German Green Steel & Power IPO was a mainboard issue of ₹303.90 Cr at a price band of ₹132 – ₹139 per share, open from 25 Sep 2026 to 29 Sep 2026. It was subscribed 29.62 times overall (QIB 21.91x, NII 56.44x, retail 22.49x). The shares listed on BSE, NSE on 05 Oct 2026.
IPO Signal Analysis
📊 Based on Grey Market Premium (GMP) & Subscription Data — not financial advice
GMP Signal
High Interest
GMP: +7.9% above issue price
⭐ Overall Signal
High Interest
GMP + Subscription combined Not financial advice
Subscription Signal
High Interest
29.62x subscribed
Issue Details
Fresh Issue₹290 Cr
Offer for Sale (OFS)₹13.90 Cr
Total Issue Size₹303.90 Cr
Face Value₹10
Market Cap (at issue)₹1,047.35 Cr
Listing ExchangeBSE, NSE
📅 Open Date25 Sep 2026
🔒 Close Date29 Sep 2026
✂️ Cut-off Price Date29 Sep 2026
🎟️ Allotment Date30 Sep 2026
💸 Refund Initiation01 Oct 2026
📂 Demat Credit01 Oct 2026
📈 Listing Date05 Oct 2026
Objects of the Issue
💰 Capital expenditure at the Samakhiyali (Kutch) manufacturing facility
💰 Expansion of hybrid wind-solar power capacity
💰 Repayment/prepayment of borrowings
💰 General corporate purposes
About the Company
German Green Steel and Power, incorporated in 2008 and headquartered in Ahmedabad, makes TMT reinforcement bars (8–40 mm) along with the MS billets and sponge iron that go into them. Its main plant at Samakhiyali in Kutch is vertically integrated and runs on a 20 MW captive power plant, with a second facility at Viramgam through a subsidiary. It sells through distributors and dealers and directly to institutional buyers, almost entirely in Gujarat.
Strengths
✅ Integrated from sponge iron to finished TMT bars, which helps control cost and quality
✅ About three-quarters of its energy comes from captive and renewable sources
✅ Plants are close to Mundra and Kandla ports
✅ Income and profit have risen every year, with PAT almost doubling from ₹41.7 Cr (FY24) to ₹79.9 Cr (FY26)
Risk Factors
⚠️ Almost all sales (about 98%) are in Gujarat
⚠️ Raw materials are over 80% of costs and steel prices swing with the construction cycle
⚠️ No long-term supply contracts, so input prices can change quickly
⚠️ Borrowings of about ₹344 Cr and receivables of about ₹163 Cr
⚠️ Top 10 customers, mostly distributors, provide about half of revenue
Subscription Status
29.62x Overall
QIB: 21.9x
NII: 56.4x
RII: 22.5x
GMP Trend
Day-wise Subscription
Day
QIB
NII
RII
Overall
Day 1
—
—
—
0.00x
Day 2
—
—
—
0.00x
Day 3
—
—
—
0.00x
Share Reservation
QIB
50%
NII
15%
RII
35%
Allocation as per SEBI regulations for Mainboard IPO
Anchor Investors
Anchor allotment details not yet available.
Promoter Holding
96.63%Pre-IPO
→ -28.1%
68.54%Post-IPO
96.63%
68.54%
Founders & Leadership
AI
Abdulhaq Shamsulhaq Iraki
Promoter & Managing Director
Leads the company as Managing Director; part of the Iraki family promoter group
German Green Steel & Power IPO is a mainboard IPO with an issue size of ₹303.90 Cr at a price band of ₹132 – ₹139. Minimum lot size is 107 shares (minimum investment ~₹14,873). Opened on 25 Sep 2026 and closed on 29 Sep 2026. Listed on BSE, NSE. Registrar: Bigshare Services.
Apply through ASBA via your bank's net banking, or via UPI through Zerodha, Groww, Upstox, Angel One, or your broker's app. Select the IPO, choose lot quantity, and approve the UPI mandate or ASBA block.
Opened on 25 Sep 2026 and closed on 29 Sep 2026. Cut-off price date: 29 Sep 2026.
Lot size is 107 shares. At the upper price band of ₹139, minimum investment is approximately ₹14,873.
Allotment date is 30 Sep 2026. Refund initiation and demat credit were scheduled for 01 Oct 2026.
Listed on 05 Oct 2026 on BSE, NSE. Last grey market premium before listing: +₹11.
GMP is an unofficial grey-market indicator and can change at any time. Figures are compiled from publicly available sources for information only — this is not investment advice.Official references: SEBI · NSE · BSE
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