A-One Steels India mobilises Rs 121 crore via anchor book; IPO opens on September 24

As per the latest business developments, A-One Steels India, the Bengaluru-based steel manufacturer, has mobilised Rs 120.9 crore by issuing 29.85 lakh equity shares to eight anchor market participants on September 23, a day ahead of the IPO opening.

The anchor book was boosted at the upper end of the price range of Rs 385-405 per share.

The Rs 405-crore initial public offering (IPO) will open for subscription on September 24 and close on September 28. The offering comprises a fresh offering of shares worth Rs 355 crore and an offer-for-sale (OFS) of shares worth Rs 50 crore by the promoters.

LRSD Securities emerged as the largest investor in the anchor book, picking up 7.01 lakh shares for Rs 28.39 crore, followed by Morgan Stanley, which bought 6.17 lakh shares for Rs 25 crore, and Longthrive Capital, which purchased 4.98 lakh shares for Rs 20 crore.

Taurus Asset Management was the only domestic mutual fund among the anchor market participants, acquiring 1.23 lakh shares through four of its schemes for Rs 5 crore. Other anchor market participants included Vikas India, SB Opportunities Fund, Venus Investments, and Ashika Global Finance.

A-One Steels India will utilise Rs 250 crore of the net fresh offering proceeds to repay debt, while the remaining funds will be used for general corporate purposes.

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The firm and its subsidiaries operate six manufacturing units across Karnataka and Andhra Pradesh, with a total manufacturing capacity of 17,33,100 MTPA across intermediate, finished steel and industrial products. The firm produces MS billets, sponge iron, HR coils, TMT bars, and HR pipes.

PL Capital Markets and Khambatta Securities are acting as the merchant bankers for the A-One Steels India IPO.