The German Green Steel IPO listing is on Monday, 5 October 2026. German Green Steel & Power, the Gujarat TMT bar maker behind the German TMT brand, sold shares at ₹139 in a ₹303.9 crore issue that closed on 29 September with 28.98 times subscription. The grey market premium on 4 October was ₹10.50, or 7.55 per cent.
The figures it lists on
It is the smallest of the four mainboard issues listing that morning, and the cheapest on earnings. The full detail is on our German Green Steel IPO page.
| Item | Detail |
|---|---|
| Issue price | ₹139 (band ₹132–139) |
| Issue size | ₹303.9 crore, fresh capital plus offer for sale |
| Lot size | 107 shares |
| One lot at the issue price | ₹14,873 |
| Total subscription | 28.98x |
| Grey market premium, 4 October | ₹10.50 (7.55%) |
| Registrar | Bigshare Services |
| Listing date | 5 October 2026, on NSE and BSE |
How the book finished
At 28.98x it is the 48th most subscribed of the 97 mainboard IPOs that have closed in 2026. That is almost exactly the middle of the year: the median is 28.14x.
| Category | Subscribed |
|---|---|
| QIB | 20.93x |
| NII (total) | 54.03x |
| NII, bids above ₹10 lakh | 54.05x |
| NII, bids ₹2–10 lakh | 54.00x |
| Retail | 22.83x |
| Total | 28.98x |
The NII category, where bids start at ₹2 lakh, led at 54.03x, and both halves of it filled at virtually the same rate. Retail at 22.83x works out to roughly one application in 23 getting a lot. QIB, the institutional category, took 20.93x.
What the grey market has quoted
GMP is an unofficial premium dealers quote before shares list. No exchange publishes it and nobody is bound by it.
| Date | GMP | Over issue price |
|---|---|---|
| 29 September | ₹13 | 9.35% |
| 30 September | ₹12.50 | 8.99% |
| 1 October | ₹13.50 | 9.71% |
| 2 October | ₹11.50 | 8.27% |
| 3 October | ₹10.50 | 7.55% |
| 4 October | ₹10.50 | 7.55% |
The premium has drifted down from ₹13.50 on 1 October. At ₹10.50 it points to an open near ₹149.50, which on one lot of 107 shares is about ₹1,124 on paper.
That 7.55 per cent sits close to the year's own average outcome. Of the 92 mainboard IPOs that listed in 2026, 61 opened above their issue price and the median gain was 7.15 per cent. The grey market has not been a reliable guide, though. On the last 10 mainboard listings the final GMP was off the actual move by 8.28 percentage points on average, and it understated the gain on seven of those ten. The live quote stays on our German Green Steel GMP page until the shares trade.
The business and the price
German Green Steel & Power was started in 2008 and makes TMT bars, the ribbed rods used to reinforce concrete, in sizes from 8 mm to 40 mm. It also sells MS billets and sponge iron, the intermediate materials that go into steel. It sells to distributors, dealers and institutional buyers, mostly in Gujarat and western India.
It runs two plants in Gujarat. The Samakhiyali facility makes its own intermediate material and sits near the state's ports; the Viramgam facility runs through its subsidiary German TMX. Sponge iron capacity at Samakhiyali is being raised from 66,000 tonnes a year to about 1,48,500 tonnes, and ₹226.33 crore of the fresh money funds that expansion along with a hybrid wind and solar plant.
Profit has nearly doubled in two years, from ₹41.67 crore in FY2024 to ₹79.89 crore in FY2026, on total income of ₹1,685.38 crore. The margin is thin at 4.76 per cent, which is normal for a commodity. The issue was priced at 13.11 times earnings on an EPS of ₹10.60, with return on capital employed of 19.31 per cent and borrowing of ₹334.37 crore against a net worth of ₹421.55 crore. Promoter holding falls from 96.63 per cent to 68.54 per cent.
What happens next
Trading starts at 10 AM on 5 October, after a special pre-open session from 9 AM in which the exchanges settle the opening price. Allotment was finalised on 30 September and refunds and demat credits went out on 1 October. We will publish the NSE and BSE opens against the ₹139 issue price the same morning, next to the rest of this year's debuts on our mainboard listing performance page.
