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German Green Steel IPO
Price Band
₹132.0–139.0
Issue Size
₹303.9 Cr
Lot Size
107 shares
Min Investment
₹14,873
GMP
+₹29.0 (20.86%)
Issue Price
₹139.0
Subject to Sauda
₹2400
Paid only if allotted
German Green Steel IPO AI Summary
- German Green Steel IPO is open now on BSE, NSE in the Iron & Steel sector.
- Price band: ₹132.0–₹139.0 per share, lot size 107 shares (min. investment ₹14,873).
- Subscription window: 25 Sep–29 Sep 2026, listing on 05 Oct 2026.
- Current GMP is +₹29.0 (20.86%), an estimated listing price of ₹168 — unofficial and can change daily.
German Green Steel and Power Limited is an iron and steel manufacturer with a strong market presence in Gujarat. The company has shown consistent revenue and profit growth, supported by its integrated operations and robust distribution network. The IPO offers an opportunity for investors to participate in its growth, with a competitive pricing relative to peers.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
German Green Steel IPO — Third-Party Research Views
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
LIVE · updates every 5 minOverall Subscription
1.82x
| Category | Subscription | Status |
|---|---|---|
| QIB (Institutional) |
1.39x
|
1.39x |
| NII (HNI) |
2.59x
|
2.59x |
| ↳ bNII (>₹10L) |
2.65x
|
2.65x |
| ↳ sNII (<₹10L) |
2.46x
|
2.46x |
| Retail (RII) |
1.74x
|
1.74x |
| Total | 1.82x | 1.82x |
Auto-updated every 5 min · As of 25th Sep 2026 17:09
German Green Steel IPO Grey Market Premium (GMP) Today
GMP
+₹29.0
GMP %
+20.86%
Est. Listing
₹168.0
Updated: 28 Sep 2026 01:45
GMP Trend (Last 5 Days)
TopFund Score — Listing Data Indicator
GMP is 20.9% above issue price
QIB subscribed 1.39x
No anchor allocation for this IPO
Similar IPOs (same IPO type) averaged 18.1% listing gain
A rules-based composite of GMP, subscription demand, anchor participation and comparable-IPO history — each weighted as shown above. Not a statistically validated probability, a guarantee of listing performance, or personalized investment advice.
Limitations: weights are fixed by TopFund, not backtested against outcomes; the "Historical Similar-IPO Performance" factor needs at least 3 comparable past listings and falls back to a broader, less specific cohort when this sector/type doesn't have enough; GMP and subscription data can change daily right up to listing day, so scores shown may already be stale — check the "as of" date above.
About the Company
German Green Steel and Power Limited is engaged in the manufacturing of iron and steel products, with its operations primarily concentrated in western India, particularly in Gujarat. The company has established a significant presence in the TMT bar segment through its "German TMT" brand. The company operates two production facilities in Gujarat. Its Samakhiyali plant functions as a vertically integrated manufacturing unit, while the Viramgam plant is operated through its subsidiary, German TMX Private Limited. These facilities support the production of a diversified range of steel products. German Green Steel and Power Limited manufactures TMT Bars, MS Billets, and Sponge Iron. The company's TMT bar product range is available in sizes from 8 mm to 40 mm, catering to various construction and infrastructure requirements. Its registered and corporate office is located in Ahmedabad, Gujarat, while the strategically located Samakhiyali facility benefits from proximity to major ports in the state. During the nine months ended December 31, 2024, a substantial portion of the company's revenue was generated through its distributor and dealer network. The business primarily follows a B2B model, serving distributors, dealers, and institutional customers who further supply products to contractors, builders, and other end-users in the construction sector. The "German TMT" brand has built a strong market presence in Gujarat, supported by a focus on product innovation, process improvements, and adherence to quality standards. The company continues to emphasize operational efficiency and product reliability to strengthen its market position. The manufacturing facilities are certified under various international management standards, including ISO 9001:2015 for quality management systems, ISO 45001:2018 for occupational health and safety management, and ISO 14001:2015 for environmental management systems. Competitive Strengths: Integrated manufacturing operations supported by captive power generation capabilities. Well-established distribution and dealer network across Gujarat with long-standing customer relationships. Leadership team with extensive industry experience and execution capabilities. Strong brand recognition in the TMT bar market backed by consistent product quality. Demonstrated growth in operational and financial performance over the years.
