A One Steels India IPO Vs Moneyview IPO: Day 1 GMP, Subscription, Price Band, Issue Size & More

Two mainboard IPOs opened today for bidding on September 24, and they could hardly be more different. A-One Steels India is a Rs. 405 crore issue from a steelmaker. Moneyview is a Rs. 1,091.68 crore issue from a digital lending platform.

Both the issues are going to close on September 28; allotment is expected on September 29, and both are set to list on NSE and BSE on October 1st.

A One Steels India IPO Vs Moneyview IPO: Issue size and price band

A-One Steels' Rs. 405 crore book-built issue has a fresh issue of Rs. 355 crore and an offer for sale of Rs. 50 crore. The price band is Rs. 385 to Rs. 405 per share, and the lot size is 37 shares, so a retail investor needs Rs. 14,985 at the upper end.

On the other hand, Moneyview's Rs. 1,091.68 crore issue, about 2.7 times bigger, has a fresh issue of Rs. 750 crore and an OFS of Rs. 341.68 crore. Its price band is Rs. 32 to Rs. 34 per share with a lot size of 441 shares, so the minimum retail bid is Rs. 14,994. The fresh issue makes up about 88% of A-One's offer and about 69% of Moneyview's, which means more of Moneyview's money goes to selling shareholders. Moneyview will not receive any proceeds from the OFS.

A One Steels India IPO Vs Moneyview IPO: Day 1 subscription Status

On the first day, Moneyview got a stronger response. It was subscribed 1.27 times by 4:13 PM on Day 1, with retail at 1.69 times, NII at 1.91 times and QIB (ex-anchor) at just 0.05 times.

A-One Steels was subscribed 0.56 times by 4:14 PM, with retail at 0.75 times, NII at 0.73 times and QIB (ex-anchor) at 0.10 times.
A-One had already raised Rs. 120.9 crore from 11 anchor investors at Rs. 405 per share before opening.

A One Steels India IPO GMP Vs Moneyview IPO GMP

The grey market is also leaning towards Moneyview. Its GMP was Rs. 12.75 as of 3:02 PM today, as per data from the Investorgain website. This implies a listing price of Rs. 46.75 and a gain of 37.50% over the upper band.

Similarly, A-One Steels' GMP was Rs. 55, implying Rs. 460 and a gain of 13.58%.

Company and financials

A-One Steels is a backwards-integrated steelmaker. It operates six manufacturing plants across Karnataka and Andhra Pradesh, making HR and CR coils, HR and CR pipes, galvanised tubes and TMT bars.

Moneyview is a Bengaluru-based fintech. Its offerings include personal loans, credit cards, earned wage access, home loans, loans against property and insurance, all through a mobile app with no physical branches.