German Green Steel & Power IPO
Updated 22 Sept 2026, 1:50 pm.
Minimum investment (Retail)
₹14,873
1 lot · 107 shares at the upper price band
Price band
₹132–139
Latest GMP
Not yet quoted
Est. listing price
—
Issue size
₹303.9 Cr
GMP history
Each point is a recorded observation from the scheduled data sync.
GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.
Issue details
- Board
- Mainboard
- Price band
- ₹132–139
- Issue size
- ₹303.9 Cr
- Lot size
- 107
- Opens
- 25 Sept 2026
- Closes
- 29 Sept 2026
- Allotment
- 30 Sept 2026
- Listing
- 5 Oct 2026
- Est. listing price
- —
- Listing price
- Awaited
- Listing gain
- Awaited
- Registrar
- Bigshare Services Pvt.Ltd.
- Minimum investment
- ₹14,873 (1 lot · 107 shares)
- Face value
- ₹10 per share
- Issue type
- Bookbuilding IPO
- Sale type
- Fresh capital cum OFS
- Fresh issue
- ₹290 Cr
- Offer for sale
- ₹14 Cr
- Listing at
- BSE, NSE
- Refunds
- 1 Oct 2026
- Shares credited
- 1 Oct 2026
- Promoter holding
- 96.63% before · 68.54% after
- Lead managers
- Systematix Corporate Services Ltd., Emkay Global Financial Services Ltd., Pantomath Capital Advisors Pvt.Ltd.
Offer documents & links
Full issue details
Details as published for this issue, read 22 Sept 2026, 9:05 am. Verify against the RHP before applying.
IPO Details
| IPO Date | 25 to 29 Sep, 2026 |
|---|---|
| Listing Date | Mon, Oct 5, 2026 T |
| Face Value | ₹ 10 per share |
| Price Band | ₹132 to ₹139 |
| Lot Size | 107 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 2,18,63,309 shares (agg. up to ₹ 304 Cr) |
|---|---|
| Fresh Issue | 2,08,63,309 shares (agg. up to ₹ 290 Cr) |
| Offer for Sale | 10,00,000 shares of ₹ 10 (agg. up to ₹ 14 Cr) |
| Share Holding Pre Issue | 5,44,85,888 shares |
| Share Holding Post Issue | 7,53,49,197 shares |
IPO Timetable (Tentative)
- IPO Open
- Fri, Sep 25, 2026
- IPO Close
- Tue, Sep 29, 2026
- Allotment
- Wed, Sep 30, 2026
- Refund
- Thu, Oct 1, 2026
- Credit of Shares
- Thu, Oct 1, 2026
- Listing
- Mon, Oct 5, 2026
Issue Reservation
| Investor Category | Shares |
|---|---|
| QIB | Not more than 50% of the Offer |
| Retail | Not less than 35% of the Offer |
| NII | Not less than 15% of the Offer |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 107 | ₹14,873 |
| Retail (Max) | 13 | 1391 | ₹1,93,349 |
| S-HNI (Min) | 14 | 1498 | ₹2,08,222 |
| S-HNI (Max) | 67 | 7169 | ₹9,96,491 |
| B-HNI (Min) | 68 | 7276 | ₹10,11,364 |
Investors can bid for a minimum of 107 shares and in multiples thereof.
IPO Subscription Details
About German Green Steel & Power Ltd.
Incorporated in 2008, German Green Steel and Power Limited is an iron and steel manufacturer primarily operating in the western region of India, with a strong presence in Gujarat and a focus on TMX Bars. The company is predominantly conducted on a business-to-business basis with three (3) major types of customers, namely (i) distributors, (ii) dealers and (iii) institutional customers. The brand "German TMT" has established strong recognition for TMT Bars in Gujarat.
Product Portfolio:
TMT Bars,
MS Billets, and
Sponge Iron, with
TMT bar
The company's manufacturing capabilities ranging from 8 mm to 40 mm. The corporate and registered office is located in Ahmedabad, Gujarat, and the Samakhiyali Facility is situated close to ports in Gujarat.
