GERMAN GREEN STEEL AND POWER LTD IPO: Company Review, Subscription and Allotment Updates
2026-09-25 — Company overview and issue details GERMAN GREEN STEEL AND POWER LTD IPO (ABOUT THE COMPANY) GERMAN GREEN STEEL AND POWER LTD – COMPANY BACKGROUND German Green Steel and Power Ltd, incorporated in 2008, is basically a…
2026-09-25 — Company overview and issue details
GERMAN GREEN STEEL AND POWER LTD IPO (ABOUT THE COMPANY)
GERMAN GREEN STEEL AND POWER LTD – COMPANY BACKGROUND
German Green Steel and Power Ltd, incorporated in 2008, is basically a manufacturer of iron and steel. It has a focus on TMX bars and is largely present in the state of Gujarat. It has a B2B business model; catering to distributors, dealers, and institutional clients. Its product portfolio includes TMT Bars, MS Billets, and Sponge Iron. Its facility at Samakhiyali in Gujarat has the ability to manufacture TMT bars from 8 MM to 40 MM. It is currently in the process of expanding its capacity to manufacture TMT bars and MS Billets.
The promoters of German Green Steel and Power Ltd are Inamulhaq Shamsulhaq Iraki, Abdulhaq Shamsulhaq Iraki and Ibrarulhaq Inamulhaq Iraki. The IPO will be a combination of a fresh issue and an offer for sale (OFS). The fresh issue proceeds will be used for funding the capex of expansion of capacity at Samakhiyali plant, setting up a hybrid wind & solar plant, prepayment of outstanding loans, and for general corporate purposes. The OFS is entirely by the promoter shareholders. The issue is being lead-managed by Systematix Corporate Services, Emkay Global, and Pantomath Capital Advisors; while Big Share Services Private Ltd is the IPO registrar.
HIGHLIGHTS OF THE IPO ISSUE OF GERMAN GREEN STEEL AND POWER LTD
Here are the key highlights of the public issue of German Green Steel and Power Ltd.
The IPO is open from September 25th, 2026 to September 29th, 2026. It has a face value of ₹10 per share and the IPO price band has been fixed in the range of ₹132 to ₹139 per share.
The IPO of German Green Steel and Power Ltd will be a combination of a fresh issue of shares and an offer for sale (OFS) by the promoter shareholders.
The Fresh Issue portion of the IPO comprises the issue of 2,08,63,309 shares (208.63 lakh shares), which at the upper price band of ₹139 per share, translates into a fresh issue size of ₹290.00 crore.
The offer for sale (OFS) portion of the IPO comprises the sale of 10,00,000 shares (10.00 lakh shares), which at the upper price band of ₹139 per share, translates into an OFS size of ₹13.90 crore.
Therefore, the overall IPO will comprise of the fresh issue and the offer for sale of 2,18,63,309 shares (218.63 lakh shares), which at the upper price band of ₹139 per share translates into an overall issue size of ₹303.90 crore.
Due to dilutive impact of the fresh issue and the offer for sale (OFS) by promoters, the promoter stake in the company will reduce from 96.63% pre-IPO to 68.54% post-IPO.
The IPO of German Green Steel and Power Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened on September 24, 2026.
KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES
Here are the key dates pertaining to the IPO of German Green Steel and Power Ltd
| Event | Tentative Date |
|---|---|
| IPO Open Date | Friday, 25 September, 2026 |
| IPO Close Date | Tuesday, 29 September, 2026 |
| Basis of Allotment | Wednesday, 30 September, 2026 |
| Initiation of Refunds to non-allottees | Thursday, 1 October, 2026 |
| Credit of Shares to Demat | Thursday, 1 October, 2026 |
| Listing Date on NSE and BSE | Monday, 5 October, 2026 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Investor Category | Share Allocation | % Share |
|---|---|---|
| Reservation for Employees | Nil Shares | Not Applicable |
| Anchor Allocation | 65,58,991 shares | 28.99% of total IPO size |
| QIB Shares Offered | 45,78,030 shares | 20.24% of total IPO size |
| NII (HNI) Shares Offered | 34,45,455 shares | 15.23% of total IPO size |
| Retail Shares Offered | 80,39,394 shares | 35.54% of total IPO size |
| Total Shares Offered | 2,26,21,870 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.
