German Green Steel & Power IPO
GERMAN · BSE, NSE · Mainboard · Steel & Iron Products
Overview
Updated 12 days agoGerman Green Steel and Power Limited is an integrated iron and steel manufacturer based in Gujarat, focusing on TMT bars, MS billets, and sponge iron. The company operates two manufacturing facilities and is expanding its production capacity and power infrastructure through this IPO.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 107 | ₹14,873 |
| Retail (max) | 13 | 1,391 | ₹1,93,349 |
| sNII (min) | 14 | 1,498 | ₹2,08,222 |
| bNII (min) | 68 | 7,276 | ₹10,11,364 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 31 Oct, 16:42 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | BSE, NSE |
| Segment | Mainboard |
| Sector | Steel & Iron Products |
| Price band | ₹132–139 |
| Final issue price | ₹139.00 |
| Face value | ₹10 per share |
| Lot size | 107 shares |
| Minimum investment | ₹14,873 |
| Issue size | ₹304 Cr |
| Fresh issue | ₹290 Cr |
| P/E at upper band | 9.3x |
| Registrar | Bigshare Services Private Limited |
| Lead managers | Systematix Corporate Services Limited, Emkay Global Financial Services Limited, Pantomath Capital Advisors Private Limited |
| NSE symbol | GERMAN |
| ISIN | INE0D4501011 |
Fresh issue vs offer for sale
Shareholder quota and promoter holding
Company & business
German Green Steel and Power Limited is a vertically integrated iron and steel manufacturer primarily operating in Gujarat. The company produces TMT bars, MS billets, and sponge iron, utilizing a vertical-integration model that includes captive power generation through thermal, waste heat recovery, and hybrid wind-solar plants. The company's manufacturing facilities are located in Samakhiyali and Viramgam. The company's product portfolio includes various grades of TMT bars, which are used in infrastructure and construction projects. The company has received a 4-star and 5-star green steel rating from the National Institute of Secondary Steel Technology.
Objects of the issue — how the money will be used
- Funding capital expenditure requirements for expansion of manufacturing facility at Samakhiyali and hybrid wind and solar power plant (₹226.33 Cr)
- Prepayment or re-payment, in full or in part, of certain outstanding borrowings (₹7.7 Cr)
- General corporate purposes
Key strengths
- Vertically integrated manufacturing setup with captive power plant
- Extensive distribution network in Gujarat with long-term customer relationships
- Experienced Promoters supported by a strong management and execution team
- Strong brand recall driven by quality products
- Track record of growth in financial performance
Key risks
- Majority of revenue derived from top 10 customers
- Reliance on dealers and distributors for product distribution
- Substantial dependence on availability of materials and third-party suppliers
- Volatility in prices of products and raw materials
- Manufacturing facilities concentrated in Gujarat, making operations susceptible to local disruptions
- Significant indebtedness and restrictive covenants in financing agreements
- Dependence on Promoters, Directors, and Key Managerial Personnel
- Legal proceedings against the company, promoters, and subsidiaries
Promoters
Inamulhaq Shamsulhaq Iraki, Abdulhaq Shamsulhaq Iraki, Ibrarulhaq Inamulhaq Iraki
Decoded from the RHP with AI on 01-Nov-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 1,129.78 | -- | 41.67 | 559.73 | 176.06 | 193.76 |
| FY25 | 1,507.57 | -- | 59.94 | 1,015.20 | 293.91 | 342.84 |
| FY26 | 1,678.98 | -- | 79.89 | 1,220.24 | 423.70 | 328.92 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| German Green Steel & Power this issue | 1,679.0 | 14.91 | 9.3x | 18.86 | 77.76 |
| Beekay Steel Industries Ltd | 1,196.9 | 18.94 | 22.5 | 3.49 | 548.18 |
| Gallant Ispat Limited | 4,478.5 | 20.07 | 27.8 | 14.60 | 137.44 |
| Kamdhenu Limited | 774.7 | 2.78 | 14.6 | 19.77 | 14.06 |
| MSP Steel & Power Limited | 2,846.0 | 0.60 | 61.6 | 3.28 | 18.18 |
| VMS TMT Limited | 840.2 | 4.95 | 8.9 | 9.22 | 45.97 |
This issue is priced at 9.3x P/E against a peer median of 22.5x: a discount of 59%. A measurement, not a verdict.
Other Steel & Iron Products IPOs
Same sector, listed just before and after this one, with their listing-day change.
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Behari Lal EngineeringBLEL · BSE, NSE · Mainboard · Steel & Iron Products+76.2%19 Aug Documents and resources
Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.