The company has fixed the price band at ₹132 to ₹139 per equity share and will raise ₹303.9 crore at the upper end of the price band. Investors can bid for a minimum of 107 shares and in multiples thereof.
Ahead of the IPO opening, German Green Steel and Power raised ₹91.17 crore through its anchor book. The company allotted 65.58 lakh equity shares at ₹139 apiece to six institutional investors.
The anchor investors included Necta Bloom VCC, Lords MultiGrowth Fund, Compact Structure Fund, Arnesta Global Fund, Zeal Global Opportunities Fund and Venus Investments.
What brokerages say
SBI Securities: Neutral
SBI Securities has assigned a ‘Neutral’ rating to the IPO and said it would like to track the company’s performance for a few quarters after listing.
The brokerage said that German Green Steel is expanding its TMT bar production capacity along with its input material manufacturing and captive power capacities. The expansion is expected to be funded through the fresh issue proceeds.
At the upper price band of ₹139, the issue is valued at 6.4 times FY26 enterprise value to EBITDA based on post-issue capital, according to SBI Securities. The brokerage also flagged the cyclical nature of the steel and TMT bar industry and recent volatility in steel prices.
Anand Rathi: Subscribe for long term
Anand Rathi has assigned a ‘Subscribe for Long Term’ rating to the issue.
The brokerage highlighted the company’s vertically integrated manufacturing setup and captive power capacity, along with its distribution network in Gujarat and established customer relationships.
At the same time, it flagged customer concentration and the company’s reliance on dealers and distributors as risks that could lead to revenue volatility and customer attrition.
IPO details
The IPO comprises a fresh issue of up to ₹290 crore and an offer-for-sale (OFS) of 10 lakh equity shares worth ₹13.9 crore.
The company plans to use the fresh issue proceeds primarily for capital expenditure towards the expansion of its manufacturing facility at Samakhiyali in Kutch, Gujarat, and a hybrid wind and solar power plant. A portion will also be used for repayment of outstanding borrowings, with the balance earmarked for general corporate purposes.
The issue has been reserved with 50% for qualified institutional buyers, 15% for non institutional investors and 35% for retail investors.
In the unlisted market, German Green Steel shares are currently commanding a premium over the IPO price. However, grey market premiums are unofficial indicators, can change rapidly and should not be treated as a reliable indication of the eventual listing price.
German Green Steel and Power biz
German Green Steel and Power is a vertically integrated iron and steel manufacturer operating primarily in western India, with a strong presence in Gujarat and a focus on TMT bars. Its product portfolio includes TMT bars, mild steel billets and sponge iron.
The company operates two manufacturing facilities in Gujarat, located at Samakhiyali and Viramgam.
German Green Steel’s revenue from operations stood at ₹1,678.98 crore in FY26, while net profit was ₹79.88 crore, according to current IPO disclosures reported by Business Standard.
The company has also been expanding into value added products, including cut and bent TMT bars and epoxy coated TMT bars.
Systematix Corporate Services, Emkay Global Financial Services and Pantomath Capital Advisors are the book running lead managers to the issue. The shares are proposed to be listed on the BSE and NSE.