Here is a quick look at the lot sizes applicable for the IPO of German Green Steel and Power Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 107 | ₹ 14,873 |
| Retail (Max) | 13 | 1,391 | ₹ 1,93,349 |
| S-HNI (Min) | 14 | 1,498 | ₹ 2,08,222 |
| S-HNI (Max) | 67 | 7,169 | ₹ 9,96,491 |
| B-HNI (Min) | 68 | 7,276 | ₹ 10,11,364 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 107 shares)
FINANCIAL HIGHLIGHTS OF GERMAN GREEN STEEL AND POWER LTD
The table captures the key financials of German Green Steel and Power Ltd for last 3 financial years.
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Revenues (₹ in crore) | 1,678.98 | 1,507.57 | 1,129.78 |
| Sales Growth (%) | 11.37% | 33.44% | |
| Profit after Tax (₹ in crore) | 79.89 | 59.94 | 41.67 |
| PAT Margins (%) | 4.76% | 3.98% | 3.69% |
| Total Equity (₹ in crore) | 421.55 | 292.55 | 176.06 |
| Total Assets (₹ in crore) | 1,220.24 | 1,015.20 | 559.73 |
| Return on Equity (%) | 18.95% | 20.49% | 23.67% |
| Return on Assets (%) | 6.55% | 5.90% | 7.44% |
| Asset Turnover Ratio (X) | 1.38 | 1.48 | 2.02 |
| Earnings per share (₹) | 14.91 | 11.39 | 7.91 |
| EBITDA (₹ in Crore) | 166.96 | 116.81 | 79.33 |
| EBITDA Margins (%) | 9.94% | 7.75% | 7.02% |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
Between FY24 and FY26, the net margins have improved from 3.69% to 4.76%, while the EBITDA margins have also grown from 7.02% to 9.94%. While the ROE has averaged around 20% in the last 3 years, the return on assets has shown a downward trend as profits have struggled to keep pace with the expansion in assets by the company.
VALUATION METRICS OF GERMAN GREEN STEEL AND POWER LTD IPO
At the IPO price of ₹139 (upper band), the stock gets discounted at a P/E ratio of 9.3X, based on the latest FY26 EPS of ₹14.91. If one were to other similar companies in the peer group, the company seems to be reasonably valued on the P/E barometer. However, there are other concerns with respect to the balance sheet of the company.
Inventories and trade receivables combined are nearly 45% of the total asset base of the company. Also, apart from the high debt, the debtor levels are also too high. That is also a matter of working capital concern for the company. At the end of the day, IPO investors must be more cautious about the solvency and liquidity of the company, than about valuations. From that perspective, the company is a high-risk investment.
2026-09-25 — Anchor allocation
GERMAN GREEN STEEL AND POWER LTD IPO (ANCHOR ALLOCATION 28.99%)
BRIEF ON ANCHOR ALLOCATION OF GERMAN GREEN STEEL AND POWER LTD
The anchor issue of German Green Steel and Power Ltd saw a strong response on 24th September 2026 with 28.99% of the IPO size absorbed by anchors. Out of 2,26,21,870 shares (226.22 lakh shares) on offer in the IPO; anchors picked up 65,58,991 shares (65.59 lakh shares) accounting for 28.99% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹139 per share. This includes the face value of ₹10 per share plus a share premium of ₹129 per share. The anchor bidding opened and closed on 24th September 2026.
KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS
Here are the key details pertaining to the anchor bidding of German Green Steel and Power Ltd
| Bid Date | September 24, 2026 |
|---|---|
| Shares Offered | 65,58,991 shares |
| Anchor Portion Size (₹ in crore) | ₹91.17 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | Oct 29, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Dec 28, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
MAJOR ANCHOR ALLOCATION INVESTORS IN GERMAN GREEN STEEL AND POWER LTD
On 24th September 2026, German Green Steel and Power Ltd allotted 65,58,991 shares to a total of 6 anchor investors. The allocation was done at the upper IPO price band of ₹139 per share which resulted in overall anchor allocation of ₹91.17 crore. The anchors have already absorbed 28.99% of the total issue size of ₹314.44 crore, after factoring in the employee discount offered in the IPO, if any.
