German Green Steel files IPO papers with Sebi; seeks to raise ₹450 crore

New Delhi: Gujarat-based German Green Steel and Power has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering.

The initial public offering (IPO) is a combination of fresh issuance of equity shares worth up to ₹450 crore and an offer for sale of up to 20 lakh shares by promoters Inamulhaq Shamsulhaq Iraki and Abdulhaq Shamsulhaq Iraki, according to the Draft Red Herring Prospectus (DRHP) filed on Sunday.

The company may consider a pre-IPO placement in consultation with the book-running lead managers before filing the red herring prospectus. If undertaken, the placement will not exceed 20% of the fresh issue size.

Proceeds from the fresh issue to the tune of ₹325.21 crore will be used towards expansion of its manufacturing facility in Gujarat and setting up a hybrid wind and solar power plant while ₹55.01 crore will be used for repayment of debt and general corporate purposes, according to the DRHP.

As of May 31, 2025, the company's total outstanding borrowings stood at ₹347.33 crore.

German Green Steel and Power is a vertically integrated iron and steel manufacturer with a main focus on TMT bars. It has a strong presence in Gujarat.

For the nine-month period ended December 31, 2024, the company reported revenue from operations of ₹979.78 crore and profit after tax of ₹32.07 crore.

The company's shares are proposed to be listed on the BSE and NSE.

Systematix Corporate Services and Emkay Global Financial Services are the book running lead managers, while Bigshare Services is the registrar for the IPO.