German Green Steel and Power IPO is a mainboard book-built issue of ₹303.90 crore. The IPO comprises a fresh issue of 2,08,63,309 equity shares aggregating to ₹290 crore and an offer for sale of 10,00,000 equity shares aggregating to approximately ₹13.90 crore at the upper price band. The IPO is scheduled to open for subscription on September 25, 2026, and close on September 29, 2026. The basis of allotment is expected on September 30, 2026, with listing scheduled for October 5, 2026 on BSE and NSE.
German Green Steel & Power IPO has a price band of ₹132 to ₹139 per share and a lot size of 107 shares. At the upper price band, the minimum retail investment is ₹14,873. The company operates as a vertically integrated iron and steel manufacturer with a focus on TMT bars, MS billets and sponge iron. Its manufacturing facilities are located in Gujarat.
The company proposes to use a substantial portion of the fresh issue proceeds for capital expenditure related to expansion of its Samakhiyali manufacturing facility in Kutch, Gujarat, and a hybrid wind and solar power plant. It also proposes to use part of the proceeds for repayment or prepayment of certain borrowings and for general corporate purposes.
Table of Contents
German Green Steel & Power IPO Details Information
| Particular | Details |
|---|---|
| IPO Name | German Green Steel & Power IPO |
| Company Name | German Green Steel and Power Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹10 per share |
| Price Band | ₹132 to ₹139 per share |
| Issue Size | ₹303.90 Crore |
| Fresh Issue | 2,08,63,309 Shares |
| Offer for Sale | 10,00,000 Shares |
| IPO Open Date | September 25, 2026 |
| IPO Close Date | September 29, 2026 |
| Anchor Investor Bidding | September 24, 2026 |
| Basis of Allotment | September 30, 2026 |
| Refund Initiation | October 1, 2026 |
| Shares Credited to Demat Account | October 1, 2026 |
| Listing Date | October 5, 2026 |
| Listing Exchange | BSE and NSE |
| Lot Size | 107 Shares |
| Registrar | Bigshare Services Pvt. Ltd. |
| Book Running Lead Managers | Systematix Corporate Services Ltd., Emkay Global Financial Services Ltd. and Pantomath Capital Advisors Pvt. Ltd. |
The German Green Steel & Power IPO consists of both a fresh issue and an offer for sale. The fresh issue will raise ₹290 crore for the company, while the OFS comprises 10 lakh shares being sold by existing shareholders. The revised issue size is lower than the ₹450 crore fresh issue and 20 lakh-share OFS proposed in the earlier DRHP.
German Green Steel and Power IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | September 24, 2026 |
| IPO Opening Date | September 25, 2026 |
| IPO Closing Date | September 29, 2026 |
| Basis of Allotment | September 30, 2026 |
| Refund Initiation | October 1, 2026 |
| Shares Credited to Demat Account | October 1, 2026 |
| Listing Date | October 5, 2026 |
The IPO timetable provides a one-day anchor bidding period on September 24, followed by public subscription from September 25 to September 29. The basis of allotment is expected on September 30, refunds and demat credit are scheduled for October 1, and the shares are expected to list on October 5, 2026.
German Green Steel & Power IPO Reservation
| Investor Category | Reservation |
|---|---|
| QIB | Not more than 50% |
| NII | Not less than 15% |
| RII | Not less than 35% |
The issue includes allocations for qualified institutional buyers, non-institutional investors and retail individual investors. The issue structure provides for a QIB portion of up to 50%, an NII portion of at least 15% and a retail portion of at least 35%, subject to the detailed allocation provisions in the offer documents.
The published issue structure also shows 65,58,993 shares allocated to anchor investors, 32,79,496 shares to NIIs, 43,72,662 shares to QIBs excluding the applicable anchor structure and 76,52,158 shares to retail investors.
German Green Steel & Power IPO Lot Size
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | 107 | ₹14,873 |
| Retail Maximum | 1,391 | ₹1,93,349 |
| S-HNI Minimum | 1,498 | ₹2,08,222 |
The lot size is 107 shares. Retail investors can apply for a minimum of one lot and up to 13 lots, equivalent to 1,391 shares. At the upper price band of ₹139, one lot requires ₹14,873, while the maximum retail application requires ₹1,93,349. The minimum S-HNI application is 1,498 shares, or 14 lots, requiring ₹2,08,222.
