A-One Steels India Ltd

A-One Steels India IPO: Check IPO price band, issue size, GMP, IPO dates, lot size, financials, business model, promoters and key IPO details.

A-One Steels India IPO: Price, GMP, Date, Details & Analysis

We would skip the issue, as the concerns below leave little comfort on the business or its promoters. A large share of revenue is commodity sales and trading, including coal, iron ore and scrap resold without processing, so margins move with steel and raw material prices and earnings stay exposed to the cycle. Operating cash flow fell from INR 325 cr to INR 63 cr over FY24 to FY26, and free cash flow was negative in both FY25 and FY26. With capacity 89% utilised, growth needs fresh capex that internal cash cannot fund, yet 70% of the fresh issue goes to repaying debt and none to expansion.

The promoters face INR 7.5 cr of income tax demands and the company INR 8.9 cr, mostly from a search on the group. SEBI penalised the company in 2019 for manipulative trading in BSE stock options, and the company and its directors were penalised repeatedly under the Companies Act between FY21 and FY25. After March 2026, the company guaranteed an INR 185 cr SBI loan for A-One Defence and Aerospace, a promoter-owned startup set up in 2025 to make ammunition and explosives. The venture had no sales and a loss in its first year, and the guarantee equals 21.4% of A-One's net worth. At the current GMP of about 14% (27 September 2026) and subscription of 2.9x, the issue points to modest listing gains if it holds. GMP has been an unstable guide lately, though: Skyways Air Services had a 30% GMP and listed 10% below issue, Symbiotec Pharmalab carried 27% and listed flat, and Annu Projects carried 8% and listed 24% below issue.