German Green Steel and Power IPO Day 2: Subscribed 3.09x; sHNI demand hits 5.24x
- Overall subscription reached 3.09x on Day 2
- sHNI category led demand with 5.24x subscription
- Retail investors subscribed 3.57x, up from 1.65x on Day 1
- Issue closes on September 29, 2026
*this image is generated using AI for illustrative purposes only.
German Green Steel and Power IPO saw demand accelerate sharply on Day 2, with overall subscription rising to 3.09x as sHNI interest hit 5.24x.
Subscription Status
The issue has seen a marked acceleration in retail and HNI participation compared to Day 1. While QIB interest has remained relatively flat, the broader market response has pushed the total subscription well above the fully subscribed threshold.
Subscription Progression
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 25-09-2026 | 1.32x | 2.33x | 2.53x | 1.65x | 1.73x |
| Day 2 | 28-09-2026 | 1.33x | 3.86x | 5.24x | 3.57x | 3.09x |
Category-wise Breakdown
The demand pattern highlights a clear preference among non-institutional investors. Small High Net-worth Individuals (sHNI) subscribed to the issue 5.24 times, marking the highest category-wise multiple. Big High Net-worth Individuals (bHNI) followed closely with a subscription rate of 3.86x, showing a substantial increase from their Day 1 figure of 2.33x.
Retail Individual Investors (RII) also demonstrated strong appetite, subscribing 3.57 times, up from 1.65x on the opening day. Qualified Institutional Buyers (QIB) maintained a steady but lower subscription level at 1.33x, consistent with their Day 1 performance. Employee quota subscriptions remain at 0x as of the latest update.
Intra-day Timeline on 28-09-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.33x | 4.47x | 2.98x | 2.70x |
| 12:15 | 1.33x | 5.24x | 3.57x | 3.09x |
Offer Details
The public issue is priced between ₹132.00000 and ₹139.00000 per share. The minimum bid quantity is set at 107 shares. The issue size ranges from ₹14,873 crore to ₹500,000 crore based on the final price band selection. The subscription window opened on September 25, 2026, and will close on September 29, 2026.
About the Company
German Green Steel & Power Limited is a vertically integrated iron and steel manufacturer operating primarily in Gujarat. The company produces TMT Bars, MS Billets, and Sponge Iron under the 'German TMT' brand. It operates two key manufacturing facilities: Samakhiyali, which features captive power generation, and Viramgam, managed through its subsidiary German TMT Private Limited. The company has achieved a 5-star Green Steel rating and maintains long-term relationships with its top customers.
Financial Highlights
The company has demonstrated consistent growth in revenue and profitability over the last three fiscal years.
| Metric (₹ Crores) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | 1129.78 | 1507.57 | 1678.98 |
| Profit Before Tax | 56.16 | 73.65 | 109.81 |
| Total Profit (PAT) | 41.67 | 59.94 | 79.89 |
| Total Equity | 176.06 | 293.91 | 423.70 |
Revenue from operations grew at a CAGR of 21.91% from FY2024 to FY2026, while Profit After Tax (PAT) expanded at a CAGR of 38.47% during the same period.
Objects of the Issue
The net proceeds from the issue will be utilized 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.
- Debt Repayment: Prepayment or repayment of outstanding borrowings, specifically unsecured long-term borrowings from Vivriti Capital Limited, to reduce indebtedness.
- General Corporate Purposes: Maintenance of plant and machinery, working capital requirements, strategic initiatives, brand building, and administrative expenses.
Risk Factors
Investors should note the following material risks disclosed by the company:
- Customer Concentration: 50.62% of revenue in Fiscal 2026 came from the top 10 customers, with the largest single customer contributing 10.67%.
- Raw Material Volatility: Dependence on third-party suppliers for scrap, iron ore, and coal exposes the company to price fluctuations and supply disruptions.
- Geographic Concentration: Over 97.74% of sales in Fiscal 2026 were made within Gujarat, making the business vulnerable to regional disruptions.
- Competition: The company faces intense competition from national players and cheaper imported steel, particularly from China.
What's Next
The subscription for the German Green Steel and Power IPO closes on September 29, 2026. Allotment is scheduled for September 30, 2026. Listing details are yet to be confirmed in the current data snapshot.
How will the significant gap between QIB and retail subscription levels impact the post-listing price stability and volatility of the stock?
What specific regulatory or market conditions could trigger a re-pricing of the issue before the September 29 closure, given the current oversubscription?
How effectively can the company mitigate its high geographic concentration in Gujarat while executing its planned capacity expansion in Kutch?
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