Steel Manufacturing - Listed on 05 October 2026
German Green Steel & Power (Steel Manufacturing) closed its IPO window in 2026 and listed on NSE and BSE on 05 October 2026 at an upper band issue price of Rs 139, opening at Rs 142 for a listing gain of +2.2% and closing day one at Rs 128.33 (-7.7% on closing basis). The IPO was subscribed 30.42x overall - QIB 21.91x, HNI/NII 56.77x, Retail 23.98x. The total issue size was Rs 303.9 Cr (Fresh Issue Rs 290 Cr, OFS Rs 13.9 Cr). IPO GMP data, subscription trends across Day 1 - Day 3 and Nifty performance around the listing window are detailed below.
Steel Manufacturing
German Green Steel & Power is a vertically integrated iron and steel manufacturer based in Ahmedabad, with manufacturing facilities at Samakhiyali and Viramgam in Gujarat. Its product portfolio includes TMT bars, MS billets and sponge iron, serving distributors, dealers and institutional customers primarily in Gujarat.
Issue structure, listing outcome and context
The ₹303.90 crore IPO comprised a ₹290 crore fresh issue and a ₹13.90 crore offer for sale, priced at ₹139 per share at the upper end. Fresh issue proceeds were intended mainly for expansion of the Samakhiyali manufacturing facility and a hybrid wind and solar power plant, along with repayment of borrowings and general corporate purposes. The shares listed on NSE at ₹142 on 5 October 2026, a 2.16% premium to the issue price, and closed at ₹128.33.
Number of times each investor category subscribed by close of Day 3.
How overall subscription built up across the three-day issue window.
Grey market premium (GMP) tracked day-by-day across the IPO window. Absolute GMP is the premium in rupees over the upper issue price; GMP % is that premium as a percent of the issue price.
| Day | GMP (Rs) | GMP % |
|---|---|---|
| Day 1 | - | - |
| Day 2 | - | - |
| Day 3 | Rs 21 | +15.10% |
| Day 4 | - | - |
| Day 5 | - | - |
Comparison between market-based GMP prediction and IPOGyani's AI-powered listing gain prediction.
Prediction Accuracy: 14.1 pp (Variance observed)
How the broader market moved around the German Green Steel & Power IPO window. Helpful for isolating how much of the listing gain came from company fundamentals vs. market tailwind.
German Green Steel & Power IPO listed at +2.2% versus the upper issue price of Rs 139 on 05 October 2026.
German Green Steel & Power IPO was subscribed 30.42x overall. QIB portion was subscribed 21.91x, HNI / NII 56.77x and Retail 23.98x.
IPO GMP started at - on Day 1 and moved to Rs 21 by the close of the issue window. See the day-by-day GMP table above for the full trajectory.