A-One Steels India's Rs.405-Cr IPO subscribed 11.61 times

The initial public offer (IPO) of Bengaluru-based integrated steel manufacturer A-One Steels India has been subscribed 11.61 times. The offering received bids for 8.57 crore shares against 73.84 lakh shares available. The qualified institutional buyers' portion was subscribed 7.30 times, while the non-institutional investors' category and the retail individual investors' segment were subscribed 24.51 times and 8.64 times, respectively. The price band is fixed at INR 385-405 per share.The IPO consisted of a fresh issue of shares worth INR 355 crore and an offer for sale by promoters worth INR 50 crore. Additionally, the company allocated 2,985,160 equity shares to anchor investors at INR 405 per share.A-One Steels manufactures and supplies steel and related industrial products, including sponge iron, MS billets, TMT bars, and coils. The company operates six manufacturing units across Karnataka and Andhra Pradesh with an aggregate installed capacity of 1,733,100 MTPA. It intends to use INR 250 crore from the fresh issue proceeds to repay outstanding borrowings.