Listed below are the Top 6 IPO anchor investors who accounted for anchor collection of ₹91.17 crores, or, 100.00% of the overall anchor allocation of shares, one trading day ahead of the IPO of German Green Steel and Power Ltd. The individual anchor allocation of top-10 investors is indexed descending on the number of shares allotted.
| Anchor Investors | No. of Shares | % of Anchor Portion | Value Allocated | |
|---|---|---|---|---|
| 01 | Necta Bloom One VCC | 21,58,297 | 32.91% | ₹ 30.00 |
| 02 | Lords Multi Growth Fund | 14,38,936 | 21.94% | ₹ 20.00 |
| 03 | Zeal Global Opportunities Fund | 10,79,202 | 16.45% | ₹ 15.00 |
| 04 | Compact Structure Fund | 7,19,468 | 10.97% | ₹ 10.00 |
| 05 | Venus Investments – Stellar Fund VCC | 7,19,468 | 10.97% | ₹ 10.00 |
| 06 | Arnesta Global Opportunities Fund | 4,43,620 | 6.76% | ₹ 6.17 |
| Grand Total | 65,58,991 | 100.00% | ₹ 91.17 |
Data Source: BSE Filings (Value Allocated is ₹ in Crore)
The detailed and comprehensive report on the anchor allocation, with the mutual fund portion segregated, can be accessed on BSE by clicking on the link below.
Out of the 65,58,991 shares allocated to the anchors in the IPO, there was no allocation of shares made to mutual funds regulated by SEBI. Also, out of the 65,58,991 shares allocated to the anchors in the IPO, there was no allocation of shares made to life insurance companies regulated by IRDAI.
The anchor allocation was spread across alternate investment funds (AIFs).
NEXT STEPS IN GERMAN GREEN STEEL AND POWER LTD IPO
Post the closure of the IPO subscription on 29th September 2026, the basis of allotment will be finalized on 30th September 2026 and the refunds will be initiated on 01st October 2026. In addition, the demat credits are expected to also happen on 01st October 2026 and the stock will list on 05th October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 01st October 2026 under ISIN (INE0D4501011).
2026-09-29 — Day-3 subscription update
German Green Steel and Power Ltd (Day-3 Final Subscription at 28.98 times)
GERMAN GREEN STEEL AND POWER LTD - IPO SUBSCRIPTION STATUS ON DAY-3
As of 7.20 pm on 29th September 2026, out of the 160.63 lakh shares on offer in the IPO (excluding anchor portion), German Green Steel and Power Ltd saw bids for 4,654.94 lakh shares. This implies an overall subscription of 28.98X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of German Green Steel and Power Ltd was as under:
| Employees (N.A.) | QIBs (20.93X) | HNI / NII (54.03X) | Retail (22.83X) |
|---|
The subscriptions were led by the HNI / NII Investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. That was the case in this IPO too. Both, the QIB portion and the HNI / NII portion saw bulk of the institutional, corporate and funded subscriptions come in on the last day of the IPO. The company had seen steady anchor participation a day ahead of the IPO opening with 28.99% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 65,58,991 | 65,58,991 | 91.17 |
| Employee Quota | N.A. | 0 | 0 | 0.00 |
| QIB Investors | 20.93 | 45,78,030 | 9,58,05,874 | 1,331.70 |
| HNIs / NIIs | 54.03 | 34,45,455 | 18,61,64,592 | 2,587.69 |
| Retail Investors | 22.83 | 80,39,394 | 18,35,23,725 | 2,550.98 |
| Total | 28.98 | 1,60,62,879 | 46,54,94,191 | 6,470.37 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO of German Green Steel and Power Ltd was open up to September 29, 2026, and has closed for subscription as of the close of trading hours on September 29, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹6,561.54 crore.
