German Green Steel IPO

The German Green Steel mainboard IPO is open between 25 Sept 2026 and 29 Sept 2026, offered at a price band of ₹132–139 per share, and is set to list on NSE and BSE. The IPO seeks to raise ₹303.9 crore. Retail investors bid in lots of 107 shares, a minimum application of ₹14,873.

Issue structure

The offer combines a fresh issue of ₹290 crore with an offer for sale (OFS) of ₹13.9 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward funding the capital expenditure requirements of its manufacturing facility at samakhiyali, kutch, gujarat and hybrid wind and solar power plant (₹226.33 crore), alongside general corporate purposes (₹29.5 crore). In all, 4 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, German Green Steel reported revenue of ₹1,685.38 crore and a net profit of ₹79.89 crore. Revenue grew from ₹1,137.54 crore in FY2024 to ₹1,685.38 crore in FY2026 (+48.0%). Net worth stood at ₹421.55 crore at the end of FY2026. At the upper band, that puts the issue at roughly 9.5× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 13.11× post-issue earnings and 1.79× book value, against a return on net worth of 18.86% and a debt-to-equity ratio of 0.79. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Beekay Steel Industries Ltd. and Gallant Ispat Ltd., with a median peer P/E of about 22.5×. The issue's own post-issue P/E works out to 13.11×.

Promoters

The promoters of the company are <p>Inamulhaq Shamsulhaq Iraki, Abdulhaq Shamsulhaq Iraki, Ibrarulhaq Inamulhaq Iraki</p>. Promoter holding stands at 96.63% before the issue and comes down to 68.54% after listing.

Grey market premium (GMP)

In the unofficial grey market, German Green Steel shares are quoted at a premium of ₹9.5 implying an expected listing around ₹148.5, about +6.8% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

Subscription

The German Green Steel IPO was subscribed 30.42 times overall. The strongest demand came from non-institutional investors (NII) at 56.77 times, with qualified institutional buyers (QIB) at 21.91× and retail investors at 23.98×.

Listing performance

German Green Steel listed on 5 Oct 2026 at ₹143.5, a premium of +3.2% over the issue price of ₹139.

What to weigh

When evaluating the German Green Steel IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About German Green Steel

German Green Steel and Power Limited is engaged in the manufacturing of iron and steel products, with its operations primarily concentrated in western India, particularly in Gujarat. The company has established a significant presence in the TMT bar segment through its "German TMT" brand. The company operates two production facilities in Gujarat. Its Samakhiyali plant functions as a vertically integrated manufacturing unit, while the Viramgam plant is operated through its subsidiary, German TMX Private Limited. These facilities support the production of a diversified range of steel products. German Green Steel and Power Limited manufactures TMT Bars, MS Billets, and Sponge Iron. The company's TMT bar product range is available in sizes from 8 mm to 40 mm, catering to various construction and infrastructure requirements. Its registered and corporate office is located in Ahmedabad, Gujarat, while the strategically located Samakhiyali facility benefits from proximity to major ports in the state. During the nine months ended December 31, 2024, a substantial portion of the company's revenue was generated through its distributor and dealer network. The business primarily follows a B2B model, serving distributors, dealers, and institutional customers who further supply products to contractors, builders, and other end-users in the construction sector. The "German TMT" brand has built a strong market presence in Gujarat, supported by a focus on product innovation, process improvements, and adherence to quality standards. The company continues to emphasize operational efficiency and product reliability to strengthen its market position. The manufacturing facilities are certified under various international management standards, including ISO 9001:2015 for quality management systems, ISO 45001:2018 for occupational health and safety management, and ISO 14001:2015 for environmental management systems. Competitive Strengths: Integrated manufacturing operations supported by captive power generation capabilities. Well-established distribution and dealer network across Gujarat with long-standing customer relationships. Leadership team with extensive industry experience and execution capabilities. Strong brand recognition in the TMT bar market backed by consistent product quality. Demonstrated growth in operational and financial performance over the years.