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

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

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

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

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

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

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.

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

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%

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

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.