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
Read from the 601-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 12 specific to this company; 78 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
The income tax department conducted search and seizure operations (basis warrants issued) from January 17, 2023, to January 19, 2023, respectively, at the premises of our Registered Office (erstwhile address), Promoters, certain members of our Promoter Group, our Group Companies, certain officials of our Company and our Manufacturing Facilities
Prudent Arc Limited ("Petitioner") has filed a Special Leave Petition ("SLP") before the Hon'ble Supreme Court of India... challenging the discretion exercised by the Recovery Officer in confirming the auction sale of movable and immovable asset being land and building (factory premises), along with plant and machineries lying at Kanaiyebe, Near Asian Motors Co., Bhuj Bachau Road, Taluka Bhuj, Kutch- 370140 ("Property") in favour of our Company
in Fiscal 2023 there had been an instance where due to fall from height, there was a demise of one person...in Fiscal 2024 there had been an instance where due to crane accident, there was a demise of one person...in Fiscal 2026, there was another demise due to fall from a height at the Viramgam facility
The trademark 'German TMT' is not registered in our name. Our Company has entered into a Royalty Agreement with Haq Steels Private Limited ('Licensor') for use of the said trademark. The Licensor has granted a non-exclusive license to our Company to utilise the trademark
(iii) In respect of matters related to Income tax 11,265.20 2,719.58 -
We derive a majority portion (50.62% in Fiscal 2026) of our revenue from operations from our top 10 customers, with our single largest customer contributing to 10.67% of our revenue from operations in Fiscal 2026.
Over 97.74%, 99.77% and 98.59% of our sales in the Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively, are made to customers located in Gujarat.
we had aggregate outstanding borrowings (including current maturities of long term borrowings) of ₹34,413.35 lakhs ... our secured borrowings are secured, inter alia, through a charge by way of hypothecation on our entire current assets, and, in case of our term loans, on fixed assets that includes land and buildings on which our manufacturing facilities are located
Gujarat has emerged as a significant hub for steel production in India, with 68 new steel units established over the past five years ... the influx of cheaper imported steel, particularly from China, has further exacerbated the situation
a majority of the scrap we require are imported directly from multiple vendors in United Arab Emirates, Singapore, United Kingdom, United States, Canada, Bahrain, Panama, South Africa... These raw material imports are settled in U.S. Dollars and Euros
We intend to utilise the Net Proceeds for funding our capital expenditure requirements which aggregates to ₹22,633.05 lakhs and we are yet to place orders for certain of our capital expenditure requirements.
For the Fiscal 2026, eight (8) of our top 10 customers are our dealers or distributors. ... Further, we do not have exclusive arrangements with our distributors or dealers, which allows them to engage with our competitors.
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹153 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 26 | 3 | ₹107 Cr |
| Subsidiaries | 0 | 2 | 1 | ₹13 Cr |
| Promoters | 0 | 16 | 0 | ₹32 Cr |
| Directors | 0 | 0 | 0 | — |
| Group companies | 0 | — | 0 | — |
Direct tax proceedings against the Company: 6 cases aggregating ₹10,024.96 lakhs (largest tax exposure across all Relevant Parties)
Pashchim Gujarat Vij Co Ltd v. Company (High Court of Gujarat): petition challenging quashing of ₹149.83 lakhs bill for unauthorised use of electricity under Section 126, Electricity Act, 2003
H&K Rolling Mill Engineers Pvt Ltd v. Company: cease-and-desist notice dated May 21, 2025 alleging TMX/Thermex trademark infringement; ₹50 lakhs demanded; subsequently resolved via Thermex License & Trademark Agreement dated November 26, 2025
H&K Rolling Mill Engineers Pvt Ltd v. German TMT Pvt Ltd (Material Subsidiary): cease-and-desist notices dated October 28, 2021 and May 19, 2025 re TMX/Thermex trademarks and corporate name 'GERMAN TMX'; ₹50 lakhs demanded; name changed to German TMT
Prudent Arc Ltd v. Company (Special Leave Petition before Supreme Court): challenges Bombay HC order upholding auction sale of factory premises at Bhuj-Kutch in favour of the Company
All amounts originally stated in ₹ lakhs; converted to ₹ crore (1 crore = 100 lakhs). Tax-bucket amounts aggregate direct and indirect tax proceedings disclosed in the consolidated table at [p487]; total_amount_cr is sum of all tax buckets. 'Other' counts include material civil/notice matters explicitly disclosed (Pashchim Gujarat Vij petition, Prudent Arc SLP, and H&K trademark matters); no criminal, regulatory/statutory-authority, or SEBI disciplinary proceedings reported against any Relevant Party. Materiality threshold adopted by Board on September 13, 2026: ₹302.50 lakhs (lowest of the three metrics computed at [p483]). Group Companies tax exposure not separately disclosed in the table.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
What the issuer and the exchanges published. Everything else on this tab is read out of these.
The full prospectus — business, financials, risk factors and litigation.
Which institutions were allotted shares before bidding opened, and how many.
Where physical applications could be submitted.
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
The full prospectus — business, financials, risk factors and litigation.
