A-One Steels IPO Opens Weak With Just 0.01x Subscription on Day 1

A-One Steels India’s initial public offering (IPO) witnessed a muted response on its opening day, with overall subscription standing at just 0.01 times during the September 24 bidding session. Retail investors showed relatively stronger participation, subscribing to 0.32 times their reserved portion, while Qualified Institutional Buyers (QIBs) recorded no bids at 0.00 times. Among non-institutional investors, big HNIs and small HNIs also saw limited participation. The ₹405 crore IPO has a price band of ₹385–₹405 per equity share and a lot size of 37 shares. The public issue includes a fresh issue of approximately ₹355 crore and an offer for sale worth around ₹50 crore. A-One Steels India, a backward-integrated steel manufacturer, produces TMT bars, sponge iron, billets, HR and CR coils, pipes, tubes and other steel products. The company plans to use a major portion of the fresh issue proceeds to repay outstanding borrowings. The IPO will remain open for subscription until September 28, keeping investor demand in focus over the remaining bidding period.