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German Green Steel & Power IPO
Steel & Iron Products
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₹14,124Min. investment
German Green Steel & Power Limited IPO Details
Issue size
₹304Cr
IPO type
Mainboard
Market Cap
₹1,047CrLower than sector avg
Price range
₹132 – ₹139
Listing ExchangeBSE, NSE
RevenueApr 2025 - Mar 2026
₹1,678.9CrLower than sector avg
Lot size
107 shares
Red Herring Prospectus
Read
Growth rate3Y CAGR
21.91%
SectorSteel & Iron Products
Price range₹132 – ₹139
IPO type
Regular
Lot size107 shares
Issue size₹304Cr
Red Herring Prospectus
Read
Market Cap
₹1,047CrLower than sector avg
RevenueApr 2025 - Mar 2026
₹1,678.9CrLower than sector avg
Growth rate3Y CAGR
21.91%
German Green Steel & Power Limited IPO Overview
German Green Steel & Power IPO date
German Green Steel & Power IPO will open for subscription on September 25, 2026, and the closing date for the IPO is September 29, 2026. After this, investors are expected to be updated about the allotment status on September 30, 2026.
Investors who have been allotted shares can expect them to be credited to their demat account on October 01, 2026. The shares will be listed on NSE and BSE on Monday, October 05, 2026.
German Green Steel & Power IPO price band
The IPO includes fresh issues and an offer for sale. The IPO price band has been set between ₹132 and ₹139 per share. Interested investors can choose a price within this band to apply for the IPO.
The IPO is a book-building issue, comprising a fresh issue of ₹290 crore and an offer for sale of ₹14 crore. German Green Steel & Power IPO listing price will be determined on October 05, 2026. The listing price is the price at which a company’s shares debut on the stock exchanges.
German Green Steel & Power IPO lot size
German Green Steel & Power IPO details have been declared. The minimum lot size for an application is 107 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹304.00 crore.
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Capital expenditure
78.00%
General corporate purposes
19.30%
Repayment of loan
2.60%
Strength and Weakness
Integrated manufacturing platform
Sponge iron, billet and TMT production at Samakhiyali, supported by captive power and renewable assets, provides operating control across major stages of the value chain.
Maximum utilisation and potential for growth
Utilisation of sponge iron in FY26 stood at 95.21%, whereas that of TMT bars stood at 87.79%. The future expansion would provide considerable growth in upstream, rolling, and value-added capacity.
Strong business-to-business distribution network
The company has 12 distributors, 148 dealers, and 343 institutional customers in FY26, with institutional customers making 41.53% of revenues.
Product quality variety
Availability of 8-40 mm TMT bars, multiple strength grades, NABL testing, and cut-and-bend as well as epoxy-coated bars.
Exposure to infrastructure and organised housing
These are projected as the fastest-growing major TMT end-user segments, while the company is expanding TMT capacity and seeking institutional and neighbouring-state customers. Realisation of this opportunity remains execution-dependent.
About German Green Steel & Power Limited
German Green Steel and Power is a vertically integrated iron and steel manufacturing company that mainly manufactures TMT bars in western India.
Incorporated in 2008, the company bought the Samakhiyali plant via a process of liquidation under the Insolvency and Bankruptcy Code for ₹35.70 crore in 2018 and began production in 2019. In 2024, the company bought 97.41% shares in German TMT Private Limited to bring the Viramgam plant into its fold. It has now ventured into value-added products, including cut-and-bend bars and epoxy-coated TMT bars, and made a contract manufacturing agreement with JSW One Distribution Limited in 2025.
The company operates two Gujarat manufacturing facilities. Samakhiyali is an integrated facility producing sponge iron, MS billets and TMT bars, while Viramgam, operated through its material subsidiary, manufactures MS billets and TMT bars. Its TMT portfolio spans Fe500, Fe500D, Fe550, Fe550D and corrosion-resistant grades in sizes from 8 mm to 40 mm. FY26 combined installed capacities were 66,000 MT for sponge iron, 3,57,060 MT for MS billets and 3,01,950 MT for TMT bars, with utilisation of 95.21%, 79.44% and 87.79%, respectively.
Vertical integration extends from sponge iron and billet production to rolling, quenching and testing of finished TMT bars. Sponge iron and billets remaining after captive consumption are sold externally. The facilities use Thermex quenching technology, while chemical and mechanical testing is undertaken before dispatch; the Samakhiyali testing laboratory is NABL-accredited. The group has also introduced cut-and-bend and epoxy-coated products to broaden its value-added portfolio. These capabilities provide greater control over intermediary inputs and product specifications, although the business remains dependent on externally procured scrap, iron ore, coal, silico-manganese and dolomite.
