German Green Steel and Power Limited IPO
ListedMainboardSteel
28.98×
Subscribed
Price band
₹132 – ₹139
Lot size
107
1 lot = ₹14,873
Issue size
₹303.9 Cr
Open – close
25 Sept 2026
to 29 Sept 2026
Listing
05 Oct 2026
Listing gain
+2.16%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong5 of 7 dimensions read
The disclosed numbers are strong — 4 of 6 signals read positive
Strength80/100
- Priced below its peers9.3× earnings against a peer median of 22.5× — a discount to the issuer's own comparison set
- Out-earns its peersReturn on net worth of 18.9% against a peer median of 9.2%
- Steady revenue growthRevenue compounding at 21.9%
- Adequate return on equityROE of 18.9%
- Fresh capital for the business95.4% of the issue is fresh capital raised by the company itself
- Institutions bid heavilyQIB portion subscribed 20.93×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens25 Sept 2026
- Closes29 Sept 2026
- Allotment30 Sept 2026
- Listing05 Oct 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB20.93x
Non-institutionalNII / HNI54.03x
Big NIIabove ₹10L54.05x
Small NII₹2L – ₹10L54.00x
Retail individualRII22.83x
16,08,732 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 29 Sept 2026.
Chance of allotment
Retail22.83× subscribed
~1 in 22.8
Minimum 1 lot · 107 shares · ₹14,873 blocked
Retail is 22.83× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 22.8 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII54.03× subscribed
~1 in 54
Minimum 14 lots · 1,498 shares · ₹2,08,222 blocked
HNI is 54.03× subscribed. This category is allotted proportionately, so a bid receives roughly 1/54 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹132 – ₹139
Face value₹10
Lot size107shares
Minimum application₹14,873at cut-off
Total issue size₹303.9 Cr
Fresh issue₹290 Cr
Offer for sale₹13.9 Cr
Listing atMainboard
Company & valuation
P/E at upper band9.32×
EPS₹12.57pre-issue
NAV per share₹77.76
Return on equity18.86%
EBITDA margin9.94%
ROCE19.31%
Debt/Equity0.79
RoNW18.86%
PAT Margin4.76%
EBITDA Margin9.94%
NAV77.76
Price to Book Value1.79
ISININE0D4501011
RegistrarBigshare Services Private Limited
Lead managersSystematix Corporate Services Limited, Emkay Global Financial Services Limited, Pantomath Capital Advisors Private Limited
4.6% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 1,09,31,655 | — |
| Anchor Investor | 65,58,991 | — |
| QIB (Ex. Anchor) | 43,72,664 | — |
| NII (HNI) | 32,79,496 | — |
| bNII > ₹10L | 21,86,331 | 1459.00% |
| sNII < ₹10L | 10,93,165 | 729.00% |
| Retail | 76,52,158 | 71515.00% |
Total issue 2,18,63,309 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,8731 lot · 107 sh
Retail (Max)₹1,93,34913 lots · 1,391 sh
S-HNI (Min)₹2,08,22214 lots · 1,498 sh
S-HNI (Max)₹9,96,49167 lots · 7,169 sh
B-HNI (Min)₹10,11,36468 lots · 7,276 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted65,58,991
Anchor portion₹91.17 Cr
Bid date24 Sept 2026
Lock-in ends (50%)30 Oct 2026
Lock-in ends (rest)29 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Funding the capital expenditure requirements of our Company towards expansion of its manufacturing facility at Samakhiyali, Kutch, Gujarat and hybrid wind and solar power plant (Project)₹226.33 Cr
- 02Prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by our Company₹7.7 Cr
- 03General corporate purposes₹29.5 Cr
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 1,129.782 | — | 41.667 | 176.062 | — |
| 2025 | 1,507.571 | — | 59.944 | 293.913 | — |
| 2026 | 1,678.982 | — | 79.889 | 423.696 | — |
Revenue CAGR 21.9%PAT CAGR 38.5%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| German Green Steel and Power Limitedthis issue | 14.91 | 9.32 | 77.76 | 18.86% |
| Beekay Steel Industries Ltd | 18.94 | 22.54 | 548.18 | 3.49% |
| Gallant Ispat Limited | 20.07 | 27.80 | 137.44 | 14.60% |
| Kamdhenu Limited | 2.78 | 14.57 | 14.06 | 19.77% |
| MSP Steel & Power Limited | 0.56 | 61.57 | 18.18 | 3.28% |
| VMS TMT Limited | 4.95 | 8.92 | 45.97 | 9.22% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumLoss of top 10 customers or reduction in purchases by them could adversely affect business, results of operations and financial condition. In Fiscal 2026, 50.62% of revenue from operations was derived from top 10 customers, with the single largest customer contributing 10.67%.
