German Green Steel IPO
German Green Steel IPO Listing Day Performance
German Green Steel listed on BSE & NSE on 05 October 2026 at ₹143.50, a 3.24% premium over the issue price of ₹139. A retail investor allotted one lot of 107 shares gained ₹482 at the listing price.
GMP vs actual listing
| Last GMP before listing | ₹9.5 (+6.8%) |
| GMP-implied listing | ₹149 |
| Actual listing | ₹143.50 |
| Difference | −₹5 (−3.4%) |
Demand going into listing
| Subscribed overall | 30.42× |
| QIB | 21.91× |
| NII | 56.77× |
| Retail | 23.98× |
Market Sentiment
IPO Details
Day-wise Subscription (times subscribed)
| Category | Day 1 | Day 4 | Final |
|---|---|---|---|
| QIB | 1.32x | 1.34x | 21.91x |
| NII | 2.46x | 7.82x | 56.77x |
| bNII > ₹10L | 2.53x | 6.49x | 56.78x |
| sNII 2-10L | 2.33x | 10.48x | 56.73x |
| Retail | 1.65x | 6.15x | 23.98x |
| Total | 1.73x | 5.14x | 30.42x |
Market Lot Size
IPO Reservation
Financial Analysis
Financial Data
Financial Performance
| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 1,137.54 | 1,517.21 | 1,685.38 |
| Expense | 1,082.15 | 1,438.16 | 1,575.57 |
| Profit (PAT) | 41.67 | 59.94 | 79.89 |
| Total Assets | 559.73 | 1,015.20 | 1,220.24 |
Peer Comparison
| Company | EPS | P/E | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| German Green Steel This IPO | 14.91 | - | 18.86 | 77.76 | - |
| Beekay Steel Industries Ltd | 18.94 | 22.54 | 3.49 | 548.18 | 1,196.94 Cr |
| Gallant Ispat Limited | 20.07 | 27.80 | 14.60 | 137.44 | 4,478.52 Cr |
| Kamdhenu Limited | 2.78 | 14.57 | 19.77 | 14.06 | 774.70 Cr |
| MSP Steel & Power Limited | 0.60 | 61.57 | 3.28 | 18.18 | 2,846.04 Cr |
| VMS TMT Limited | 4.95 | 8.92 | 9.22 | 45.97 | 840.20 Cr |
Strengths & Risks
- Heavily oversubscribed — 30.4x overall (final).
- Strong institutional (QIB) demand — 21.9x.
- Strong return on equity — 19%.
- Mostly fresh capital — proceeds fund the company's growth, not an exit.
Our data checks haven't flagged a specific concern for German Green Steel — but that isn't a clean bill of health. Read the risk-factors section of the RHP, which lists company-specific risks our data can't capture.
From this issue's live data. Not investment advice — read the RHP.
Company Information
German Green Steel at a glance
From the company's description: “German Green Steel and Power, founded in 2008, is one of the leading iron and steel manufacturers with a strong presence in Gujarat.”
German Green Steel is raising ₹304 crore through an IPO on the BSE and NSE mainboard. Of that, ₹290 crore is a fresh issue — new shares, with the money going to the company — and ₹14 crore is an offer for sale by existing shareholders, who keep those proceeds; 95% of the issue therefore reaches the business. Main stated uses of the fresh money: Funding the capital expenditure requirements of its manufacturing facility at Samakhiyali, Kutch, Gujarat and hybrid wind and sola… (₹226 crore) and Prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by the Company (₹7.7 crore).
Revenue went from ₹1,138 crore in 2024 to ₹1,685 crore in 2026, up 48% over 2 years. Profit after tax went from ₹41.67 crore to ₹79.89 crore, a net margin of 4.7% in the latest year.
Debt stands at 0.79 times equity.
Written from the issue's offer-document figures shown on this page. Not investment advice.
Company Contact Information
German Green Steel & Power Ltd., German House, Near Bharat Petrol Pump,, Opp. Kochrab Ashram,, Paldi, Ahmedabad, Gujarat, 380007
Objects of the Issue
| Purpose | Amount (Cr) |
|---|---|
| Funding the capital expenditure requirements of its manufacturing facility at Samakhiyali, Kutch, Gujarat and hybrid wind and solar power plant | 226.33 |
| Prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by the Company | 7.70 |
| General Corporate Purposes | - |
Resources & Documents
Anchor Investors
German Green Steel IPO - Quick Take
German Green Steel has set a price band of Rs 132–Rs 139 per share for an issue size of Rs 304 crore. The stock listed with a 3.24% gain versus its issue price on October 05, 2026.
