German Green Steel and Power IPO Day 2: Subscribed 5.14x; sHNI demand hits 10.48x
- German Green Steel and Power IPO subscribed 5.14x on Day 2
- sHNI category led demand with 10.48x subscription
- Retail interest rose significantly to 6.15x
- QIB subscription remained steady at 1.34x
- Issue closes on September 29, 2026
*this image is generated using AI for illustrative purposes only.
German Green Steel and Power IPO closed with a staggering 28.85x overall subscription on 29 September 2026, driven by a massive late-day surge in institutional and HNI bidding.
Subscription Status
The issue opened modestly at 1.73x on Day 1 but gained significant momentum through Day 2 (5.14x) before exploding on the final day. By the closing bell, the total subscription had more than quintupled from the previous day's end-of-day figure. Non-Institutional Investors were the standout performers, with bHNI demand reaching 54.05x and sHNI demand hitting 53.90x.
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 | 1.34x | 10.48x | 6.49x | 6.15x | 5.14x |
| Day 3 | 29-09-2026 | 20.93x | 53.90x | 54.05x | 22.58x | 28.85x |
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 |
| 13:15 | 1.33x | 6.76x | 4.32x | 3.66x |
| 14:15 | 1.33x | 7.52x | 4.78x | 4.01x |
| 15:15 | 1.33x | 8.09x | 5.14x | 4.27x |
| 16:15 | 1.33x | 8.60x | 5.47x | 4.52x |
| 17:15 | 1.34x | 10.48x | 6.15x | 5.14x |
Category-wise Breakdown
Non-Institutional Investors (bHNI): This segment was the standout performer, closing at 54.05x. Demand for this category surged by 231.7% intraday, rising from 16.25x at 11:15 IST to 54.05x by the close. It remains the most oversubscribed category in the issue.
Non-Institutional Investors (sHNI): Small HNI demand also saw robust growth, closing at 53.90x, up significantly from 6.49x on Day 2. This reflects strong confidence among smaller high-net-worth participants.
Retail Investors: Retail participation climbed steadily throughout the day, ending at 22.58x. The segment recorded a 141.0% jump from the morning snapshot of 9.37x, indicating broad-based interest from individual investors.
Qualified Institutional Buyers: QIBs crossed the fully subscribed mark late in the day and ended at 20.93x. While institutional demand grew by 1461.9% intraday (from 1.34x to 20.93x), it remained relatively stable compared to the explosive growth in retail and HNI segments earlier in the day.
Employees: The employee quota remained unsubscribed at 0x throughout the issue period.
Offer Details
| Parameter | Details |
|---|---|
| Price Band | ₹132.00 – ₹139.00 |
| Min Bid Qty | 107 shares |
| Issue Size | ₹14,873 crore – ₹5,00,000 crore |
| Open Date | 25-09-2026 |
| Close Date | 29-09-2026 |
About the Company
German Green Steel & Power Limited is a vertically integrated iron and steel manufacturer based in Gujarat, specializing in TMT Bars, MS Billets, and Sponge Iron. The company operates two key facilities: Samakhiyali (with captive power) and Viramgam. It markets products under the 'German TMT' brand and holds a 5-star Green Steel rating. The company has expanded into value-added segments like epoxy-coated TMT bars and cut & bend bars.
Promoted by Inamulhaq Shamsulhaq Iraki and Abdulhaq Shamsulhaq Iraki, the company leverages over three decades of combined experience in the steel industry.
Financial Highlights
The company has demonstrated consistent growth in revenue and profitability over the last three fiscal years.
| Metric (₹ crore) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | 1,129.78 | 1,507.57 | 1,678.98 |
| Total Revenue | 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 |
| Total Assets | 559.73 | 1,015.20 | 1,220.24 |
Revenue from operations grew at a CAGR of 21.91% from FY2024 to FY2026, while PAT registered a CAGR of 38.47% during the same period.
Objects of the Issue
- Capital Expenditure (₹226.33 crore): Expansion of the Samakhiyali facility, including new kilns, rolling mills, and a hybrid wind-solar power plant.
- Debt Repayment (₹7.70 crore): Prepayment of outstanding borrowings from Vivriti Capital Limited.
- General Corporate Purposes: Working capital, maintenance, brand building, and administrative expenses.
Risk Factors
- Customer Concentration: 50.62% of FY2026 revenue came from the top 10 customers.
- Raw Material Volatility: Materials account for 82.77% of total expenses; dependence on third-party suppliers for scrap and iron ore.
- Geographic Concentration: Over 97.74% of FY2026 sales were within Gujarat.
- Indebtedness: Outstanding borrowings of ₹34,413.35 lakhs as of August 31, 2026.
- Competition: Presence of 68 new steel units in Gujarat and cheaper imported steel.
What's Next
Allotment is scheduled for 30 September 2026, with listing expected on 5 October 2026.
How might the significant disparity between retail/sHNI demand and low institutional interest impact the stock's price stability post-listing?
What specific strategies will German Green Steel employ to mitigate its high geographic concentration in Gujarat as it expands capacity?
How will the planned hybrid wind and solar power plant integration affect the company's long-term operational costs and carbon footprint compliance?
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