German Green Steel & Power IPO to Open on September 25; Price Band Fixed at ₹132–₹139

Bilkul Bazaar | By Rafat Quadri

Ahmedabad

₹290-crore fresh issue to fund Kutch expansion, renewable energy project

German Green Steel and Power Limited, a vertically integrated steel manufacturer based in Gujarat, will open its Initial Public Offering (IPO) for subscription on September 25, 2026, with the issue closing on September 29, 2026.

The company has fixed the IPO price band at ₹132 to ₹139 per equity share, with a face value of ₹10 each. The minimum bid lot is 107 equity shares, and investors can bid in multiples of 107 thereafter.

At a media conference in Ahmedabad, Inamulhaq Shamsulhaq Iraki, CMD, German Green Steel and Power Ltd, was accompanied by Mittal Shah, CFO; Naresh Patel, WTD; Ibrarulhaq Inamulhaq Iraki, WTD; Deepak Yadav of Emkay Global Financial Services; and Rahul Saxena, Director, Investment Banking, Systematix Group.

CMD: Focus on capacity expansion and sustainable growth

“This IPO marks an important milestone in our journey as we continue to strengthen our manufacturing capabilities and expand our presence across the steel value chain. Our focus remains on capacity expansion, operational efficiency and increasing the contribution of value-added steel products, while continuing to build a more sustainable energy profile for the business.”

The company was incorporated in 2008 and operates two manufacturing facilities in Gujarat — at Samakhiyali and Viramgam. Its product portfolio primarily comprises TMT bars, MS billets and sponge iron, while it has also entered value-added products such as cut-and-bend bars and epoxy-coated TMT bars.

IPO proceeds to support Kutch expansion and renewable power

The IPO comprises a fresh issue of up to ₹290 crore along with an offer for sale of up to 10 lakh equity shares by promoter selling shareholders Inamulhaq Shamsulhaq Iraki and Abdulhaq Shamsulhaq Iraki. The promoters have been associated with the industry since 1976.

Of the fresh issue proceeds, ₹226.33 crore will be utilised towards capital expenditure for expansion of the company’s manufacturing facility at Samakhiyali, Kutch, as well as its hybrid wind and solar power project. Another ₹7.70 crore is earmarked towards repayment or prepayment of certain borrowings, with the balance intended for general corporate purposes.

CFO highlights financial growth and energy efficiency

“The company has recorded strong growth in its operating performance, while our investments in captive and renewable energy are helping us improve operational efficiency. The IPO will provide capital to support the next phase of capacity expansion and strengthen our financial and operational foundation.”

German Green Steel and Power reported revenue from operations of ₹1,678.98 crore in FY2026, compared with ₹1,129.78 crore in FY2024. Its profit after tax rose to ₹79.88 crore in FY2026, from ₹41.66 crore in FY2024.

Production capacity to nearly double at Samakhiyali

The company is expanding its Samakhiyali facility significantly. Sponge iron capacity is being increased from 66,000 tonnes per annum to approximately 1,48,500 tonnes, while MS billet capacity is planned to rise from 2,14,500 tonnes to 4,12,500 tonnes per annum.

TMT bar capacity at the facility is also being expanded from 1,81,500 tonnes to 3,46,500 tonnes per annum.

Renewable energy to play bigger role

Sustainability and energy efficiency are also part of the company’s expansion strategy. As of March 31, 2026, around 75.44% of the company’s energy requirements were being met through its captive power plant and renewable energy plant.

The company is setting up an additional 25.20 MW hybrid wind-solar power plant in Bharuch district, comprising 10.8 MW of solar and 14.4 MW of wind capacity. A 16.20 MW portion has already been commissioned.

Green steel credentials and value-added products

The company and its material subsidiary have received 4-star and 5-star Green Steel ratings, respectively, for their TMT bars from the National Institute of Secondary Steel Technology, Mandi Gobindgarh. The company is also expanding its portfolio of specialised steel products, including stainless-steel round bars, cut-and-bend bars, epoxy-coated TMT bars and corrosion-resistant TMT bars.

The IPO is being managed by Systematix Corporate Services, Emkay Global Financial Services and Pantomath Capital Advisors, while Bigshare Services is the registrar. The equity shares are proposed to be listed on the NSE and BSE.

German Green Steel IPO — Short Snapshot

German Green Steel and Power Ltd will open its IPO from September 25 to September 29, 2026, with a price band of ₹132–₹139 per share. The issue is valued at about ₹303.90 crore, comprising a ₹290-crore fresh issue and an OFS of 10 lakh shares by promoters.

The company plans to use ₹226.33 crore of the fresh issue proceeds for expansion of its Samakhiyali manufacturing facility in Kutch and its hybrid wind-solar power project, while ₹7.70 crore will go towards repayment/prepayment of borrowings.

German Green Steel is a Gujarat-based vertically integrated steel manufacturer producing TMT bars, MS billets and sponge iron, with its manufacturing facilities at Samakhiyali and Viramgam.

Key figures: FY26 revenue ₹1,678.98 crore and net profit ₹79.88 crore.

Disclaimer: This article is for information purpose only and is not investment advice. Please read the IPO documents carefully before investing.

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