German Green Steel IPO: dates, price band, lot size and GMP
German Green Steel IPO listed on 5 Oct at ₹142 (NSE, BSE). Issue dates 25 – 29 Sep 2026, price band ₹132 – ₹139, lot 107 shares. The shares now trade on the exchange; any pre-IPO price on this site is historical.
Updated 6 Oct 2026, 14:11 IST. Dated dealer references.
BuyUnlistedShares tracks 197 IPOs on its calendar; the German Green Steel IPO has a price band of ₹132 – ₹139, a lot of 107 shares and no grey-market premium reported yet as of 06 Oct 2026.
Key details
| Board | Mainboard |
|---|---|
| Issue dates | 25 – 29 Sep 2026 |
| Price band | ₹132 – ₹139 |
| Lot size | 107 shares |
| Issue size | ₹303.90 Cr |
| Fresh issue | ₹290 Cr |
| Offer for sale | ₹13.9 Cr |
| Subscription | 30.42x |
| Registrar | Bigshare Services Pvt.Ltd. |
| Lead managers | Systematix Corporate Services Ltd., Emkay Global Financial Services Ltd., Pantomath Capital Advisors Pvt.Ltd. |
| Status | Listed |
Timeline
- Issue opens: 25 Sep
- Issue closes: 29 Sep
- Allotment: 30 Sep
- Refunds: 1 Oct
- Demat credit: 1 Oct
- Listing: 5 Oct
Live subscription
| Category | Subscribed |
|---|---|
| QIB | 21.91x |
| NII | 56.77x |
| sNII | 56.73x |
| bNII | 56.78x |
| Retail | 23.98x |
| Total | 30.42x |
Last updated 29 Sep 2026, 6:55 PM IST.
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE, BSE |
| Market cap at the upper band | ₹1,047.35 Cr |
| P/E (pre-issue) | 9.48x |
| P/E (post-issue) | 13.11x |
| Fresh issue (shares) | 2,08,63,309 |
| Offer for sale (shares) | 10,00,000 |
| Total shares offered | 2,18,63,309 |
| Promoter holding pre-issue | 96.63% |
| Promoter holding post-issue | 68.54% |
| Promoters | Inamulhaq Shamsulhaq Iraki, Abdulhaq Shamsulhaq Iraki, Ibrarulhaq Inamulhaq Iraki |
| Lead managers | Systematix Corporate Services Ltd., Emkay Global Financial Services Ltd., Pantomath Capital Advisors Pvt.Ltd. |
| Registrar phone | 8657578989/8069219065/8069219060 |
| Registrar email | ipo@bigshareonline.com |
| Company website | germansteel.in |
| Anchor bid date | 24 Sep 2026 |
| Anchor lock-in ends (50%) | 30 Oct 2026 |
| Anchor lock-in ends (remaining) | 29 Dec 2026 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 107 | ₹14,873 |
| Retail (maximum) | 14 | 1,498 | ₹2,08,222 |
| sNII (minimum) | 14 | 1,498 | ₹2,08,222 |
| bNII (minimum) | 68 | 7,276 | ₹10,11,364 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 30% | 65,58,991 | |
| QIB | 20% | 43,72,662 | Not more than 50% of the Offer |
| NII (HNI) | 15% | 32,79,497 | Not less than 15% of the Offer |
| sNII | 5% | 10,93,165 | |
| bNII | 10% | 21,86,332 | |
| Retail | 35% | 76,52,159 | Not less than 35% of the Offer |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 25 Sep | 1.39x | 2.59x | 2.46x | 2.65x | 1.74x | 1.82x |
| Day 2 · 28 Sep | 1.40x | 8.22x | 11.01x | 6.82x | 6.47x | 5.39x |
| Day 3 · 29 Sep | 21.91x | 56.77x | 56.73x | 56.78x | 23.98x | 30.42x |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹14.66 |
|---|---|
| EPS (post-issue) | ₹10.6 |
| P/E (pre-issue) | 9.48x |
| P/E (post-issue) | 13.11x |
| RoNW | 18.86% |
| RoCE | 19.31% |
| RoE | 18.86% |
| PAT margin | 4.76% |
| EBITDA margin | 9.94% |
| Price / book | 1.79x |
| NAV per share | ₹77.76 |
| Debt / equity | 0.79 |
| Market cap (upper band) | ₹1,047.35 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 1,220.24 | 1,015.2 | 559.73 | +20.2% |
| Total Income | 1,685.38 | 1,517.21 | 1,137.54 | +11.1% |
| Profit After Tax | 79.89 | 59.94 | 41.67 | +33.3% |
| EBITDA | 166.96 | 116.81 | 80.11 | +42.9% |
| NET Worth | 421.55 | 292.55 | 176.06 | +44.1% |
| Reserves and Surplus | 369.21 | 241.27 | 167.6 | +53% |
| Total Borrowing | 334.37 | 347.86 | 198.39 | −3.9% |
About German Green Steel
German Green Steel and Power Limited is engaged in the manufacturing of iron and steel products, with its operations primarily concentrated in western India, particularly in Gujarat. The company has established a significant presence in the TMT bar segment through its "German TMT" brand.
