German Green Steel & Power IPO: Allotment Status, GMP, Listing Date and Review

ClosedMainboardNSE and BSETMT bars and steelLists 5 Oct

Gujarat-based integrated maker of German TMT bars, MS billets and sponge iron, with plants at Samakhiyali and Viramgam, selling through dealers and to institutions.

Issue price₹139Upper end of ₹132 to ₹139
Issue size₹304 cr₹290 cr fresh + ₹14 cr OFS
Lot size107 shares₹14,873 per lot
Market capAbout ₹1,047 crPost-issue
Subscription30.42xFinal, 29 Sep
GMP₹12About 9%, 4 Oct
Scouter Reading
5,600
Charged/ 10,000
BaseChargedPower UpMax

A growing, reasonably priced regional steel brand with strong demand. Thin margins and the cyclical steel market cap the upside.

Our own view, not investment advice.

Subscription by category

Final subscription, 29 Sep 2026, 6:55 PM

Final (29 Sep)
QIB21.91xbNII56.78xsNII56.73xRetail23.98xTotal30.42x1x = fully subscribed

Key numbers

FY26, restated consolidated

Revenue₹1,685.38 cr
Net profit₹79.89 cr
EBITDA margin9.9%
ROE18.9%
Debt to equity0.79
Anchor money₹91.17 cr

IPO timeline

Anchor₹91.17 cr
Opens25 Sep
Closes29 Sep
Allotment30 Sep
Refund and demat1 Oct
Listing5 Oct

Allotment was finalised on 30 Sep and refunds and demat credits went out on 1 Oct. Shares list on Monday 5 Oct.

German Green Steel & Power sells TMT bars under the German TMT brand, a familiar name on Gujarat construction sites. Its ₹304 crore IPO drew strong demand: 30.42 times overall, with HNIs bidding nearly 57 times their quota.

Allotment has been finalised and shares list on 5 October. The grey market premium of about ₹12 suggests a modest listing gain of around 9%. Here is how to check your allotment and what to make of the business.

German Green Steel & Power IPO at a glance

DetailGerman Green Steel & Power IPO
Issue size₹304 crore (₹290 crore fresh + ₹14 crore OFS)
Issue price₹139 per share (face value ₹10)
Lot size107 shares (₹14,873)
Retail maximum13 lots, 1,391 shares (₹1,93,349)
QuotaQIB 50%, Retail 35%, NII 15%
Anchor round₹91.17 crore on 24 Sep 2026
Bidding dates25 Sep to 29 Sep 2026
Allotment30 Sep 2026
Refund and demat credit1 Oct 2026
Listing5 Oct 2026 on BSE and NSE
Market capAbout ₹1,047 crore post-issue
Promoter holding96.63% before, 68.54% after
Lead managersSystematix, Emkay Global, Pantomath Capital
RegistrarBigshare Services

Retail was subscribed about 24 times, so roughly one in 24 retail applicants will have received a lot of 107 shares.

What German Green Steel & Power actually does

What German Green Steel & Power does: German TMT bars made in Gujarat

German Green Steel & Power Ltd was incorporated in 2008 and is promoted by Inamulhaq, Abdulhaq and Ibrarulhaq Iraki. It makes TMT bars from 8 mm to 40 mm, MS billets and sponge iron. Its Samakhiyali plant in Gujarat is vertically integrated, turning iron ore into sponge iron, then billets, then finished bars. A second unit at Viramgam is run through subsidiary German TMX.

Sales go through distributors and dealers and to institutional buyers. The company had 1,357 employees and 143 contract workers in March 2026.

Most of the IPO money, ₹226.33 crore, goes to expanding the Samakhiyali plant and adding renewable power, which should cut energy costs and support the company’s ‘green steel’ positioning.

The numbers behind the business

German Green Steel & Power revenue and net profit with key ratios

Here are the figures from the offer documents, in ₹ crore, as reported by IPO data sites.

₹ croreFY24FY25FY26
Revenue1,137.541,517.211,685.38
EBITDA80.11116.81166.96
Net profit41.6759.9479.89
Net worth176.06292.55421.55
Borrowings198.39347.86334.37
Total assets559.731,015.21,220.24

What these numbers tell us, in plain language:

  • Steady growth. Revenue rose from ₹1,138 crore in FY24 to ₹1,517 crore in FY25 and ₹1,685 crore in FY26. Net profit nearly doubled from ₹41.7 crore to ₹79.9 crore.
  • Margins are improving but thin. EBITDA margin went from about 7% to 9.9%, and net margin to 4.8%. That is typical of secondary steel producers, whose profits swing with steel and coal prices.
  • Debt is manageable. Borrowings were ₹334 crore in FY26, with debt to equity of 0.79. Only ₹7.7 crore of the IPO goes to debt repayment, as the focus is on expansion.
  • Valuation is reasonable. Post-issue P/E is about 13.1x and price to book about 1.8x, which looks fair for a profitable, growing steel company.