The company operates two manufacturing facilities in Gujarat: the Samakhiyali Facility, which is vertically integrated, and the Viramgam Facility, operated through its material subsidiary, German TMX Private Limited. They are currently in the process of expanding the installed capacity of Sponge Iron at their Samakhiyali Facility from 66,000 MTPA to approximately 1,48,500 MTPA, MS billets production capacity from 2,14,500 TPA to 4,12,500 TPA and existing installed TMT Bars production capacity at the Samakhiyali Facility from 181,500 MTPA to 346,500 MTPA.
For the nine months ended December 31, 2024, the majority of sales were generated through a network of distributors and dealers. Business operations are predominantly conducted on a business-to-business basis, catering to three primary customer segments: distributors, dealers, and institutional customers. These intermediaries supply products to builders and contractors.
As of March 31, 2026, the company's workforce comprised 1,357 employees, and they utilised the services of 143 contract labourers.
Competitive Strengths:
Vertically integrated manufacturing setup, including captive power capacity
Extensive distribution network in Gujarat with long-term customer relationships
Experienced promoters supported by a strong management and execution team
Strong brand recall driven by quality products
Track record of growth in financial performance
Company Financials (Restated Consolidated)
Total Income
Profit After Tax
EBITDA
NET Worth
| Period Ended | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 930.46 | 559.73 | 374.59 | 350.28 |
| Total Income | 987.32 | 1,137.54 | 1,130.20 | 901.87 |
| Profit After Tax | 32.08 | 41.67 | 31.20 | 34.17 |
| EBITDA | 68.18 | 80.11 | 52.59 | 39.15 |
| NET Worth | 233.39 | 176.06 | 134.40 | 107.06 |
| Total Borrowing | 346.80 | 198.39 | 141.67 | 151.70 |
| Amount in ₹ Crore |
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding the capital expenditure requirements of its manufacturing facility at Samakhiyali, Kutch, Gujarat and hybrid wind and solar power plant | 226.33 |
| 2 | Prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by the Company | 7.70 |
| 3 | General Corporate Purposes | — |
| Total | 234.03 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Key Performance Indicator (KPI)
| KPI | Mar 31, 2024 |
|---|---|
| Debt/Equity | 1.13 |
| RoNW | 23.67% |
| PAT Margin | 3.69% |
| EBITDA Margin | 6.24% |
| NAV | 208.18 |
Check IPO Peer Comparison here.
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 7.91 | — |
| Market Cap at Offer Price | - | ₹1,047.35 Cr |
Shareholding Structure
Pre IPO
- Promoter and Promoter Group96.63%
- Public3.37%
Post IPO
- Promoter and Promoter Group68.54%
- Public31.46%
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 96.63% | 68.54% |
| Public | 3.37% | 31.46% |
| Total | 100% | 100% |
Company Promoters: Inamulhaq Shamsulhaq Iraki, Abdulhaq Shamsulhaq Iraki and Ibrarulhaq Inamulhaq Iraki.
Offer For Sale - Selling Shareholders
| Name | Category | No. of Shares Offered | Amount (₹ cr.) |
|---|---|---|---|
| Inamulhaq Shamsulhaq Iraki | Promoter | 5,00,000 | 6.95 |
| Abdulhaq Shamsulhaq Iraki | Promoter | 5,00,000 | 6.95 |
| Total | — | 10,00,000 | 13.90 |
German Green Steel IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Registrar
Bigshare Services Pvt.Ltd.
8657578989/8069219065/8069219060
ipo@bigshareonline.com
IPO Lead Manager(s)
Systematix Corporate Services Ltd.
Emkay Global Financial Services Ltd.
Pantomath Capital Advisors Pvt.Ltd.
Contact Details
German Green Steel & Power Ltd. Address
German House, Near Bharat Petrol Pump,
Opp. Kochrab Ashram,
Paldi
Ahmedabad, Gujarat , 380007
9723555100
secretarial@germansteel.in
German Green Steel & Power IPO in the news
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German Green Steel & Power: common questions
Answered from this issue's own record.
