Stories
A-One Steels India IPO Soars 11x on Day 3, GMP Hits 14%
- •A-One Steels India IPO subscribed 11.6 times on the final day of bidding, receiving bids for over 8.57 crore shares.
- •Non-institutional investors subscribed 24.51 times, retail portion 8.64 times, and QIBs 7.30 times.
- •Grey market premium (GMP) for A-One Steels India shares reached 14% on September 28.
- •The company raised Rs 120.9 crore from anchor investors, including LRSD Securities, Morgan Stanley, and Longthrive Capital.
- •Proceeds from the Rs 405-crore IPO will be used to repay debt (Rs 250 crore) and for general corporate purposes.
Key Questions Answered
On the final day of bidding on September 28, the A-One Steels India IPO was subscribed 11.6 times overall, receiving bids for 8,57,01,694 shares against 73,84,934 shares on offer. Meanwhile, its grey market premium (GMP) stood at around 14 percent on the morning of the final bidding day.
A-One Steels India raised Rs 120.9 crore through its anchor book on September 23 by allotting 29.85 lakh equity shares to eight anchor investors at the upper end of the price band of Rs 385-405 per share. Major participants included LRSD Securities, Morgan Stanley, and Longthrive Capital.
A-One Steels India plans to deploy Rs 250 crore from the net proceeds of the fresh issue towards the repayment of debt, with the balance amount utilized for general corporate purposes.
