A-One Steels India made a strong debut on the stock exchanges after the conclusion of its initial public offering (IPO). The stock was listed at Rs 455 per share on the NSE, which implies a premium of 12.35% over the the IPO's upper price band of Rs 405.
According to the InvestorGain website, the latest GMP of A-One Steels stood at Rs 47 on October 1. With an upper price band of Rs 405, the estimated listing price for A-One Steels IPO was Rs 452 (cap price + today's GMP). This means that the expected percentage gain per share for investors was 11.60%.
A-One Steels India, incorporated in 2012, is a backward-integrated steel manufacturer producing long and flat steel products, including HR and CR coils, pipes, galvanised tubes and TMT bars. A-One Steels has six manufacturing facilities across Karnataka and Andhra Pradesh. It also uses solar and wind power and operates near iron ore sources and ports.
A-One Steels IPO Details
A-One Steels IPO was a book-built issue of Rs 405 crore.
- The issue is a combination of a fresh issue of 87.71 lakh shares aggregating to Rs 355.00 crore, and
- Offer for sale of 12.35 lakh shares aggregating to Rs 50.00 crore
A-One Steels IPO issue price band was set at Rs 385 to Rs 405 per share. The lot size for an application was 37 shares. The minimum amount of investment required by an individual investor (retail) was Rs 14,985 (37 shares) (based on the upper price).
PL Capital Markets Pvt. Ltd. is the book-running lead manager and Bigshare Services Pvt. Ltd. is the registrar of the issue.
A-One Steels IPO: Use of Proceeds
- Pre-payment or partial re-payment of a portion of certain outstanding borrowings: Rs 250 crore
- General corporate purposes
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