a low-cost manufacturing base.
Lot37Min Invest₹14,985Face Value₹10Issue Size₹405 CrFresh Issue₹355 CrOffer for Sale₹50 Cr
Timeline
24 Sept
Bidding opens
28 Sept
Bidding closes
29 Sept
Allotment
30 Sept
Refund & demat credit
1 Oct
Listing
Subscription
Subscription opens 24 Sept
Reports
Offer Details
Terms
Issue Size₹405 Cr
Fresh Issue₹355 Cr
Offer for Sale₹50 Cr
Face Value₹10
Lot Size37 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,9851-13 lots
sNII₹2,09,790from 14 lots
bNII₹10,03,995from 67 lots
Managers & Registrar
Lead ManagerPL Capital Markets Private Limited
Co-ManagerKhambatta Securities Limited
RegistrarBigshare Services Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrSandeep KumarPRMTR4,93,82720.00Sunil JallanPRMTR4,93,82720.00Krishan Kumar JalanPRMTR2,46,91310.00Total12,34,56750.00
Shareholding
CategoryPre IPOPost IPOPromoter Group85.86%74.51%Public14.14%25.49%
Objects of the Issue
- Pre-payment or partial repayment of a portion of certain outstanding borrowings availed by the Company
- General corporate purposes
Anchor Book
Bid Date23-Sep-202630-day lock-in28-Oct-202690-day lock-in27-Dec-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 2,757 | 3,164 | 3,834 | 3,542 | 4,167 |
| Operating ProfitCr | 180 | 218 | 170 | 171 | 304 |
| OPM% | 6.5 | 6.9 | 4.5 | 4.8 | 7.3 |
| PBTCr | 135 | 135 | 58 | 28 | 167 |
| PATCr | 101 | 98 | 39 | 10 | 127 |
| EPS | 17 | 17 | 7 | 2 | - |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 17 | 17 | 17 | 68 | - |
| ReservesCr | 266 | 364 | 423 | 628 | - |
| BorrowingsCr | 527 | 1,241 | 1,156 | 964 | - |
| Total AssetsCr | 1,108 | 1,974 | 2,396 | 2,751 | - |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | -52 | -320 | 325 | 109 | 63 |
| Investing Cash FlowCr | -109 | -247 | -191 | -192 | -10 |
| Financing Cash FlowCr | 169 | 597 | -156 | 45 | -39 |
| Net Cash FlowCr | 8 | 30 | -22 | -38 | 14 |
Strengths & Risks
Strengths · as stated in the DRHP
- Backward integrated steel products manufacturer in southern India with a diversified product portfolio.
- Business operations capitalizing on the strategic location advantage.
- Diversified sales channels and customer base.
- Well-positioned in an industry characterized by high entry barriers, with access to cost-efficient manufacturing inputs.
- Brand Presence supported by product quality, diversified offerings and targeted marketing initiatives.
- Use of green energy for the manufacture of steel products and certified green product portfolio.
Strategies · as stated in the DRHP
- Continue to expand our product portfolio and increase our presence pan India.
- Continue to expand our production capacity.
- Expanding our customer base, increasing business share amongst existing customers and expanding to different geographies.
- Inorganic growth through strategic acquisitions
- Improve our financial flexibility through debt repayment.
- Continue our emphasis on brand building.
Risks · as stated in the DRHP
- Our profitability and margins have fluctuated in the past, and we may not be able to sustain the improvement in our profitability and margins recorded in Fiscal 2026.
- Our proposed expansion and infrastructure initiatives may involve significant capital outlay, operational complexity, and regulatory dependencies, and may not yield the expected benefits, which could adversely affect our business, financial condition, cash flows, and growth prospects.
- We enter into certain related party transactions in the ordinary course of our business and we cannot assure you that such transactions will not adversely affect our business, results of operations, cash flows and financial condition.
- Between Fiscal 2021 to 2025, the Registrar of Companies and/or the Regional Director have levied penalties against the Company, its Directors and the Promoters, for violation of certain provisions of the Companies Act, 2013.
- We derive a substantial portion of our revenue i.e. 61.61%, 67.74% and 60.84%, of our Revenue from Operations, during Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively, from the sale of three key products; (i) Pipes and Tubes; (ii) TMT Bars; (iii) Sponge Iron. Any loss of sales due to reduction in demand for these products could adversely affect our business, financial condition, results of operations and cash flows.
- More than 50% of our Revenue from Operations has historically been concentrated in the State of Karnataka. Any adverse developments in this region may have a significant adverse impact on our business, financial condition and cash flows.