The company operates two production facilities in Gujarat. Its Samakhiyali plant functions as a vertically integrated manufacturing unit, while the Viramgam plant is operated through its subsidiary, German TMX Private Limited. These facilities support the production of a diversified range of steel products.
German Green Steel and Power Limited manufactures TMT Bars, MS Billets, and Sponge Iron. The company's TMT bar product range is available in sizes from 8 mm to 40 mm, catering to various construction and infrastructure requirements. Its registered and corporate office is located in Ahmedabad, Gujarat, while the strategically located Samakhiyali facility benefits from proximity to major ports in the state.
During the nine months ended December 31, 2024, a substantial portion of the company's revenue was generated through its distributor and dealer network. The business primarily follows a B2B model, serving distributors, dealers, and institutional customers who further supply products to contractors, builders, and other end-users in the construction sector.
The "German TMT" brand has built a strong market presence in Gujarat, supported by a focus on product innovation, process improvements, and adherence to quality standards. The company continues to emphasize operational efficiency and product reliability to strengthen its market position.
The manufacturing facilities are certified under various international management standards, including ISO 9001:2015 for quality management systems, ISO 45001:2018 for occupational health and safety management, and ISO 14001:2015 for environmental management systems.
Objects of the issue
- Funding the capital expenditure requirements of its manufacturing facility at Samakhiyali, Kutch, Gujarat and hybrid wind and solar power plant — ₹226.33 Cr
- Prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by the Company — ₹7.7 Cr
- General Corporate Purposes — ₹29.5 Cr
- Issue Expenses — ₹27.74 Cr
Net proceeds: ₹291.27 Cr
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | Financial statements |
|---|---|---|---|---|---|---|
| German Green Steel and Power Ltd. | 14.91 | 14.91 | 77.76 | — | 18.86% | Consolidated |
| Beekay Steel Industries Ltd. | 18.94 | 18.94 | 548.18 | 22.54x | 3.49% | Consolidated |
| Gallant Ispat Ltd. | 20.07 | 20.07 | 137.44 | 27.8x | 14.6% | Consolidated |
| Kamdhenu Ltd. | 2.78 | 2.72 | 14.06 | 14.57x | 19.77% | Consolidated |
| Msp Steel & Power Ltd. | 0.6 | 0.56 | 18.18 | 61.57x | 3.28% | Consolidated |
| Vms Tmt Ltd. | 4.95 | 4.95 | 45.97 | 8.92x | 9.22% | Consolidated |
Notes: P/E Ratio has been computed based on the closing market price of equity shares on BSE Limited on September 09, 2026 divided by the Diluted EPS for the year ended March 31, 2026.
