The ₹303.9-crore IPO of German Green Steel and Power has had its allotment status finalised today, with successful bidders receiving confirmation through multiple platforms. The allotment was finalised by late evening on Wednesday, September 30, with successful applicants able to check their status online through NSE, BSE, and Bigshare Services websites. The issue received 30.42 times subscription as of 10:30 am on September 29, with bids for 46,54,86,487 shares against 1,60,62,879 shares on offer. Non-institutional investors led the demand with 54.03 times subscription, followed by retail investors with 22.83 times subscription, while QIB subscription stood at 20.93 times. The company is expected to process refunds for non-allottees on October 1, with shares being transferred to Demat accounts on the same day.
In the grey market, German Green Steel shares were commanding a premium of ₹13.50 as of September 30, according to InvestorGain, representing a 9.71% premium over the upper price band of ₹139. Based on the latest GMP and the upper price band, the implied listing price is ₹152.50, indicating a potential listing premium. However, the grey market premium is an unofficial indicator and can fluctuate before listing. It does not guarantee the actual listing price or post-listing returns.
Ahead of the IPO, the company raised ₹91.17 crore by allotting 65.58 lakh shares to six institutional investors through its anchor book. Necta Bloom emerged as the biggest investor in the anchor book, acquiring 21.58 lakh shares for ₹30 crore, followed by Lords MultiGrowth Fund, which picked up 14.38 lakh shares for ₹20 crore at the upper end of the price band. The fundraising took place a day before the IPO opens for public subscription on September 25, with a price band of ₹132-139 per share and a minimum lot size of 107 shares. A retail investor applying for one lot at the upper price band needed ₹14,873.
The offer closed on September 29, while the company's shares will be listed on the bourses on October 5 at 10 am. The IPO was a book-building issue worth ₹303.90 crore, comprising a fresh issue of ₹290 crore (2.09 crore shares) and an offer-for-sale (OFS) of 10 lakh shares aggregating to ₹13.90 crore. Bidding ran from September 25 to September 29, 2026, with subscription data updated live on BSE and NSE websites throughout each bidding day. Systematix Corporate Services, Emkay Global Financial Services, and Pantomath Capital Advisors served as the book-running lead managers for the IPO, while Bigshare Services is the registrar. Investors can check allotment status through NSE, BSE, or Bigshare Services websites using their PAN and application number.
The company intends to utilise ₹226.33 crore of the net proceeds from the fresh issue for the expansion of its manufacturing facility at Samakhiyali, Gujarat, and a hybrid wind and solar power plant. Further, ₹7.70 crore will be used to repay debt, against total outstanding borrowings of ₹334.37 crore as of March 2026. The remaining proceeds will be utilised for general corporate purposes. German Green Steel manufactures TMT bars, MS billets and sponge iron at its two manufacturing facilities in Gujarat, with products sold under the German TMT brand. The company reported revenue of ₹1,685.38 crore in FY26, up from ₹1,517.21 crore in FY25, while profit after tax rose to ₹79.89 crore from ₹59.94 crore during the same period.