Company Financials (₹ Cr)
As of 2026-03-31
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 1,220.24 | 1,015.20 | 559.73 |
| Total Income | 1,685.38 | 1,517.21 | 1,137.54 |
| Profit After Tax | 79.89 | 59.94 | 41.67 |
| EBITDA | 166.96 | 116.81 | 80.11 |
| NET Worth | 421.55 | 292.55 | 176.06 |
| Reserves and Surplus | 369.21 | 241.27 | 167.60 |
| Total Borrowing | 334.37 | 347.86 | 198.39 |
Key Ratios
EPS
₹14.66
NAV
₹77.76
ROE
18.86%
ROCE
19.31%
RoNW
18.86%
P/B Value
1.79
P/E Ratio
9.48
Market Cap
₹1047.35 Cr
PAT Margin
4.76%
Debt/Equity
0.79
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Vms Tmt Ltd. | 45.97 | 9.22% | 8.92 | 4.95 | 4.95 |
| Msp Steel & Power Ltd. | 18.18 | 3.28% | 61.57 | 0.6 | 0.56 |
| Kamdhenu Ltd. | 14.06 | 19.77% | 14.57 | 2.78 | 2.72 |
| Gallant Ispat Ltd. | 137.44 | 14.6% | 27.8 | 20.07 | 20.07 |
| Beekay Steel Industries Ltd. | 548.18 | 3.49% | 22.54 | 18.94 | 18.94 |
| German Green Steel and Power Ltd. This IPO | 77.76 | 18.86% | — | 14.91 | 14.91 |
Promoters
Inamulhaq Shamsulhaq Iraki, Abdulhaq Shamsulhaq Iraki, Ibrarulhaq Inamulhaq Iraki
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding the capital expenditure requirements of its manufacturing facility at Samakhiyali, Kutch, Gujarat and hybrid wind and solar power plant 226.33 2 Prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by the Company 7.70 3 General Corporate Purposes Total 234.03
IPO Evaluation
Generated 27 Sep 2026Revenue Trend
Total income was ₹1,137.54 Cr in the year ending 31 Mar 2024, rising to ₹1,517.21 Cr by 31 Mar 2025, and further increasing to ₹1,685.38 Cr by 31 Mar 2026. This shows a consistent upward trend in revenue over the periods analyzed.
Profit Trend
Profit After Tax was ₹41.67 Cr for the year ending 31 Mar 2024, increasing to ₹59.94 Cr by 31 Mar 2025, and further rising to ₹79.89 Cr by 31 Mar 2026. This demonstrates a positive growth trend in profitability across the reported periods.
Valuation
At the issue price of ₹139.0, German Green Steel and Power Ltd. has an implied P/E of 9.48 based on its EPS of ₹14.66. This is lower than peers such as Kamdhenu Ltd. trading at a P/E of 14.57 and Gallant Ispat Ltd. at 27.8.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the expected premium at which an IPO might list compared to its issue price. A positive GMP suggests that the market anticipates a higher listing price, while a negative GMP indicates the opposite. Investors often use GMP as a gauge of market sentiment towards the IPO.
Subscription Demand
As of 25th September 2026, the IPO has received a total subscription of 1.82 times. The breakdown shows that the Qualified Institutional Buyers (QIB) category was subscribed 1.39 times, Non-Institutional Investors (NII) 2.59 times, and Retail Investors (RII) 1.74 times.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment strategy and market conditions. It's essential to consider the company's fundamentals and growth prospects before making a decision.
Who May Want to Wait
Investors with a low-risk appetite or those who prefer stable investments may want to avoid IPOs that are subject to market fluctuations and uncertainties associated with new listings.
IPO Timeline, Explained
The IPO opens for subscription on 25th September 2026 and closes on 29th September 2026. Allotment of shares is expected to be finalized by 30th September 2026, with the listing date set for 5th October 2026.
Listing Gains — The Risk
Listing day gains can be unpredictable and are influenced by various factors including market sentiment, demand for the stock, and overall market conditions. Investors should be aware that while some IPOs may experience significant gains on listing, others may not perform as expected.
This evaluation is generated from German Green Steel's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is German Green Steel IPO GMP today?
German Green Steel IPO GMP today is +₹29.0 (20.86%), indicating an estimated listing price of ₹168. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of German Green Steel IPO?
The price band of German Green Steel IPO is ₹132.0–₹139.0 per share.
When does German Green Steel IPO open and close?
German Green Steel IPO opens on 25 September 2026 and closes on 29 September 2026.
When does German Green Steel IPO list on the stock exchange?
German Green Steel IPO is scheduled to list on 05 October 2026, with an estimated listing price of ₹168.0 based on current GMP.
What is the lot size for German Green Steel IPO?
The lot size for German Green Steel IPO is 107 shares, requiring a minimum investment of ₹14,873.
What is the TopFund Listing Data Indicator for German Green Steel?
German Green Steel's Listing Data Indicator score is 56/100 (Moderate signal), a weighted composite of GMP strength, subscription demand, anchor investor interest and how similar past IPOs performed on listing. It's a rules-based summary of public market data, not a statistically validated probability, a guarantee, or personalized investment advice.
What is the price band for the German Green Steel IPO?
The price band for the German Green Steel IPO is ₹132.0 to ₹139.0.
What is the minimum investment required for this IPO?
The minimum investment required for this IPO is ₹14,873.0.
What is the lot size for the German Green Steel IPO?
The lot size for the German Green Steel IPO is 107 shares.
When does the IPO open and close?
The IPO opens on 25th September 2026 and closes on 29th September 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected premium at which an IPO might list compared to its issue price.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
25 Sep 2026
Close
29 Sep 2026
Allotment
30 Sep 2026
Listing
05 Oct 2026
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