About German Green Steel and Power Limited
German Green Steel and Power Limited is a Gujarat-based vertically integrated iron and steel manufacturer. The company was incorporated in July 2008 as Haq Enterprises and subsequently adopted its present name. It operates primarily in the western region of India, with a significant presence in Gujarat and a focus on TMT bars marketed under the TMX Bars brand.
The company’s product portfolio includes TMT bars, mild-steel billets and sponge iron. Its TMT bars are manufactured in sizes ranging from 8 mm to 40 mm. The company has also entered value-added products such as cut-and-bend reinforcement bars and epoxy-coated TMT bars.
German Green Steel & Power operates two manufacturing facilities in Gujarat. The Samakhiyali facility in Kutch is vertically integrated, while the Viramgam facility is operated through its material subsidiary, German TMT Private Limited.
Business Operations
German Green Steel & Power operates across several stages of the steel manufacturing value chain. Its activities include sponge iron production, scrap processing, melting, billet casting and rolling of steel bars.
The company manufactures TMT bars, MS billets and sponge iron and supplies products through distributors, dealers and institutional customers. Its vertically integrated manufacturing model allows different stages of the steel production process to be carried out within its operating structure.
The Samakhiyali facility in Kutch, Gujarat, forms an important part of the company’s integrated manufacturing operations. The company also operates a manufacturing facility at Viramgam through German TMT Private Limited.
The company has expanded its product portfolio beyond conventional TMT bars by commencing production of cut-and-bend bars and epoxy-coated TMT bars. It has also disclosed plans for additional value-added products, including stainless-steel round bars and corrosion-resistant TMT products.
Industry Overview
Steel is an important input for construction, infrastructure, manufacturing and industrial activity. TMT bars are widely used in residential and commercial construction as well as infrastructure projects.
German Green Steel & Power operates primarily in the western Indian steel market, with Gujarat being its principal operating and sales region. According to the company’s disclosures, 97.74% of its FY2026 sales were made to customers in Gujarat. This creates a substantial geographic concentration in one state.
The steel industry is affected by factors including steel prices, raw material costs, energy prices, construction activity, infrastructure spending, economic growth, import competition and changes in government policies.
The company also has exposure to power costs through its energy-intensive manufacturing operations. Its proposed hybrid wind and solar power plant is intended to support its energy requirements while forming part of the company’s planned capital expenditure programme.
Business Strategy
German Green Steel & Power’s strategy includes increasing its manufacturing capacity, expanding its product portfolio and improving its integration across the steel production process.
The company proposes to use ₹226.33 crore of the fresh issue proceeds toward capital expenditure for expansion of its Samakhiyali manufacturing facility in Kutch and its hybrid wind and solar power plant. A further ₹7.70 crore is proposed for repayment or prepayment of certain outstanding borrowings, with the balance intended for general corporate purposes.
The company is also expanding into value-added steel products. Cut-and-bend reinforcement bars and epoxy-coated TMT bars can allow it to serve customers seeking products beyond conventional TMT bars.
Its vertically integrated manufacturing model, product diversification and proposed capacity expansion form key components of its operating strategy.
German Green Steel & Power IPO Financial Information
German Green Steel & Power reported growth in total income and profitability between FY2025 and FY2026. Total income increased from ₹1,517.21 crore in FY2025 to ₹1,685.38 crore in FY2026, while PAT increased from ₹59.94 crore to ₹79.89 crore. EBITDA increased from ₹116.81 crore to ₹166.96 crore during the same period.
German Green Steel & Power Financial Summary
| Particular | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Assets | ₹1,220.24 Cr | ₹1,015.20 Cr | ₹559.73 Cr |
| Total Income | ₹1,685.38 Cr | ₹1,517.21 Cr | ₹1,137.54 Cr |
| Profit After Tax | ₹79.89 Cr | ₹59.94 Cr | ₹41.67 Cr |
| EBITDA | ₹166.96 Cr | ₹116.81 Cr | ₹80.11 Cr |
| Net Worth | ₹421.55 Cr | ₹292.55 Cr | ₹176.06 Cr |
| Reserves and Surplus | ₹369.21 Cr | ₹241.27 Cr | ₹167.60 Cr |
| Total Borrowings | ₹334.37 Cr | ₹347.86 Cr | ₹198.39 Cr |
Amount in ₹ Crore.
The company’s total assets increased from ₹559.73 crore in FY2024 to ₹1,220.24 crore in FY2026. Net worth increased from ₹176.06 crore to ₹421.55 crore during the same period.
