German Green Steel IPO Details, GMP, Price Band & Dates

1. Company Overview

Business Profile: Incorporated in July 2008 and headquartered in Ahmedabad, Gujarat, German Green Steel & Power Limited is a Gujarat-based, vertically integrated iron and steel manufacturer. The company specializes in manufacturing TMT bars (ranging from 8 mm to 40 mm), MS billets, and sponge iron using recycled steel scrap as a primary raw material. It has also expanded into value-added products like cut-and-bend bars and epoxy-coated TMT bars.
Manufacturing Facilities: Operates two plants in Gujarat:
1. A fully integrated plant at Samakhiyali, Kutch, handling sponge iron, billets, and TMT bar manufacturing.
2. A facility at Viramgam, operated through its material subsidiary, German TMT Private Limited.
Sustainability & Power Setup: Holds 4-star and 5-star Green Steel certifications. Meets over 75% of its energy needs through captive power infrastructure (~34 MW capacity across coal-based generation, waste-heat recovery, and hybrid wind-solar power plants).
Distribution Network: Maintains an extensive distribution ecosystem across Gujarat consisting of 12+ distributors, 140+ dealers, and over 300 direct institutional customers.

Competitive Strengths:
- Vertical Integration: In-house production of intermediate materials (sponge iron, billets) and captive power generation helps protect operational margins.
- Port Proximity: The Samakhiyali plant is located close to Mundra Port (~105 km) and Kandla Port (~50 km), facilitating efficient raw material imports.
- Technology & Quality: Utilizes Thermex quenching technology for TMT bar manufacturing with ISO-certified quality, environmental, and safety systems.
Key Operating Risks:
- High revenue dependence on Gujarat (derived ~99.8% of sales from the state).
- Susceptibility to raw material price volatility (steel scrap, iron ore, and coal).
- Cyclical demand risks linked to the infrastructure and construction industries.

Issue Type & Platform: Mainboard Book Built Issue listing on NSE and BSE.
Key Bidding Dates:
- IPO Open Date: September 25, 2026
- IPO Close Date: September 29, 2026
- Allotment Finalization: September 30, 2026
- Tentative Listing Date: October 5, 2026
Pricing & Lot Structure:
- Price Band: ₹132 to ₹139 per equity share (Face Value: ₹10).
- Total Issue Size: ₹303.90 Crores (Fresh Issue of ₹290.00 Cr / 2.08 Cr shares + Offer for Sale of ₹13.90 Cr / 10 Lakh shares).
- Lot Size: 107 shares per lot.
- Minimum Retail Investment: ₹14,873 (1 lot at upper price band).
Objects of the Issue:
1. Funding capital expenditure for expanding manufacturing capacity at Samakhiyali and developing a hybrid wind-solar power plant (~₹226.33 Cr).
2. Prepayment or repayment of outstanding borrowings (~₹7.70 Cr).
3. General corporate purposes.
Intermediaries:
- Book Running Lead Managers: Systematix Corporate Services Ltd., Emkay Global Financial Services Ltd., Pantomath Capital Advisors Pvt. Ltd.
- Registrar: Bigshare Services Pvt. Ltd.

(Figures in ₹ Crores, unless stated otherwise)

Key Ratios (FY26):
- Return on Equity (ROE): 18.86%
- Return on Capital Employed (ROCE): 19.31%
- Debt-to-Equity Ratio: 0.79x
- Net Asset Value (NAV): ₹77.76 per share