A One Steel Limited

Red Herring Prospectus dated September 11, 2026

Summary

A One Steel Limited is proposing to raise ₹405.00 crore through the IPO: ₹355.00 crore from a fresh issue of shares and ₹50.00 crore through an offer for sale by existing shareholders. The document does not yet state the price.

About 70% of the fresh issue proceeds go to pre-payment or partial re-payment of a portion of certain outstanding borrowings availed by the company. The amount for general corporate purposes is not yet stated.

The review found 9 points to read closely and 16 worth checking.

Read closely

1. Criminal proceedings against the company, its directors or individual promoters
2. Main objects amended during the period of its financial record
3. Past regulatory actions against the company or its directors
4. A substantial portion of the fresh issue will repay debt
5. Profit jumped in the year before the IPO
6. Material restatement adjustments
7. Delays in paying statutory dues
8. Customers that are also suppliers or related parties
9. Licences and approvals pending, expired or not renewed

How the capital was built

• The last priced issue of shares was a fundraise in 3 allotments between 5 Jun 2024 and 13 Jul 2024: 98,85,000 shares, mostly to non-promoter investors, at ₹250 each (188 allottees), 14.4% of the pre-issue capital, at 13 times the price of the previous issue about 3 years earlier; it came about 2 years before this prospectus.
• From the first priced issue (9 Apr 2012, ₹2.86 in today's shares) to the last, the price per share rose 87 times over 12 years.

Conclusion

Of the 9 points to read closely, 3 concern the promoters, management and their dealings (criminal proceedings against the company, its directors or individual promoters; main objects amended during the period of its financial record; past regulatory actions against the company or its directors), 1 concerns how the IPO money will be spent, 3 concern the financial statements and 2 concern the business, the valuation or the quality of disclosure. These could not be scored automatically and need reading: contingent liabilities; promoters have limited experience in this business; working-capital need is justified by stretching holding periods. These wait for the price and the final share count: shares issued shortly before the IPO at a deep discount to the issue price; low promoter holding after the issue; issue price is a large multiple of promoters' cost. The pages to read are 2, 73, 87, 119, 130, 211, 371, 406, 410, 474, 562, 626 and 688.