German Green Steel & Power Ltd. IPO: price band, issue size, dates, business, financials, valuation metrics and key risks

German Green Steel and Power Limited (German Green Steel & Power) is launching a mainboard initial public offering (IPO) with a price band of ₹132 to ₹139 per share and a lot size of 107 shares. The issue opens on 25 September 2026 and closes on 29 September 2026, with listing scheduled for 5 October 2026. The IPO size is ₹303.90 crore, comprising a ₹290.00 crore fresh issue (proceeds to the company) and a ₹13.90 crore offer for sale (OFS) (proceeds to selling shareholders).

What German Green Steel & Power does

German Green Steel and Power Limited is a Gujarat-based, vertically integrated iron and steel manufacturer with a primary focus on TMT (thermo-mechanically treated) bars. In addition to finished steel rebars, the company has upstream manufacturing capabilities in sponge iron and MS (mild steel) billets, which positions it across multiple stages of steel production.

The company’s operating narrative also highlights the use of steel scrap as a key input. Alongside its core TMT offering, it has expanded into value-added products and services such as cut-and-bend and epoxy-coated/corrosion-resistant TMT products.

The stated IPO positioning is built around scaling a TMT-bar-led platform, using vertical integration, captive power arrangements, and selective additions to the product mix. The company also outlines an intent to deepen institutional and distributor reach beyond Gujarat and to pursue contract manufacturing arrangements.

Manufacturing footprint and captive power set-up

German Green Steel & Power operates two manufacturing facilities located at Samakhiyali and Viramgam in Gujarat. The company’s integrated model combines upstream iron and billet production with downstream rolling into TMT bars.

Power availability and cost are material elements for steel operations, and the company highlights captive power infrastructure that includes coal-based generation, waste-heat recovery, and hybrid renewable power. A wind-solar hybrid power project has been commissioned, reflecting the company’s stated focus on power self-sufficiency through a mix of captive and renewable sources.

The prospectus narrative links these elements to operational planning, with the company presenting captive and renewable power as part of its broader operating framework.

Key milestones and partnerships highlighted

The company’s disclosed timeline includes events tied to corporate evolution, asset acquisition, and capacity/power additions.

It was incorporated in 2008 as Haag Enterprises Private Limited and commenced operations. In 2018, it acquired the Samakhiyali facility through a liquidation process under the Insolvency and Bankruptcy Code (IBC), alongside corporate name changes and conversion to a public company around this period. The Samakhiyali facility was commissioned in 2019.

In 2020, the company entered into a trademark license agreement for use of the “Jindal” trademark for manufacturing steel rebars.

In 2023, it commissioned a 4.24 MW wind-solar hybrid power project. In 2024, it acquired a 97.41% stake in German TMT Private Limited (described as a material subsidiary) and changed its name to German Green Steel and Power Limited.

A further milestone disclosed for 2025 is a manufacturing partner/contract manufacturing agreement with JSW One Distribution Limited (JSW One). The arrangement is described as involving technical support and branded offtake. The company also reports receiving Green Steel certifications and entering cut-and-bend and epoxy-coated TMT bars during this period.

IPO structure, reservation split, and proposed use of proceeds

The IPO consists of a fresh issue and an OFS. The fresh issue brings capital into the company; OFS shares are sold by existing shareholders, and the OFS proceeds do not go to the company.

From an allocation perspective, the disclosed reservation split is 50% for Qualified Institutional Buyers (QIB), 15% for Non-Institutional Investors (NII), and 35% for Retail Individual Investors (RII). The prospectus also describes anchor allocation parameters, including anchor allocation as a portion of the QIB book and a reservation for domestic mutual funds within the anchor portion.

The company proposes to use net proceeds primarily toward capital expenditure requirements for expansion of its manufacturing facility at Samakhiyali, Kutch, Gujarat and a hybrid wind and solar power plant project. It also proposes to use a portion of proceeds toward prepayment or repayment, in full or in part, of certain outstanding borrowings, with the remainder earmarked for general corporate purposes. These are proposed objects of the issue rather than completed spending.

Financial trajectory to note

German Green Steel & Power’s reported financials show revenue growth from FY2024 to FY2026, alongside changes in profit after tax (PAT) and balance sheet size.

Across the three fiscal years presented, total revenue increased from ₹1,129.78 crore in FY2024 to ₹1,678.98 crore in FY2026. PAT was ₹14.50 crore in FY2024, ₹13.71 crore in FY2025, and ₹29.92 crore in FY2026. The reported PAT margin in the financial table remains in low single digits across these years.

The balance sheet expanded over the same period, with total assets rising from ₹559.73 crore in FY2024 to ₹1,220.24 crore in FY2026.

Valuation and KPI context, GMP observations, and key risks to track

The offer documents disclose key performance indicators (KPIs) that investors typically use to contextualise profitability, return ratios, leverage, and valuation at the IPO price. At the time of this snapshot, the reported EPS (earnings per share) is ₹14.66, with return ratios including ROE (return on equity) of 18.86% and ROCE (return on capital employed) of 19.31%. Leverage is reflected in a debt-to-equity ratio of 0.79. The disclosed EBITDA margin (EBITDA as a margin percentage) is 9.94%. Valuation multiples disclosed include a pre-IPO P/E (price-to-earnings) of 9.48 times and a price-to-book (P/B) of 0.67 times.

Unlisted market tracking around the issue includes grey market premium (GMP) observations. In the available snapshot observations dated 23 September 2026, GMP was quoted at ₹15 and ₹19 against a referenced issue price of ₹139. GMP is an unofficial indicator and can change; it is not part of the offer document and does not indicate a guaranteed listing outcome.

The risk disclosures highlighted in the supplied context emphasise concentration and procurement-related sensitivities. The company notes that over half of revenue comes from the top 10 customers, implying exposure to order or relationship changes with large buyers. It also notes that dealers and distributors are non-exclusive, which can affect volumes if channel partners shift focus. On the input side, the company notes that materials form most of total costs and are procured on spot purchase orders, which creates exposure to price movements and supply timing.

Monitoring points to track post-issue (as applicable) include:

• Progress and commissioning timelines for the Samakhiyali expansion and the hybrid wind-solar project described in the objects of the issue.
• Changes in customer concentration, including reliance on the top 10 customers.
• Changes in borrowings and leverage following the proposed prepayment/repayment of certain outstanding loans.
• Evolution of revenue mix from value-added offerings such as cut-and-bend and epoxy-coated/corrosion-resistant TMT products, alongside expansion beyond Gujarat.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (23 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.