German Green Steel & Power IPO
German Green Steel & Power IPO is a mainboard IPO raising ₹304 Cr at ₹132 – ₹139 a share. It listed on 5 Oct 2026 at ₹142, +2.2% against its issue price of ₹139, and trades at ₹99 today (−29.0% since issue). It was subscribed 29× in total.
29.0 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. derived: shares x cut-off price Rs139. Checked: exchange issue size Rs304 Cr vs derived Rs303.9 Cr (0.0% apart).
What the fresh money funds
The stated uses of the net proceeds, from the prospectus’s Objects of the Issue table. Only the fresh issue funds these — the offer-for-sale money goes to the selling shareholders above.
As stated in the prospectus. “General corporate purposes” is the part with no committed use; SEBI caps it at 25% of the issue.
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
Priced 59% below the median multiple of the peers the issuer itself names.
| Listed peer (issuer’s choice) | P/E | RoNW | EPS |
|---|---|---|---|
| German Green Steel and Power Limited | — | 18.86% | ₹14.91 |
| Beekay Steel Industries Ltd | 22.54× | 3.49% | ₹18.94 |
| Gallant Ispat Limited | 27.8× | 14.6% | ₹20.07 |
| Kamdhenu Limited | 14.57× | 19.77% | ₹2.72 |
| MSP Steel & Power Limited | 61.57× | 3.28% | ₹0.56 |
| VMS TMT Limited | 8.92× | 9.22% | ₹4.95 |
| This issue | 9.3× | 18.86% | ₹14.91 |
derived: cut-off price Rs139 / stated EPS Rs14.91 (FY26 diluted, restated consolidated). Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.