How the subscription ended

CategoryFinal (29 Sep)
QIB21.91x
bNII56.78x
sNII56.73x
Retail23.98x
Total30.42x

Anchors put in ₹91.17 crore on 24 September. By the close on 29 September, QIBs had bid 21.91 times, big and small HNIs about 56.8 times each and retail 23.98 times, for 30.42 times overall across 16.08 lakh applications.

The GMP story so far

The grey market premium was about ₹12 on 4 October, roughly 9% over the ₹139 issue price. That points to a listing near ₹151.

Scouter tip: A 9% GMP after a 30x subscription suggests the market sees the stock as fairly priced rather than a bargain. Steel stocks move with steel prices, so listing-day gains can fade if the sector is weak that week.

How to check German Green Steel & Power IPO allotment status

  1. Go to the Bigshare Services IPO allotment page, or the BSE or NSE allotment status page.
  2. Select German Green Steel & Power from the list of issues.
  3. Enter your PAN, application number or DP/Client ID.
  4. Submit to see how many shares you were allotted.

The basis of allotment was finalised on 30 September 2026. Refunds for unsuccessful applicants and share credits to demat accounts were processed on 1 October. If shares were allotted, they should already show in your demat account and will be tradable from the listing on 5 October on BSE and NSE.

The listing outlook

A modest premium listing around ₹151 looks likely. Anchor lock-ins until 30 October and 29 December limit early institutional selling.

What to weigh before you apply

Steel is cyclical

TMT bar prices move with construction demand, iron ore and coal costs, and Chinese exports. A downturn could compress the thin margins quickly.

Execution of the expansion

The company is putting most of the IPO money into a large capacity and renewable power project. Delays or cost overruns would weigh on returns.

Strengths and risks

German Green Steel & Power IPO strengths and risks with Scouter verdict 5,600

Strengths

  • Subscribed 30.42 times with ₹91.17 crore from anchors
  • Profit nearly doubled in two years to ₹79.9 crore
  • Integrated plant from sponge iron to TMT bars
  • Established German TMT brand in Gujarat
  • Post-issue P/E of about 13.1x

Risks

  • Net margin under 5%
  • Exposure to the steel price cycle
  • Business concentrated in Gujarat
  • Large expansion to execute with IPO funds
  • Promoter holding drops from 96.63% to 68.54%
Our Scouter Reading
5,600
Chargedout of 10,000

Scouter verdict: A solid regional steel maker at a fair price, with strong demand and a credible expansion plan. Thin margins and cyclicality keep it at Charged. Allottees can expect a modest premium listing. This is our own view, not investment advice.

Your chances of getting an allotment

  • Retail was subscribed 23.98 times. With a maximum of 71,515 retail allottees, roughly one in 24 retail applicants will have received one lot of 107 shares.
  • Applying through multiple family PANs improves your odds; applying for more lots under one PAN does not.

What to watch from here

  • Listing price on 5 October against ₹139
  • Steel prices through the December quarter
  • Progress on the Samakhiyali expansion and renewable power
  • Margins in the first post-listing results
  • Anchor lock-in expiry on 30 October

German Green Steel & Power IPO: frequently asked questions

How do I check German Green Steel & Power IPO allotment status?

Allotment was finalised on 30 September 2026. You can check it on the Bigshare Services website or the BSE and NSE allotment pages using your PAN or application number.

What is the German Green Steel IPO listing date?

Shares list on BSE and NSE on Monday, 5 October 2026.

What is the German Green Steel IPO GMP today?

The grey market premium was about ₹12 on 4 October 2026, roughly 9% over the issue price. GMP is unofficial and can change quickly.

How many times was the German Green Steel IPO subscribed?

It was subscribed 30.42 times overall, with QIB at 21.91x, NII at 56.77x and retail at 23.98x.

What does German Green Steel & Power make?

It makes German TMT bars, MS billets and sponge iron at integrated plants in Gujarat.

Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Data as of 4 October 2026.

Key valuation

P/E (pre-issue)9.5x
P/E (post-issue)13.1x
P/B (post-issue)1.8x
ROE18.9%
EBITDA margin9.9%
Debt to equity0.79
Anchor money₹91.17 cr

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