NewsGerman Green Steel and Power IPO Day 3: Subscribed 9.97x; NII (bHNI) races to 21.31x as retail surges 24.9% intradayGerman Green Steel and Power IPO Day 3: Subscribed 9.97x; NII (bHNI) races to 21.31x as retail surges 24.9% intraday
- German Green Steel and Power IPO closed Day 3 at 9.97x overall subscription, surging 28.1% from the 7.78x morning snapshot.
- NII (bHNI) led all categories with a 31.1% intraday jump to 21.31x; sHNI reached 15.43x and Retail climbed 24.9% to 11.70x.
- QIB subscription remained steady at 1.35x throughout the issue period.
- The issue is priced at ₹132.00–₹139.00 per share with a minimum bid quantity of 107 shares.
- Allotment is scheduled for 30 September 2026, with listing expected on 5 October 2026.
*this image is generated using AI for illustrative purposes only.
German Green Steel and Power IPO raced to an overall subscription of 9.97x by 12:15 IST on Day 3 (29 September 2026), surging 28.1% from the 7.78x recorded at the morning snapshot. The standout move came from NII (bHNI), which jumped 31.1% intraday — from 16.25x to 21.31x — making it the highest-subscribed category across the three-day issue.
Subscription Status
The issue opened on 25 September 2026 at a modest 1.73x and accelerated sharply through Day 2 and Day 3. The total subscription crossed the 5x threshold on Day 2 and pushed past 9x on the final day, driven almost entirely by NII and Retail momentum.
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 | 1.35x | 21.31x | 15.43x | 11.70x | 9.97x |
Intra-day Timeline on 29-09-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.34x | 16.25x | 9.37x | 7.78x |
| 12:15 | 1.35x | 21.31x | 11.70x | 9.97x |
Category-wise Breakdown
Non-Institutional Investors (bHNI): The big-ticket HNI segment delivered the sharpest intraday move of the session, racing from 16.25x to 21.31x — a gain of +5.06x (+31.1%) within a single hour. This category has surged from just 2.33x on Day 1, reflecting accelerating demand from high-net-worth participants in the closing hours.
Non-Institutional Investors (sHNI): The sHNI segment closed Day 3 at 15.43x, up from 6.49x on Day 2, registering a strong multi-day build-up across the issue period.
Retail Investors: Retail demand picked up pace after the morning snapshot, jumping 24.9% intraday from 9.37x to 11.70x. The segment has climbed steadily from 1.65x on Day 1, reflecting broad-based participation.
Qualified Institutional Buyers: QIB subscription ticked up marginally from 1.34x to 1.35x on Day 3 (+0.7%), maintaining a measured pace throughout the issue period with minimal intraday movement.
Offer Details
| Parameter | Details |
|---|---|
| Price Band | ₹132.00 – ₹139.00 |
| Min Bid Qty | 107 shares |
| 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 primarily operating in Gujarat, India, with a focus on TMT Bars, MS Billets, and Sponge Iron. The company operates two manufacturing facilities — Samakhiyali (vertically integrated with captive power) and Viramgam (through its material subsidiary German TMT Private Limited) — and markets products under the 'German TMT' brand. It has received a 5-star Green Steel rating and has entered value-added segments including cut & bend bars, epoxy coated TMT bars, and a contract manufacturing agreement with JSW One Distribution Limited.
The company is led by Managing Directors Inamulhaq Shamsulhaq Iraki and Abdulhaq Shamsulhaq Iraki, with promoter experience of over 36 years and 31 years respectively in the iron and steel industry.
Financial Highlights
| 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 ₹1,12,978 lakhs in FY2024 to ₹1,67,898 lakhs in FY2026, with PAT registering a CAGR of 38.47% over the same period.
Objects of the Issue
- Capital Expenditure (₹226.33 crore): Expansion of the Samakhiyali manufacturing facility, 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 (₹7.70 crore): Prepayment or repayment of outstanding borrowings from Vivriti Capital Limited.
- General Corporate Purposes: Deployment for maintenance, working capital, strategic initiatives, brand building, and administrative expenses.
Risk Factors
- Customer Concentration: 50.62% of revenue in FY2026 came from the top 10 customers, with the largest contributing 10.67%.
- Raw Material Volatility: Dependence on third-party suppliers for scrap, iron ore, and coal, with materials accounting for 82.77% of total expenses in FY2026.
- Geographic Concentration: Over 97.74% of sales in FY2026 were within Gujarat, exposing the company to regional disruptions.
- Indebtedness: Outstanding borrowings of ₹34,413.35 lakhs as of August 31, 2026, with secured borrowings of ₹31,162.01 lakhs backed by hypothecation over current and fixed assets.
- Competitive Pressure: 68 new steel units established in Gujarat in the past five years, alongside cheaper imported steel particularly from China.
What's Next
Allotment is scheduled for 30 September 2026, with listing expected on 5 October 2026.
How will the near-total absence of QIB demand (1.35x) influence the stock's price stability and institutional support post-listing on 5 October?
Can German Green Steel effectively mitigate its 97.74% geographic concentration risk in Gujarat while deploying the ₹226 crore capex for new value-added product lines?
What impact will the 82.77% raw material expense ratio have on margin sustainability if global steel scrap and iron ore prices remain volatile during the expansion phase?
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