The issue is promoted by Inamulhaq Shamsulhaq Iraki, Abdulhaq Shamsulhaq Iraki and Ibrarulhaq Inamulhaq Iraki with Systematix Corporate Services Ltd., Emkay Global Financial Services Ltd., Pantomath Capital Advisors Pvt.Ltd. acting as lead manager. Net proceeds will primarily be used towards funding the capital expenditure requirements of its manufacturing facility at Samakhiyali, Kutch, Gujarat and hybrid win… (Rs 226 crore) and prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by the Company (Rs 8 crore).
On fundamentals, the company is posting revenue growth of 11.1%, a profit margin of 4.7%, return on equity of 18.9% in its most recent reported period. Listed peers in this segment include Beekay Steel Industries Ltd (P/E 22.54x) and Gallant Ispat Limited (P/E 27.80x) — useful reference points when evaluating the issue's pricing relative to where the broader sector is trading.
On our data-signal score, the combined signals for this issue currently read strong — the composite picture tilts positive, though not without some caveats. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
German Green Steel IPO: Lead Manager & Registrar Track Record
How the firms running this issue and its registrar have fared on the other IPOs we track. Each firm's figures leave out German Green Steel itself, so they describe what came before it.
- German Green Steel listed at +3.2% on day one; the median of 113 listings was +7% (better than 36% of them).
- Subscribed 30.42x against a median of 20.43x across 111 issues (higher than 55%).
- Average listing-day move across all 114 Mainboard listings we track: +13.6%.
| Firm | Other IPOs | Listed at / above issue | Avg move | Median |
|---|---|---|---|---|
| Systematix Corporate Services Ltd. Lead manager | 3 3 MB · 0 SME | 100% 3 of 3 | +50.1% | +63.2% |
| Emkay Global Financial Services Ltd. Lead manager | 4 4 MB · 0 SME | 50% 2 of 4 | +16.9% | +9.6% |
| Pantomath Capital Advisors Pvt.Ltd. Lead manager | 5 5 MB · 0 SME | 100% 5 of 5 | +10.5% | +5.5% |
| Bigshare Services Pvt. Ltd. Registrar | 61 18 MB · 43 SME | 67% 41 of 61 | Check allotment → | |
Recent listings managed by Systematix Corporate Services Ltd. (3)
Best: ESDS Software +76.5% · Weakest: Knack Packaging +10.6%
| IPO | Listed | Listing-day move |
|---|---|---|
| ESDS Software | 04 Sep 2026 | +76.5% |
| Behari Lal Engineering | 19 Aug 2026 | +63.2% |
| Knack Packaging | 08 Jul 2026 | +10.6% |
Recent listings managed by Emkay Global Financial Services Ltd. (4)
Best: Behari Lal Engineering +63.2% · Weakest: Innovision −14.7%
| IPO | Listed | Listing-day move |
|---|---|---|
| Deepa Jewellers | 08 Sep 2026 | +24.9% |
| Behari Lal Engineering | 19 Aug 2026 | +63.2% |
| Amir Chand | 02 Apr 2026 | −5.7% |
| Innovision | 23 Mar 2026 | −14.7% |
Recent listings managed by Pantomath Capital Advisors Pvt.Ltd. (5)
Best: Ardee Industries +35.9% · Weakest: Manika Plastech +0%
| IPO | Listed | Listing-day move |
|---|---|---|
| Zetwerk | 23 Oct 2026 | +5.5% |
| NSE | 24 Sep 2026 | +0.8% |
| Manika Plastech | 21 Sep 2026 | +0% |
| Ardee Industries | 12 Aug 2026 | +35.9% |
| Knack Packaging | 08 Jul 2026 | +10.6% |
A SEBI-registered merchant banker that runs the issue: due diligence, drafting the offer document, setting the price band with the company, and marketing the IPO to investors.
Finalises the basis of allotment, credits shares to demat accounts, releases blocked funds for unsuccessful bids and handles investor queries about the issue.
Listing-day move = exchange opening price vs issue price (band ceiling where the final price isn't recorded). Counts cover IPOs we track only. Past listings don't predict this one; this is not investment advice.
Frequently Asked Questions
German Green Steel IPO GMP — What It Means
Its last GMP before listing was 6.8%. Of the 40 Mainboard IPOs we have tracked with a final GMP under 10%, 27 listed above, 6 flat and 7 below the issue price; German Green Steel listed 3.2% above its issue price.
See the full German Green Steel GMP history and trend, or learn how grey market premium works and how reliable it is.
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