The manufacturing system is supported by captive and renewable energy assets. Samakhiyali has 16 MW of coal-based and 4 MW of waste-heat-recovery capacity, alongside wind-solar installations serving both facilities. During FY26, the parent company’s captive plant supplied 75.44% of its consumed electricity, and hybrid generation supplied another 5.31%, while 19.25% was purchased from the grid. At the consolidated level, captive and hybrid plants supplied 50.34% and 16.64%, respectively. This reduces, but does not eliminate, exposure to grid availability and energy costs.
TMT bars were the dominant revenue stream, contributing 78.7% of FY26 product revenue, up from 63.1% in FY24. MS billets accounted for 6.02% in FY26, sponge iron 1.8% and by-products and other items 13.3%. The business is predominantly B2B with customers in the areas of roadways, engineering services, thermal plants and real estate in the form of distributors, dealers and institutional customers. FY26 revenue was split 37.5% from distributors, 20.8% from dealers and 41.5% from institutional customers. The network included 12 distributors, 148 dealers and 343 direct institutional customers as at March 31, 2026.
Geographically, the company remains highly concentrated in Gujarat, which contributed 97.74% of FY26 revenue from operations. Exports commenced in FY26 and contributed 1.13%, across Cape Verde, Tanzania and Sri Lanka. Customer concentration also remains material: the largest customer represented 10.67% of FY26 revenue, while the top three and top ten accounted for 21.83% and 50.62%, respectively. Seven of the ten largest customers had relationships exceeding three years, but sales are generally based on purchase orders rather than long-term supply contracts.
FY25 revenue growth of 33.4% was because of the consolidation of German TMT Private Limited from May 21, 2024. FY26 revenue grew 11.3%, primarily through higher sales volumes and manufacturing activity; PAT grew 33.2%, notwithstanding higher employee, finance, depreciation, power and freight costs.
The Indian TMT market is at ₹2,17,000 crore in FY25, rising to ₹4,11,200 crore by FY32P. Infrastructure and organised residential construction are projected as the strongest end-user segments, with FY27P-FY32P CAGRs of 12.1% and 13.9%, respectively. Demand is linked to roads, railways, metros, housing, commercial construction, industrial facilities and urban utilities but remains sensitive to steel prices, interest rates, construction cycles, raw-material availability and government infrastructure spending.
The company’s 78.74% TMT revenue exposure, broad 8-40 mm size range, institutional customer base and proposed coated and structural products provide direct participation in these demand segments. It plans to expand Samakhiyali sponge-iron capacity from 66,000 MTPA to 1,48,500 MTPA, billet capacity from 2,14,500 TPA to 4,12,500 TPA and TMT capacity from 1,81,500 MTPA to 3,46,500 MTPA. The proposed project also adds renewable power and upstream capacity. However, converting industry growth into company growth depends on timely capex execution, expansion beyond Gujarat and the ability to maintain utilisation and margins in a cyclical pricing environment.
Now, German Green Steel & Power Ltd is launching its initial public offering (IPO), which consists of a Fresh issue of ₹290.00 crore and an Offer for sale of ₹14.00 crore only. The total issue size of the IPO is ₹304.00 crore. Its shares will be listed on the NSE and BSE.
How to apply for German Green Steel & Power IPO?
If you are interested in this investment opportunity but unsure how to apply for an German Green Steel & Power IPO, follow these steps.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the German Green Steel & Power IPO on Upstox:
- Log in to your Upstox account using your six-digit PIN
- After logging in, click on ‘Discover’
- On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
- Under the Invest in IPO section, look for the ‘German Green Steel & Power IPO’ tab and click on it
- Now fill in all the required information, like ‘bid price’ and ‘lot size’
- Confirm and click on ‘Apply’
- Accept the mandate on your UPI app
Latest News on German Green Steel & Power IPO
Frequently asked questions
How to invest in the German Green Steel & Power IPO ?
Investors can apply for the German Green Steel & Power IPO through their Demat account via the stock exchange or through their broker.
What is the issue size of German Green Steel & Power IPO ?
The issue size of the German Green Steel & Power IPO is 304 Cr.
What is 'pre-apply' for German Green Steel & Power IPO ?
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
Which exchanges will German Green Steel & Power IPO shares list on?
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Ipo opens on 25 Sep 2026, 10:00 AM