German Green Steel raises over Rs 91 crore from anchor investors ahead of September 25 IPO

The latest market report highlights that German Green Steel and Power, the Ahmedabad-based iron and steel manufacturer, on September 24 boosted Rs 91.17 crore by allotting 65.58 lakh shares to six institutional market participants through its anchor book.

The fundraising took place a day before the IPO opens for public subscription on September 25, with a price range of Rs 132-139 per share. The offer will close on September 29, while the firm's shares will be listed on the bourses on October 5.

The firm aims to mobilize Rs 303.9 crore through its initial public offering (IPO), including a fresh offering of shares worth Rs 290 crore. The promoters will sell 10 lakh shares worth Rs 13.9 crore through an offer-for-sale (OFS).

Necta Bloom emerged as the biggest investor in the anchor book, acquiring 21.58 lakh shares for Rs 30 crore, followed by Lords MultiGrowth Fund, which picked up 14.38 lakh shares for Rs 20 crore at the upper end of the price range.

Zeal Global Opportunities Fund was allotted 10.79 lakh shares worth Rs 15 crore, while Compact Structure Fund, Arnesta Global Fund and Venus Investments were the other participants in the anchor book.

German Green Steel manufactures TMT bars, MS billets and sponge iron at its two manufacturing facilities in Gujarat.

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

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Further, Rs 7.7 crore will be used to repay debt, against total outstanding borrowings of Rs 344.13 crore as of August 2026. The remaining proceeds will be utilised for general corporate purposes.

Systematix Corporate Services, Emkay Global Financial Services and Pantomath Capital Advisors are acting as the book-running lead managers for the German Green Steel IPO.