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IPO Open

Fri, Sep 25, 2026

IPO Close

Tue, Sep 29, 2026

Price Band

₹132 to ₹139

Market Cap*

₹1,047.35 Cr * on Upper Price

IPO Details

  • IPO Date
    25 to 29 Sep, 2026
  • Listing Date
    Mon, Oct 5, 2026
  • Face Value
    ₹10 per share
  • Price Band
    ₹132 to ₹139
  • Lot Size
    107 Shares
  • Sale Type
    Fresh capital cum OFS
  • Issue Type
    Bookbuilding IPO
  • Listing At
    BSE, NSE
  • Fresh Issue
    2,18,63,309 shares (agg. up to ₹304 Cr)
  • Fresh Issue
    2,08,63,309 shares (agg. up to ₹290 Cr)
  • Offer for Sale
    10,00,000 shares of ₹10 (agg. up to ₹14 Cr)
  • Share Holding Pre Issue
    5,44,85,888 shares
  • Share Holding Post Issue
    7,53,49,197 shares

IPO Timetable (Tentative)

  • IPO Open
    Fri, Sep 25, 2026
  • Allotment
    Wed, Sep 30, 2026
  • Credit of Shares
    Thu, Oct 1, 2026
  • IPO Close
    Tue, Sep 29, 2026
  • Refund
    Thu, Oct 1, 2026
  • Listing
    Mon, Oct 5, 2026

Issue Reservation

Investor Category Shares
QIB Not more than 50% of the Offer
Retail Not less than 35% of the Offer
NII Not less than 15% of the Offer

IPO Lot Size

Investors can bid for a minimum of 107 shares and in multiples thereof.

Application Lots Shares Amount
Retail (Min) 1 107 ₹14,873
Retail (Max) 13 1391 ₹1,93,349
S-HNI (Min) 14 1498 ₹2,08,222
S-HNI (Max) 67 7169 ₹9,96,491
B-HNI (Min) 68 7276 ₹10,11,364

About German Green Steel & Power Ltd.

Incorporated in 2008, German Green Steel and Power Limited is an iron and steel manufacturer primarily operating in the western region of India, with a strong presence in Gujarat and a focus on TMX Bars. The company is predominantly conducted on a business-to-business basis with three (3) major types of customers, namely (i) distributors, (ii) dealers and (iii) institutional customers. The brand “German TMT” has established strong recognition for TMT Bars in Gujarat.

Product Portfolio:

  • TMT Bars,
  • MS Billets, and
  • Sponge Iron, with
  • TMT bar

The company’s manufacturing capabilities ranging from 8 mm to 40 mm. The corporate and registered office is located in Ahmedabad, Gujarat, and the Samakhiyali Facility is situated close to ports in Gujarat.

The company operates two manufacturing facilities in Gujarat: the Samakhiyali Facility, which is vertically integrated, and the Viramgam Facility, operated through its material subsidiary, German TMX Private Limited. They are currently in the process of expanding the installed capacity of Sponge Iron at their Samakhiyali Facility from 66,000 MTPA to approximately 1,48,500 MTPA, MS billets production capacity from 2,14,500 TPA to 4,12,500 TPA and existing installed TMT Bars production capacity at the Samakhiyali Facility from 181,500 MTPA to 346,500 MTPA.

For the nine months ended December 31, 2024, the majority of sales were generated through a network of distributors and dealers. Business operations are predominantly conducted on a business-to-business basis, catering to three primary customer segments: distributors, dealers, and institutional customers. These intermediaries supply products to builders and contractors.

As of March 31, 2026, the company’s workforce comprised 1,357 employees, and they utilised the services of 143 contract labourers.

