German Green Steel IPO: Issue booked 47% so far on opening day; GMP stands at 21%

According to fresh market updates, German Green Steel and Power, the Ahmedabad-based iron and steel manufacturer, opened its initial public offering (IPO) today, with the offering receiving 47 percent subscription as of 12:10 pm on September 25, as per NSE data.

The Rs 303.9-crore IPO received bids for 76,13,157 shares against 1,60,62,879 shares on offer. Retail market participants led the demand with 54 percent subscription, followed by 47 percent subscription.

In the grey market, German Green Steel shares were commanding a healthy premium of 21 percent on the morning of September 25, as per InvestorGain.

Read Additionally: A-One Steels India IPO subscribed 80% so far on Day 2; GMP at 12%

That stated, the grey market premium is an unofficial indicator and can fluctuate before stock-exchange debut. It does not guarantee the actual stock-exchange debut price or post-stock-exchange debut returns.

Ahead of the IPO, the firm boosted Rs 91.17 crore by allotting 65.58 lakh shares to six institutional market participants through its anchor book. 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.

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).

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.

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.