Total borrowings increased from ₹198.39 crore in FY2024 to ₹347.86 crore in FY2025 before declining to ₹334.37 crore in FY2026. The FY2026 financial statements therefore show an increase in balance-sheet size and profitability along with a modest year-on-year reduction in borrowings.
German Green Steel & Power IPO Key Performance Indicators (KPIs)
| KPI | FY2026 |
|---|---|
| ROE | 18.86% |
| ROCE | 19.31% |
| Debt/Equity | 0.79 |
| RoNW | 18.86% |
| PAT Margin | 4.76% |
| EBITDA Margin | 9.94% |
| NAV | ₹77.76 |
| Price to Book Value | 0.67 |
The company’s FY2026 ROE and RoNW were reported at 18.86%, while ROCE stood at 19.31%. The debt-to-equity ratio was 0.79. PAT margin stood at 4.76% and EBITDA margin at 9.94%. NAV was ₹77.76 per share and price-to-book value was reported at 0.67.
The valuation information based on the upper price band indicates pre-IPO EPS of ₹14.66 and post-IPO EPS of ₹10.60, with corresponding P/E ratios of approximately 9.48x and 13.11x.
Objects of the German Green Steel & Power IPO
The company proposes to utilise the net proceeds from the fresh issue towards the following objects:
- Funding capital expenditure for expansion of the manufacturing facility at Samakhiyali, Kutch, Gujarat.
- Funding capital expenditure for the hybrid wind and solar power plant.
- Prepayment or repayment, in full or in part, of certain outstanding borrowings.
- General corporate purposes.
The company has estimated ₹226.33 crore for the manufacturing facility expansion and hybrid wind and solar power plant project. Another ₹7.70 crore is proposed for repayment or prepayment of certain borrowings. The remaining amount is proposed for general corporate purposes.
The capital expenditure component represents the largest stated use of the fresh issue proceeds. The planned investment is intended to expand manufacturing capabilities at Samakhiyali and develop the hybrid renewable power project.
German Green Steel & Power IPO Listing Performance
| Particular | Value |
|---|---|
| Listing Exchange | BSE and NSE |
| Listing Date | October 5, 2026 |
| Issue Price | ₹139 |
| Listing Price | To Be Updated |
| Listing Gain | To Be Updated |
| Listing Gain (%) | To Be Updated |
German Green Steel & Power IPO is scheduled to list on BSE and NSE on October 5, 2026. Since the listing has not yet taken place, the actual listing price, listing gain and listing gain percentage will be updated after trading begins.
German Green Steel & Power IPO Subscription Status
The German Green Steel & Power IPO is scheduled to open for public subscription on September 25, 2026. Therefore, live subscription figures are not available before the issue opens.
The subscription status will be updated across QIB, NII and retail investor categories during the IPO bidding period.
As of the latest available pre-opening information, the IPO had not yet commenced public bidding.
German Green Steel & Power IPO Subscription
| Investor Category | Subscription |
|---|---|
| QIB | To Be Updated |
| NII | To Be Updated |
| RII | To Be Updated |
| Employee Category | Not Applicable |
| Total Subscription | To Be Updated |
Subscription figures will be updated once the IPO opens on September 25, 2026.
German Green Steel & Power IPO Review
German Green Steel & Power IPO is a ₹303.90 crore mainboard issue consisting of a ₹290 crore fresh issue and a ₹13.90 crore offer for sale at the upper price band. The fresh capital will be available to the company for its stated expansion and debt-related objectives, while proceeds from the OFS will accrue to the selling shareholders.
The company operates an integrated iron and steel manufacturing business with products including TMT bars, MS billets and sponge iron. It has also expanded into value-added products such as cut-and-bend bars and epoxy-coated TMT bars. The manufacturing facilities are located in Gujarat, with the Samakhiyali facility providing vertically integrated operations.
The financial performance reported for FY2026 shows total income of ₹1,685.38 crore and PAT of ₹79.89 crore. EBITDA increased to ₹166.96 crore, while net worth increased to ₹421.55 crore. Total borrowings were ₹334.37 crore at the end of FY2026.
The IPO proceeds are primarily directed toward expansion. The company proposes ₹226.33 crore for capital expenditure relating to its Samakhiyali facility and hybrid wind and solar power plant. This planned expenditure represents a significant part of the fresh issue and is intended to increase the company’s manufacturing and energy capabilities.
