German Green Steel and Power Limited has fixed the price band for its upcoming initial public offering (IPO) at ₹132 to ₹139 per equity share. The Gujarat-based iron and steel manufacturer is set to open its public issue for subscription on September 25, 2026, with bidding scheduled to close on September 29. The IPO is expected to attract attention as several new issues are entering the Indian primary market during the same period.
German Green Steel IPO: Key Details
At the upper end of the price band, the company is looking to raise approximately ₹303.9 crore through the IPO. The issue consists of a fresh issue of up to ₹290 crore and an offer for sale (OFS) of up to ₹13.9 crore.
The shares will have a face value of ₹10 each, while the minimum bid lot has been fixed at 107 shares. At ₹139 per share, investors would need approximately ₹14,873 to apply for one minimum retail lot, excluding applicable charges.
The company is expected to have a post-issue market capitalisation of around ₹1,047.35 crore at the upper end of the price band. The shares are proposed to be listed on both the BSE and NSE.
The IPO allocation structure provides 50% of the issue for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail investors. The anchor investor bidding portion is scheduled to open on September 24, one day before the public issue opens.
Where Will the IPO Money Be Used?
A significant portion of the fresh issue proceeds will be directed toward expanding German Green Steel’s manufacturing capabilities.
The company plans to fund capital expenditure for the expansion of its manufacturing facility at Samakhiali in Kutch, Gujarat. It also intends to invest in a hybrid wind-solar power plant, which is part of its strategy to increase its captive and renewable power capacity.
Another portion of the proceeds will be used for the prepayment or repayment of certain outstanding borrowings. The remaining funds will be available for general corporate purposes.
This use of IPO proceeds is particularly relevant for the company because steel manufacturing is highly energy intensive. Increasing captive and renewable energy generation can potentially reduce dependence on external electricity sources while supporting the company’s expansion plans.
What Does German Green Steel and Power Do?
German Green Steel and Power is a vertically integrated iron and steel manufacturer with its primary operations in western India, particularly Gujarat.
Its product portfolio includes TMT bars, mild steel billets and sponge iron. Its TMT products are sold under the German TMT brand, with bars manufactured in sizes ranging from 8 mm to 40 mm.
The company operates two manufacturing facilities in Gujarat. One is located at Samakhiali, while the other is at Viramgam and is operated through its material subsidiary, German TMX Private Limited.
The company’s business is closely linked to construction and infrastructure demand because TMT bars are widely used in residential, commercial and infrastructure projects.
According to information cited from the company’s filings, around 67.72% of its energy requirements were being met through captive power and renewable energy plants as of December 31, 2024. The proposed hybrid wind-solar project is intended to further increase this level of energy self-sufficiency.
German Green Steel Financial Performance
The company’s financial performance has shown growth across several key indicators.
Revenue from operations increased from ₹892.25 crore in FY2022 to ₹1,129.78 crore in FY2024, representing a compound annual growth rate of approximately 12.53%.
EBITDA increased at a considerably faster pace, rising from ₹39.15 crore in FY2022 to ₹80.11 crore in FY2024, equivalent to a CAGR of about 43.04%. During the same period, the EBITDA margin improved from 4.39% to 7.09%.
Profit after tax increased from ₹34.16 crore in FY2022 to ₹41.67 crore in FY2024, representing a CAGR of approximately 10.43%. For the nine-month period ended December 31, 2024, the company reported revenue of ₹979.79 crore, EBITDA of ₹68.18 crore and PAT of ₹32.07 crore.
More recent financial information compiled from the company’s restated figures shows FY2025 revenue of around ₹1,037.32 crore and profit after tax of approximately ₹42.96 crore.
A Gujarat-Focused Steel Business
One important feature of German Green Steel’s business is its geographic concentration. The company has a particularly strong presence in Gujarat, where its manufacturing facilities and distribution network are located.
Industry information indicates that the company has developed a network involving distributors, dealers and institutional customers, while Gujarat accounts for the overwhelming majority of its revenue.
This concentration gives the company exposure to construction and infrastructure activity in the state, but it also means that its performance can be affected by regional demand, competition and fluctuations in steel prices.
Steel companies also face exposure to raw-material costs, energy prices, interest rates and broader economic cycles. These factors can influence margins even when sales volumes remain relatively stable.
What Investors Will Watch Before Subscription
With the price band now fixed at ₹132–₹139, investors will be watching several factors ahead of the September 25 opening.
The company’s planned manufacturing expansion, renewable-energy investment and debt repayment are among the major factors connected to the fresh issue. At the same time, investors will need to assess the company’s profitability, debt position, dependence on the Gujarat market, steel-price cycles and the valuation implied by the IPO price.
The IPO is also entering the market alongside several other public issues scheduled around September 23–29, meaning investor capital will be spread across multiple offerings during the period.
IPO Timeline and Listing
The anchor investor portion is scheduled for September 24, followed by the public subscription period from September 25 to September 29. The company has proposed listing its equity shares on both the NSE and BSE. Systematix Corporate Services, Emkay Global and Pantomath Capital are acting as book-running lead managers for the issue.
German Green Steel’s IPO will therefore be one of the notable mainboard issues entering the Indian primary market in the final week of September. With a ₹132–₹139 price band, a ₹303.9 crore issue size and plans to expand production while investing in renewable power, the IPO gives investors another steel-sector opportunity to evaluate as the September IPO calendar becomes increasingly crowded.
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