A-One Steels Files DRHP

New Delhi: A-One Steels India, an integrated steel manufacturer, has filed preliminary papers with capital markets regulator Sebi to raise Rs 650 crore through an initial public offering. The Initial Public Offer (IPO) comprises a fresh issue of equity shares worth up to Rs 600 crore and an Offer for Sale (OFS) of shares aggregating up to Rs 50 crore by promoters, Sandeep Kumar, Sunil Jallan and Krishan Kumar Jalan, according to a Draft Red Herring Prospectus (DRHP) filed on December 30.

The promoters of A-One Steels India owned 85.56 per cent equity stake in the company while public shareholders hold a 14.14 per cent stake. The company proposes to utilise the net proceeds, from the fresh issue towards investment in its subsidiary, Vanya Steels Pvt Ltd, for purchase of equipment.