The company has substantial exposure to Gujarat. Approximately 97.74% of FY2026 sales were made to customers in Gujarat, meaning changes in regional demand, economic conditions, regulation, logistics or other disruptions in Gujarat could affect the company’s operations.
The company’s borrowings and working-capital requirements are also relevant factors. As of August 31, 2026, outstanding borrowings were reported at ₹344.13 crore, comprising secured and unsecured borrowings. The company had trade receivables of ₹163.43 crore as of March 31, 2026 and contingent liabilities and commitments of ₹168.03 crore.
The unofficial grey market premium was reported at around ₹15 per share on September 24, 2026 by third-party grey-market trackers. At the ₹139 upper price band, that corresponds to an unofficial indicative price of around ₹154. GMP is not an exchange-published figure, is unregulated and can change before listing, so it should not be treated as a guaranteed listing price.
German Green Steel & Power IPO Strengths
- Vertically integrated iron and steel manufacturing operations.
- Presence across sponge iron, MS billets and TMT bar manufacturing.
- Established manufacturing facilities in Gujarat.
- Focus on TMT bars under the TMX Bars brand.
- Expansion into value-added products including cut-and-bend and epoxy-coated TMT bars.
- FY2026 total income increased compared with FY2025.
- FY2026 PAT and EBITDA increased compared with FY2025.
- Net worth increased substantially between FY2024 and FY2026.
- Proposed capital expenditure is intended to expand manufacturing capacity and develop a hybrid renewable power plant.
- Proposed investment in renewable power generation may support the company’s long-term energy requirements.
German Green Steel & Power IPO Risk Factors
- The company has substantial geographic concentration in Gujarat.
- Approximately 97.74% of FY2026 sales were generated from customers in Gujarat.
- Steel manufacturing is exposed to fluctuations in steel prices, raw material costs and energy costs.
- The business requires significant working capital and capital expenditure.
- Total borrowings stood at ₹334.37 crore as of March 31, 2026.
- Outstanding borrowings were reported at ₹344.13 crore as of August 31, 2026.
- The company had trade receivables of ₹163.43 crore as of March 31, 2026.
- The company had contingent liabilities and commitments of ₹168.03 crore as of March 31, 2026.
- Expansion projects involve execution, commissioning and cost-overrun risks.
- Demand for TMT bars and other steel products is linked to construction and infrastructure activity.
- The company operates in a competitive steel manufacturing industry.
- Changes in government policies, environmental requirements, energy regulations and import competition may affect operations.
German Green Steel & Power IPO Promoters
The promoters of German Green Steel and Power Limited are Inamulhaq Shamsulhaq Iraki, Abdulhaq Shamsulhaq Iraki and Ibrarulhaq Inamulhaq Iraki.
German Green Steel & Power IPO Promoters Details
| Promoter | Designation |
|---|---|
| Inamulhaq Shamsulhaq Iraki | Promoter |
| Abdulhaq Shamsulhaq Iraki | Promoter |
| Ibrarulhaq Inamulhaq Iraki | Promoter |
The available IPO data reports promoter and promoter group holding at approximately 96.63% before the IPO and around 68.54% after the issue.
German Green Steel & Power IPO Management Team
| Name | Designation |
|---|---|
| Inamulhaq Shamsulhaq Iraki | Chairman & Whole-time Director |
| Abdulhaq Shamsulhaq Iraki | Managing Director |
| Ibrarulhaq Inamulhaq Iraki | Whole-time Director |
| Nareshkumar Punjiram Patel | Whole-time Director |
| Biswajit Adhikari | Independent Director |
| Indu Rao Kaveti | Independent Director |
| Intajhusen Imamkhan Malek | Independent Director |
| Sanjay Kumar Gupta | Independent Director |
| Mansuri Abira Idris | Company Secretary & Compliance Officer |
The management team information is based on the latest available public IPO information. The Economic Times IPO profile identifies the company’s board and company secretary/compliance officer in its current company information.
German Green Steel & Power IPO Registrar Details
| Particular | Details |
|---|---|
| Registrar Name | Bigshare Services Pvt. Ltd. |
| Website | Bigshare IPO Status |
| IPO Allotment Status | Available through the registrar’s IPO status portal |
| Email ID | [email protected] |
| Contact Number | 8657578989 / 8069219065 / 8069219060 |
Bigshare Services Pvt. Ltd. is the registrar to the German Green Steel & Power IPO. The registrar handles IPO application processing, allotment-related services and investor status enquiries.