Competitive Strengths:

  • Vertically integrated manufacturing setup, including captive power capacity
  • 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

Company Financials (Restated Consolidated)

German Green Steel & Power Ltd.’s revenue increased by 11% and profit after tax (PAT) rose by 33% between the financial year ending with March 31, 2026 and March 31, 2025.    (Amount in ₹ Crore)

Period Ended 31 Mar 2026 31 Mar 2025 31 Mar 2024
Assets 1,220.24 1,015.20 559.73
Total Income 1,685.38 1,517.21 1,137.54
Profit After Tax 79.89 59.94 41.67
EBITDA 166.96 116.81 80.11
NET Worth 421.55 292.55 176.06
Reserves and Surplus 369.21 241.27 167.60
Total Borrowing 334.37 347.86 198.39

IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

  • # Issue Objects
    Est Amt (₹ Cr.)
  • 1 Funding the capital expenditure requirements of its manufacturing facility at Samakhiyali, Kutch, Gujarat and hybrid wind and solar power plant
    226.33
  • 2 Prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by the Company
    7.70
  • 3 General Corporate Purposes
  • Total
    234.03

Key Performance Indicator (KPI)

KPI Mar 31, 2026
ROE 18.86%
ROCE 19.31%
Debt/Equity 0.79
RoNW 18.86%
PAT Margin 4.76%
EBITDA Margin 9.94%
NAV 77.76
Price to Book Value 0.67

IPO Valuation

Valuation Metric Pre IPO Post IPO
EPS (₹) 14.66 10.60
P/E (x) 9.48 13.11
Market Cap at Offer Price ₹757.35 Cr. ₹1,047.35 Cr
  • The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
  • The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
  • The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.

Shareholding Structure

Category Pre IPO Post IPO
Promoter and Promoter Group 96.63% 68.54%
Public 3.37% 31.46%
Total 100% 100%

Company Promoters: Inamulhaq Shamsulhaq Iraki, Abdulhaq Shamsulhaq Iraki and Ibrarulhaq Inamulhaq Iraki.

Offer For Sale – Selling Shareholders

Name Category No. of Shares Offered Amount (₹ cr.)
Inamulhaq Shamsulhaq Iraki Promoter 5,00,000 6.95
Abdulhaq Shamsulhaq Iraki Promoter 5,00,000 6.95
Total 10,00,000 13.90

German Green Steel IPO Recommendations

Review By Subscribe May Apply Neutral Avoid
Brokers 0 0 0 0
Members 0 0 0 0

IPO Registrar

Bigshare Services Pvt.Ltd.

  • 8657578989/8069219065/8069219060
  • ipo@bigshareonline.com
  • Visit Website

IPO Lead Manager(s)

  1. Systematix Corporate Services Ltd.
  2. Emkay Global Financial Services Ltd.
  3. Pantomath Capital Advisors Pvt.Ltd.

Lead Manager Reports

  • Lead Manager Performance Summary
  • Lead Manager Performance Tracker

Contact Details

German Green Steel & Power Ltd. Address
German House, Near Bharat Petrol Pump,
Opp. Kochrab Ashram,
Paldi
Ahmedabad, Gujarat, 380007

IPO FAQs

German Green Steel IPO is a main-board IPO of 2,18,63,309 equity shares of the face value of ₹10 aggregating up to ₹304 Crores. The issue is priced at ₹132 to ₹139. The minimum order quantity is 107.

The IPO opens on Fri, Sep 25, 2026, and closes on Tue, Sep 29, 2026.

Bigshare Services Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Angel One customers can apply online in German Green Steel IPO using UPI as a payment gateway. Angel One customers can apply in German Green Steel IPO by login into Angel One Console (back office) and submitting an IPO application form.

Steps to apply in German Green Steel IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘German Green Steel IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.

The German Green Steel IPO opens on Fri, Sep 25, 2026 and closes on Tue, Sep 29, 2026.

German Green Steel IPO lot size is 107, and the minimum amount required for application is ₹14,873.

You can apply in German Green Steel IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

The finalization of Basis of Allotment for German Green Steel IPO will be done on Wednesday, September 30, 2026, and the allotted shares will be credited to your demat account by Thu, Oct 1, 2026. Check the German Green Steel IPO allotment status.

The German Green Steel IPO listing date is not yet announced. The tentative date of listing is Mon, Oct 5, 2026.

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