A-One Steels India IPO
A-One Steels India IPO is a mainboard IPO raising ₹405 Cr at ₹385 – ₹405 a share. It listed on 1 Oct 2026 at ₹455, +12.3% against its issue price of ₹405, and trades at ₹370 today (−8.7% since issue). It was subscribed 12× in total.
11.6 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. stated in prospectus. Checked: exchange issue size Rs405 Cr vs derived Rs405 Cr (0.0% apart).
What the fresh money funds
The stated uses of the net proceeds, from the prospectus’s Objects of the Issue table. Only the fresh issue funds these — the offer-for-sale money goes to the selling shareholders above.
As stated in the prospectus. “General corporate purposes” is the part with no committed use; SEBI caps it at 25% of the issue.
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
Priced 52% below the median multiple of the peers the issuer itself names.
| Listed peer (issuer’s choice) | P/E | RoNW | EPS |
|---|---|---|---|
| MSP Steel and Power Limited | 61.52× | — | ₹0.56 |
| Jai Balaji Industries Ltd. | 45.76× | — | ₹1.42 |
| Shyam Metallics and Energy Ltd. | 28.31× | 10.1% | ₹37.97 |
| This issue | 21.9× | 15.43% | ₹18.47 |
derived: cut-off price Rs405 / stated EPS Rs18.47 (FY26 (year ended March 31, 2026) diluted EPS, restated consolidated). Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.