German Green Steel fixes Rs 132–139 price band for IPO opening September 25; offer size cut

Fresh updates from the financial markets indicate that Gujarat-based iron and steel manufacturer German Green Steel and Power has set the price range at Rs 132–139 per share for its Rs 304-crore maiden public offering, which will open for subscription on September 25.

The firm is raising up to Rs 290 crore through a fresh offering of shares at a valuation of Rs 1,047 crore, while promoters will sell 10 lakh shares through an offer-for-sale (OFS).

The public offering size was revised softer last week. As per the draft red herring prospectus (DRHP) filed in June 2026, the IPO comprised a fresh offering of equity shares worth Rs 450 crore and an OFS of 20 lakh shares, which had received approval from SEBI in November 2025.

German Green Steel had already boosted Rs 49.62 crore by issuing 18.38 lakh shares in a pre-IPO round at Rs 270 per share in September 2025. Accordingly, the fresh offering has been reduced to Rs 290 crore.

The IPO will stay open for public subscription until September 29, while the anchor book will open for a day on September 24. The firm is likely to finalise the IPO share allotment on September 30, while its shares are anticipated to be available for trading on the bourses from October 5.

German Green Steel is a vertically integrated iron and steel manufacturer operating through two manufacturing facilities, with a focus on TMT bars, MS billets and sponge iron products.

The firm will utilise Rs 226.3 crore of the net fresh offering proceeds for the expansion of its manufacturing facility at Samakhiyali, Gujarat, and its hybrid wind and solar power plant.

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Pursuant to the proposed expenditure, the firm intends to expand the existing installed sponge iron production capacity at the Samakhiyali facility from 66,000 MTPA to approximately 1,48,500 MTPA. Its MS billets manufacturing capacity will gain from 2,14,500 TPA to 4,12,500 TPA, while the existing installed TMT bars production capacity at the Samakhiyali facility will climb from 1,81,500 MTPA to 3,46,500 MTPA.

Further, the firm will reduce its debt by Rs 7.7 crore through the fresh offering proceeds, while the remaining amount will be used for general corporate purposes.

As of August 2026, the firm's total outstanding borrowings stood at Rs 344.1 crore.

The minimum bid in the offer can be made for 107 equity shares, with subsequent bids to be made in multiples of 107 shares. Accordingly, the minimum investment for retail market participants would be Rs 14,873, while the maximum investment would be Rs 1,93,349.

The firm's financial performance has been healthy in recent years. German Green Steel recorded a earnings of Rs 79.9 crore in the fiscal year ended March 2026, an gain of 33.3 percent from Rs 59.9 crore in the previous year. Topline during the same period grew 11.4 percent to Rs 1,679 crore from Rs 1,507.6 crore.

Systematix Corporate Services, Emkay Global Financial Services and Pantomath Capital Advisors have been appointed as the merchant bankers for the German Green Steel and Power IPO.

German Green Steel will be the fourth IPO to open on September 25, alongside AceVector, Runwal Enterprises and Orient Cables.