Strengths (per the offer document)
- Set forth below are our revenue contribution from (i) distributors — Revenue Revenue Revenue Particulars revenue revenue revenue (₹ in (₹ in (₹ in lakhs) (2) lakhs) lakhs) (2) Distributors 63,075.68 37.57% 60,957.90 40.43% 59,815.61 52.94% Dealers (1) 35,066.02…
- Experienced Promoters supported by a strong management and execution team — Our Company is led by our Promoters and Directors, Inamulhaq Shamsulhaq Iraki, Abdulhaq Shamsulhaq Iraki and Ibrarulhaq Inamulhaq Iraki.
- Strong brand recall driven by quality products — We believe that we have developed “German TMT” as a popular brand for TMT Bars in the state of Gujarat.
- Track record of growth in financial performance — We believe that our vertical integrated production facility, experienced management, focus on maintaining high capacity utilization, operational efficiency, productivity and low operating costs are…
Risk factors (as disclosed by the company)
- We derive a majority portion (50.62% in Fiscal 2026) of our revenue from operations from our top 10 customers — 2026. Loss of any of these customers or a reduction in purchases by any of them could adversely affect our business, results of operations and financial condition.
- Other than our sales to direct institutional customers, we rely on our dealers and distributors for the distribution of our products to end customers — dealers/distributors do not effectively sell or market our products, our business, results of operations and financial condition may be adversely affected.
- Our business and profitability are substantially dependent on the availability of materials and we are dependent on third party suppliers for meeting… — Any disruption to the timely and adequate supply of materials, or volatility in the prices of materials may adversely impact our business, results of operations and financial condition.
- We intend to utilise the Net Proceeds for funding our capital expenditure requirements which aggregates to ₹22,633.05 lakhs and we are yet to place orders… — a timely manner or at commercially acceptable prices.
- We face competition from national and local players and our inability to compete effectively may have a material adverse impact on our business — The steel industry is highly competitive, with numerous players offering similar products, necessitating differentiation through quality, pricing, or service.
- We have incurred indebtedness — As at August 31, 2026, we had aggregate outstanding borrowings (including current maturities of long term borrowings) of ₹34,413.35 lakhs, of which ₹ 31,162.01 lakhs were secured borrowings and…
- Our success largely depends upon the knowledge and experience of our Promoters, Directors — Management or our ability to attract and retain other personnel with technical expertise could adversely affect our business, results of operations and financial condition.
- Our Company and our Material Subsidiary were in receipt of cease and desist notices from using certain trademarks — suffer litigation or related expenses.
From the RHP (strengths pages 303–307, risk factors pages 28–38). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF) · RHP (PDF)
Track this issue
- German Green Steel IPO GMP today and trend
- German Green Steel IPO subscription status, day by day
- German Green Steel IPO allotment status and how to check
Frequently asked questions
When does the German Green Steel IPO open and close?
The issue is scheduled for 25 – 29 Sep 2026.
What is the German Green Steel IPO price band?
The price band is ₹132 – ₹139 per share with a lot size of 107 shares.
How big is the German Green Steel IPO?
The total issue size is ₹303.90 Cr, of which ₹290 Cr is a fresh issue and ₹13.9 Cr an offer for sale.
When will German Green Steel list?
The tentative listing date is 5 Oct on the main board.
How do I apply for the German Green Steel IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), German Green Steel · as filed with SEBI · sebi.gov.in
- Red herring prospectus (RHP), German Green Steel · as filed · sebi.gov.in
- Registrar allotment page, Bigshare Services Pvt.Ltd. · allotment 30 Sep · ipo.bigshareonline.com
- NSE public issues page · listing 5 Oct · nseindia.com
- BSE public issues page · listing 5 Oct · bseindia.com
- German Green Steel company website · germansteel.in
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 5 Oct, 04:07 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “German Green Steel IPO”, https://buyunlistedshares.com/ipo/german-green-steel-and-power-ipo, as of 06 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk: the unlisted and pre-IPO dealing desk of Gayatri Financial Synergy, Faridabad, in the market since 2002. Reviewed by the BuyUnlistedShares desk before publishing. Data as of 06 Oct 2026.
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