German Green Steel & Power IPO Lead Manager Details
| Particular | Details |
|---|---|
| Lead Managers | Systematix Corporate Services Ltd., Emkay Global Financial Services Ltd. and Pantomath Capital Advisors Pvt. Ltd. |
Systematix Corporate Services, Emkay Global Financial Services and Pantomath Capital Advisors are the book-running lead managers for the German Green Steel & Power IPO.
German Green Steel & Power Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | German Green Steel and Power Limited |
| Registered Office | German House, Near Bharat Petrol Pump, Opp. Kochrab Ashram, Paldi, Ahmedabad, Gujarat – 380007 |
| Website | German Green Steel & Power official website |
| Email ID | [email protected] |
| Contact Number | +91 7211133101 / +91 9723555100 |
The company’s registered and corporate office is located at German House, Near Bharat Petrol Pump, Opposite Kochrab Ashram, Paldi, Ahmedabad, Gujarat. The company identifies its contact person as its Company Secretary and Compliance Officer.
How to Check German Green Steel & Power IPO Allotment Status
Through the Registrar
- Visit the official Bigshare IPO status portal.
- Select German Green Steel & Power IPO from the available IPO list.
- Select the applicable option such as PAN, Application Number or Demat/DP ID.
- Enter the required details.
- Complete the verification process if required.
- Submit the details to view the IPO allotment status.
Through the Stock Exchange
- Visit the official BSE or NSE website.
- Navigate to the IPO/allotment section.
- Select German Green Steel & Power IPO.
- Enter the PAN or application details.
- Complete the required verification.
- Submit the information to check the allotment status.
German Green Steel & Power IPO Conclusion
German Green Steel & Power IPO is a ₹303.90 crore mainboard book-built issue comprising a ₹290 crore fresh issue and a ₹13.90 crore offer for sale. The IPO has a price band of ₹132 to ₹139 per share and a lot size of 107 shares. The issue is scheduled to open on September 25 and close on September 29, 2026, with listing planned on BSE and NSE on October 5, 2026.
The company operates an integrated iron and steel manufacturing business with a focus on TMT bars, MS billets and sponge iron. Its manufacturing operations are concentrated in Gujarat, with the Samakhiyali and Viramgam facilities forming key parts of its production network.
Financially, the company reported FY2026 total income of ₹1,685.38 crore, PAT of ₹79.89 crore, EBITDA of ₹166.96 crore and net worth of ₹421.55 crore. Total borrowings stood at ₹334.37 crore.
The largest portion of the fresh issue proceeds is proposed for capital expenditure relating to the Samakhiyali manufacturing facility expansion and hybrid wind and solar power plant. A further portion is proposed for repayment or prepayment of certain borrowings.
Investors evaluating the IPO should consider the company’s financial performance, valuation, steel industry conditions, Gujarat market concentration, borrowings, working-capital requirements, expansion plans and the risk factors disclosed in the RHP.
German Green Steel & Power IPO FAQs
What is the German Green Steel & Power IPO?
German Green Steel & Power IPO is a mainboard book-built IPO of ₹303.90 crore comprising a fresh issue of ₹290 crore and an offer for sale of approximately ₹13.90 crore.
When will the German Green Steel & Power IPO open?
The IPO is scheduled to open for subscription on September 25, 2026.
When will the German Green Steel & Power IPO close?
The IPO is scheduled to close on September 29, 2026.
What is the German Green Steel & Power IPO price band?
The price band is ₹132 to ₹139 per equity share.
What is the German Green Steel & Power IPO lot size?
The lot size is 107 shares.
What is the minimum investment for the German Green Steel & Power IPO?
At the upper price band of ₹139, the minimum investment for one lot of 107 shares is ₹14,873.
What is the German Green Steel & Power IPO allotment date?
The basis of allotment is expected to be finalised on September 30, 2026.
What is the German Green Steel & Power IPO listing date?
The shares are scheduled to list on BSE and NSE on October 5, 2026.
Who is the registrar of the German Green Steel & Power IPO?
Bigshare Services Pvt. Ltd. is the registrar of the German Green Steel & Power IPO.
Who are the lead managers of the German Green Steel & Power IPO?
Systematix Corporate Services Ltd., Emkay Global Financial Services Ltd. and Pantomath Capital Advisors Pvt. Ltd. are the book-running lead managers of the IPO.
