NewsGerman Green Steel and Power IPO Day 1: Subscribed 0.43x; Retail and NII demand jumps over 70%German Green Steel and Power IPO Day 1: Subscribed 0.43x; Retail and NII demand jumps over 70%
- German Green Steel and Power IPO subscribed 0.43x on Day 1
- Retail and sHNI categories led demand with 0.53x subscription each
- Total subscription jumped 59.3% from initial 0.27x level
- QIB participation remained static at 0.24x throughout the day
*this image is generated using AI for illustrative purposes only.
German Green Steel and Power IPO opened with a cumulative subscription of 0.43 times on Day 1, driven by a sharp surge in Retail and sHNI demand which jumped over 70% from opening levels.
Subscription Status
The issue witnessed a significant uptick in interest during the first day, moving from an initial 0.27x to a final 0.43x. While Qualified Institutional Buyers (QIB) remained static at 0.24x, Retail investors and Non-Institutional Buyers (sHNI) emerged as the strongest categories, both recording a subscription of 0.53 times.
| Category | Subscription (Day 1) |
|---|---|
| Retail | 0.53x |
| Non-Institutional Buyers (sHNI) | 0.53x |
| Non-Institutional Buyers (bHNI) | 0.41x |
| Qualified Institutional Buyers (QIB) | 0.24x |
| Employees | 0x |
| Total | 0.43x |
Intra-day Timeline
Demand accelerated notably between 11:15 AM and 12:15 PM IST. The total subscription rose by 59.3% within this hour, primarily fueled by a near doubling in NII (bHNI) and Retail bids.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.24x | 0.29x | 0.31x | 0.27x |
| 12:15 | 0.24x | 0.53x | 0.53x | 0.43x |
Offer Details
The company is offering shares in a price band of ₹132.00 to ₹139.00 per share. The minimum bid quantity is set at 107 shares. The issue size ranges between ₹14,873 crore and ₹5,00,000 crore based on the final price band allocation.
| Parameter | Details |
|---|---|
| Price Band | ₹132.00 - ₹139.00 |
| Issue Size | ₹14,873 crore - ₹5,00,000 crore |
| Min Bid Qty | 107 shares |
| Open Date | 2026-09-25 |
| Close Date | 2026-09-29 |
About the Company
German Green Steel & Power Limited is a vertically integrated iron and steel manufacturer operating primarily in Gujarat. The company focuses on TMT Bars, MS Billets, and Sponge Iron, operating two manufacturing facilities at Samakhiyali and Viramgam. It markets products under the 'German TMT' brand and holds a 5-star Green Steel rating. The company has entered value-added segments including cut & bend bars and epoxy coated TMT bars, alongside a contract manufacturing agreement with JSW One Distribution Limited.
Financial Highlights
The company has demonstrated robust growth in its financial performance over the last three fiscal years. Revenue from operations grew at a CAGR of 21.91%, while Profit After Tax (PAT) expanded at a CAGR of 38.47%.
| Metric (₹ crore) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | 1,129.78 | 1,507.57 | 1,678.98 |
| Total Income | 1,137.54 | 1,517.21 | 1,685.38 |
| Profit Before Tax | 56.16 | 73.65 | 109.81 |
| Profit After Tax | 41.67 | 59.94 | 79.89 |
Objects of the Issue
The net proceeds from the IPO are intended for the following purposes:
- Capital Expenditure: Funding expansion of the manufacturing facility at Samakhiyali, Kutch, including installation of a kiln, rolling mill, structural mill, induction furnace, epoxy-zinc-coating TMT plant, shredder unit, continuous casting machine, and a hybrid wind and solar power plant (₹226.33 crore).
- Debt Repayment: Prepayment or repayment of outstanding borrowings, specifically unsecured long-term borrowing from Vivriti Capital Limited (₹7.70 crore).
- General Corporate Purposes: Maintenance of plant and machinery, working capital requirements, strategic initiatives, brand building, and other administrative expenses.
Risk Factors
Investors should note the following material risks disclosed in the offer documents:
- Customer Concentration: 50.62% of revenue from operations in Fiscal 2026 was derived from the top 10 customers, with the single largest customer contributing 10.67%.
- Raw Material Volatility: The company depends on third-party suppliers for key raw materials like scrap and iron ore, which constituted 82.77% of total expenses in Fiscal 2026, exposing it to price fluctuations.
- Geographic Concentration: Over 97.74% of sales in Fiscal 2026 were made to customers within Gujarat, making the business vulnerable to regional disruptions.
- Debt Obligations: As of August 31, 2026, aggregate outstanding borrowings stood at ₹34,413.35 lakhs, secured by hypothecation over assets.
Will institutional investor participation improve in the final days to close the significant gap with retail demand?
How might the company's heavy reliance on Gujarat for 97% of sales impact its valuation if regional construction demand slows?
What specific milestones are expected for the Samakhiyali expansion and hybrid power plant integration post-listing?
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