NEXT STEPS IN THE GERMAN GREEN STEEL AND POWER LTD IPO
Post the closure of the IPO subscription on 29th September 2026, the basis of allotment will be finalized on 30th September 2026 and the refunds will be initiated on 01st October 2026. In addition, the demat credits are expected to also happen on 01st October 2026 and the stock will list on 05th October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 01st October 2026 under ISIN (INE0D4501011).
2026-09-30 — Allotment guidance and next steps
German Green Steel and Power Ltd IPO (How to check allotment status)
ABOUT THE GERMAN GREEN STEEL AND POWER LTD IPO
The IPO of German Green Steel and Power Ltd opened for subscription on September 25th, 2026 and closed on September 29th, 2026. The overall IPO comprised of a fresh issue of shares and an offer for sale (OFS) of 2,26,21,870 shares (226.22 lakh shares) worth ₹314.44 crore at the upper band price of ₹139 per share. The allotment status will be finalized by end of day (EOD) of September 30th, 2026. Here is how to check your allotment status for the IPO of German Green Steel and Power Ltd. You can check IPO status on BSE or NSE or IPO Registrar (Bigshare Services Private Ltd) website.
CHECKING ALLOTMENT STATUS OF GERMAN GREEN STEEL AND POWER LTD IPO ON BSE WEBSITE
This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.
https://www.bseindia.com/investors/appli_check.aspx
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity Option
Under Issue Name – Select German Green Steel and Power Ltd from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip or
Enter your PAN (10-digit alphanumeric) number
Once this is done, you need to click on the Captcha to verify you are not a robot
Finally click on the Search Button
You can use either of the parameters to query; Application / CAF number or Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of German Green Steel and Power Ltd allotted into your demat account. You can save a screenshot of the allotment status output for verifying with demat account credits.
CHECKING ALLOTMENT STATUS OF GERMAN GREEN STEEL AND POWER LTD IPO ON NSE WEBSITE
This is a common link for all IPOs. Click on NSE link for IPO allotment as below.
https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity & SME IPO Details Option
Under SELECT SYMBOL – Select GERMAN from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip and
Enter your PAN (10-digit alphanumeric) number
Once both are entered, click on the Submit Button
You must input both data points; the Application / CAF number and the Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of German Green Steel and Power Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF GERMAN GREEN STEEL AND POWER LTD ON BIGSHARE SERVICES PRIVATE LIMITED (REGISTRAR TO THE IPO)
Here are the steps to follow. Visit the Bigshare Services Private Ltd registrar website for IPO status by clicking on the link below:
https://ipo.bigshareonline.com/IPO_Status.html
Here you are given the choice to select 3 servers viz. Server 1, Server 2, and Server 3. There is nothing to be confused, as these are server backups in case one server is experiencing too much traffic, you can select another server and try again. There will be no output difference, whichever server you select.
This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select German Green Steel and Power Ltd from the dropdown box. Once the company is selected from the dropdown box, you have 3 methods to check allotment status for the IPO.
Firstly, you can access with Application Number / CAF Number. Enter the Application / CAF number, enter the captcha, and then click on the search button.
Secondly, you can search by Beneficiary ID of your demat account. Remember that the NSDL string is alphanumeric while the CDSL string is numeric. Write it in one single string in the box. Then enter the captcha and press the search button.
Thirdly, you can search by Income Tax PAN number. Once you select PAN from the dropdown menu, enter your 10-digit PAN number, enter the captcha code and then, click on the Search Button.
The IPO status with number of shares of German Green Steel and Power Ltd allotted will be displayed on the screen. You can save a screenshot of the screen for future reference
In case, you have any issues with the output, register an investor query with Bigshare Services India Private Ltd. You can either send an email with all requisite details and problem to info@bigshareonline.com or you can call on (+91)-22-6263-8200 for voice call.
NEXT STEPS IN THE GERMAN GREEN STEEL AND POWER LTD IPO
Post the closure of the IPO subscription on 29th September 2026, the basis of allotment will be finalized on 30th September 2026 and the refunds will be initiated on 01st October 2026. In addition, the demat credits are expected to also happen on 01st October 2026 and the stock will list on 05th October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 01st October 2026 under ISIN (INE0D4501011).
Interested in applying for this IPO?
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