German Green Steel and Power IPO
German Green Steel and Power Limited (GERMAN) · mainboard IPO on NSE and BSE · Book Building. Listed on 05 October 2026.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +2.3% (likely range -5% to +14%), day's high +5.7%, chance of a gain 60%. Actual: +2.2% at the open, +2.7% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 45,78,030 | 9,58,05,874 | 20.9x | |
| NII (HNI) total | 34,45,455 | 18,61,64,592 | 54.0x | |
| Big NII (above ₹10 lakh) | 22,96,970 | 12,41,43,647 | 54.0x | |
| Small NII (₹2-10 lakh) | 11,48,485 | 6,20,20,945 | 54.0x | |
| Retail | 80,39,394 | 18,35,23,725 | 22.8x | |
| Total | 1,60,62,879 | 46,54,94,191 | 29.0x |
Bids on NSE and BSE together, as published by NSE, as of 29 Sep 2026, 07:00 PM. Shares offered exclude the anchor portion. 34% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to German Green Steel and Power's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Western Carriers (India)Sep 2024 | 28.0x | 44.7x | 26.0x | 30.6x | ₹511 Cr | -0.6% | +2.9% |
| J G ChemicalsMar 2024 | 32.1x | 46.3x | 17.4x | 27.8x | ₹256 Cr | -5.4% | -3.3% |
| Valiant LaboratoriesOct 2023 | 20.8x | 73.6x | 16.1x | 29.8x | ₹152 Cr | +15.8% | +21.6% |
| R K SwamyMar 2024 | 20.6x | 34.4x | 34.0x | 25.9x | ₹424 Cr | -13.2% | -1.1% |
| Indogulf CropsciencesJun 2025 | 33.3x | 48.4x | 14.8x | 26.0x | ₹208 Cr | 0.0% | +1.8% |
| Tolins TyresSep 2024 | 25.4x | 27.4x | 21.5x | 23.9x | ₹242 Cr | +0.9% | +5.9% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Systematix Corporate Services | 11 | +11.4% | 45% |
| Emkay Global Financial Services | 10 | +16.7% | 60% |
| Pantomath Capital Advisors | 19 | +20.0% | 79% |
Offer documents (NSE)
Frequently asked
What is the German Green Steel and Power IPO price band and lot size? ₹132–139 per share, with a lot of 107 shares, so the smallest retail bid is ₹14,873.
How many times has it been subscribed? 29.0x overall: QIB 20.9x, NII 54.0x, retail 22.8x.
How did it list? It opened at ₹142, +2.2% against the issue price of ₹139, and closed its first day -7.7%.
