A-One Steels IPO Day 3: Strong Demand as GMP Hits 14% with Subscription at 1.35 Times

The A-One Steels IPO, which is currently open for bidding until September 28, 2026, has generated considerable interest among investors. The issue is priced in the range of Rs 385 to Rs 405 per share, targeting a total public offering of Rs 405 crore, which includes a fresh issue of Rs 355 crore and an offer for sale of Rs 50 crore. By the end of Day 2, the overall subscription stood at 1.35 times, with the retail portion seeing an encouraging subscription rate of 1.76 times, reflecting strong demand from retail investors. Shares are expected to debut on the BSE and NSE on October 1, 2026, pending necessary approvals.

In the grey market, A-One Steels is commanding a premium of Rs 56, indicating a potential listing price of around Rs 461 per share, which is approximately 14% higher than the upper price band. This sentiment suggests positive investor outlook; however, it is essential to remember that the grey market premium is unregulated and can change leading up to the listing. The company’s entry into the market comes at a time when the steel sector is witnessing increased demand, further elevating expectations regarding its performance.

For Indian investors, the A-One Steels IPO represents a significant opportunity, especially given the company’s robust financials and strong subscription levels, particularly from retail investors. With a reported 1,552% increase in profit after tax for FY26 and a competitive P/E ratio compared to the industry average, the IPO could have a favorable impact on portfolios. Caution is warranted, however, as the volatile nature of the grey market may not necessarily reflect the final listing performance.

Source: The Economic Times

(Expert Note: This report was prepared by the Wealthova IPO team.)