A-One Steels India Set to Raise Rs 650 Crore with IPO Launch

A-One Steels India plans to raise Rs 650 crore through an IPO, with a fresh issue of Rs 600 crore and an Offer for Sale of Rs 50 crore. Funds will aid subsidiary investment, debt repayment, and corporate purposes. The shares are set to list on BSE and NSE.

A-One Steels India, an established name in the integrated steel industry, has taken a significant step by filing preliminary documents with the Securities and Exchange Board of India (SEBI) to raise Rs 650 crore through an initial public offering (IPO).

The IPO includes a fresh issuance of equity shares worth up to Rs 600 crore, alongside an Offer for Sale (OFS) by the company's promoters Sandeep Kumar, Sunil Jallan, and Krishan Kumar Jalan, aggregating up to Rs 50 crore, according to the Draft Red Herring Prospectus (DRHP) filed on December 30.

Funds from the fresh issue are earmarked for investment in the company's subsidiary, Vanya Steels Pvt Ltd, to purchase equipment, expand manufacturing facilities, and invest in captive solar power. The company intends to use the funds to repay debt and for general corporate purposes.

(With inputs from agencies.)