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₹132 - 139Day cells show that day's addition; Now is the running total. Amounts at the upper price band.
German Green Steel & Power Ltd
SteelIPO
₹132 - 139
We are a vertically integrated iron and steel manufacturer primarily operating in the western region of India, with a presence in Gujarat with a main focus on TMT Bars. We have two (2) manufacturing facilities located in the state of Gujarat ("Manufacturing Facilities"): one located at Samakhiyali (the "Samakhiyali Facility") which is vertically integrated, and the other is located at Viramgam ("Viramgam Facility") which is operated through our Material Subsidiary- German TMT Private Limited.
Lot107Min Invest₹14,873Face Value₹10Issue Size₹304 CrFresh Issue₹290 CrOffer for Sale₹14 CrListing Price₹142CMP₹112
Timeline
25 Sept
Bidding opens
29 Sept
Bidding closes
30 Sept
Allotment
1 Oct
Refund & demat credit
5 Oct
Listing
Subscription · As of 7:58 PM, 29 Sept
Demand by day
CategoryDay 1Day 4Day 5Now+1.32x+0.01x+19.59x20.9x+2.46x+5.36x+46.21x54.0x+1.65x+4.50x+16.68x22.8xOverall+1.73x+3.41x+23.84x29.0x
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB20.9x1.04 Cr21.72 Cr3,019.76NII54.0x31.14 L16.83 Cr2,339.01Retail22.8x72.67 L16.59 Cr2,305.83Total29.0x2.19 Cr63.36 Cr8,786.74
Reports
Offer Details
Terms
Issue Size₹304 Cr2.19 Cr shares
Fresh Issue₹290 Cr
Offer for Sale₹14 Cr
Face Value₹10
Lot Size107 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,8731-13 lots
sNII₹2,08,222from 14 lots
bNII₹10,11,364from 68 lots
Managers & Registrar
Lead ManagerSystematix Corporate Services Ltd
Co-ManagerEmkay Global Financial Services Ltd, Pantomath Capital Advisors Pvt Ltd
RegistrarBigshare Services Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrInamulhaq Shamsulhaq IrakiPRMTR5,00,0006.95Abdulhaq Shamsulhaq IrakiPRMTR5,00,0006.95Total10,00,00013.90
Shareholding
CategoryPre IPOPost IPOPromoter Group96.63%68.55%Public3.37%31.45%
Objects of the Issue
- Funding the capital expenditure requirements of our Company towards expansion of its manufacturing facility at Samakhiyali, Kutch, Gujarat and hybrid wind and solar power plant ("Project")
- Prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by the Company.
- General corporate purposes.
Anchor Book
Bid Date24-Sep-2026Shares65,58,991Amount₹91 Cr30-day lock-in29-Oct-202690-day lock-in28-Dec-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 892 | 1,121 | 1,130 | 1,508 | 1,679 |
| Operating ProfitCr | 38 | 52 | 79 | 117 | 167 |
| OPM% | 4.2 | 4.6 | 7.0 | 7.8 | 9.9 |
| PBTCr | 35 | 49 | 52 | 74 | 110 |
| PATCr | 28 | 38 | 37 | 60 | 80 |
| EPS | 73 | 45 | 45 | 11 | 15 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 8 | 8 | 8 | 53 | 54 |
| ReservesCr | 85 | 123 | 161 | 240 | 367 |
| BorrowingsCr | 132 | 124 | 173 | 349 | 343 |
| Total AssetsCr | 355 | 380 | 560 | 1,015 | 1,220 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 17 | 78 | 28 | 74 | 141 |
| Investing Cash FlowCr | -56 | -71 | -63 | -224 | -135 |
| Financing Cash FlowCr | 64 | -20 | 35 | 151 | -7 |
| Net Cash FlowCr | 26 | -14 | 0 | 2 | -1 |
Strengths & Risks
Strengths · as stated in the DRHP
- Vertically integrated manufacturing setup which includes captive power plant.
- Extensive distribution network in Gujarat with long-term customer relationships.
- Experienced Promoters supported by a strong management and execution team.
- Strong brand recall driven by quality products.
- Track record of growth in financial performance.
Strategies · as stated in the DRHP
- Continued focus on cost optimization and improving operational efficiency.
- Strengthen our institutional customer base and expand our distribution network into adjoining states.
- Foray into contract manufacturing.
- Continue to expand our production capacity and improve our presence into various value added products.
- Continue our emphasis on brand building.
Risks · as stated in the DRHP
- The company derives a majority portion (50.62% in Fiscal 2026) of its revenue from operations from the company's top 10 customers, with its single largest customer contributing to 10.67% of the company's revenue from operations in Fiscal 2026. Loss of any of these customers or a reduction in purchases by any of them could adversely affect its business, results of operations and financial condition.
- Other than the company's sales to direct institutional customers, the company relies on its dealers and distributors for the distribution of the company's products to end customers. A termination of its distribution arrangements or if the company's dealers/distributors does not effectively sell or market its products, the company's business, results of operations and financial condition may be adversely affected.
- The company's business and profitability are substantially dependent on the availability of materials and the company is dependent on third party suppliers for meeting its material requirements which are on purchase order basis. Any disruption to the timely and adequate supply of materials, or volatility in the prices of materials may adversely impact the company's business, results of operations and financial condition.
- The demand and pricing for the company's products such as TMT Bars, MS Billets and Sponge Iron are volatile and sensitive to the cyclical nature of the industries it serves and raw material prices. A decrease in TMT Bar prices may have a material adverse effect on the company's business, results of operations, prospects and financial condition.
- The company intends to utilise the Net Proceeds for funding its capital expenditure requirements which aggregates to Rs. 22,633.05 lakhs and the company is yet to place orders for certain of its capital expenditure requirements. There is no assurance that the company would be able to source such capital expenditure requirements in a timely manner or at commercially acceptable prices.
- The company faces competition from national and local players and its inability to compete effectively may have a material adverse impact on the company's business, results of operations and financial condition.