mediumWe usually do not enter long-term supply contracts with customers and rely on periodic purchase orders. There is no assurance that customers will continue to source products at volumes or rates consistent with historical amounts.
mediumA termination of distribution arrangements or failure of dealers/distributors to effectively sell or market products could adversely affect business, results of operations and financial condition. In Fiscal 2026, eight of the top 10 customers were dealers or distributors.
Positives the filing discloses (3)
Primarily fresh capital
95% of the offer is fresh issue, so most proceeds fund the company.
Strong revenue growth
Restated revenue CAGR of 21.9%.
Healthy return on equity
ROE of 18.9%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+7.7%
Listed up
8 of 8
Best
+65.3%
BLS Polymers Limited
Worst
0.6%
EAAA India Alternatives Limited
Bombay Coated and Special Steels Limitedsame segment
60.8× sub+11.0%
M. K. Sons Fine Jewels Limitedsame segment
5.1× sub+5.6%
BLS Polymers Limitedsame segment
241.2× sub+65.3%
SFC Environmental Technologies Limitedsame segment
9.5× sub+7.6%
EAAA India Alternatives Limitedsame segment
5.3× sub+0.6%
Paras Healthcare Limitedsame segment
2.2× sub+3.9%
Jio Platforms Limitedsame segment
21.6× sub+21.4%
Sahajanand Medical Technologies Limitedsame segment
14.2× sub+7.9%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About German Green Steel and Power Limited
German Green Steel & Power Limited is a vertically integrated iron and steel manufacturer primarily operating in western India, with a focus on TMT bars. Its product portfolio mainly comprises TMT bars, MS billets, and sponge iron, with TMT bar manufacturing capabilities ranging from 8 mm to 40 mm. The company has also commenced production of cut and bent bars and epoxy-coated TMT bars as value-added steel products. It also plans to further produce and sell corrosion-resistant TMT bars. The company has two manufacturing facilities in Gujarat. The Samakhiyali facility is vertically integrated, while the Viramgam facility is operated through its material subsidiary, German TMT Private Limited. Steel scrap is one of its primary raw materials and is used to recycle ferrous material into finished steel products. Its corporate and registered office is located in Ahmedabad, Gujarat, while the Samakhiyali facility is located near ports in Gujarat.
Founded 2008MD Mr Abdulhaq Shamsulhaq IrakiSector Steel
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the German Green Steel and Power Limited IPO subscribed?
German Green Steel and Power Limited is subscribed 28.98× overall (QIB 20.93×, NII 54.03×, retail 22.83×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, Bigshare Services Private Limited.
What is the minimum investment in the German Green Steel and Power Limited IPO?
One lot is 107 shares, so a retail application at the ₹139 cut-off price blocks ₹14,873. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the German Green Steel and Power Limited IPO?
The retail portion is subscribed 22.83×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 23. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the German Green Steel and Power Limited IPO allotment date?
Allotment is scheduled for 2026-09-30, with listing on 2026-10-05. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, Bigshare Services Private Limited.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.