German Green Steel and Power IPO To Open on Sep 25; Price Band Fixed at Rs 132–139/Share

New Delhi: German Green Steel and Power Ltd will hit the primary market on September 25 with a Rs 304-crore initial public offering (IPO), as the iron and steel maker seeks funds to expand its manufacturing capacity and invest in renewable power.

In a public announcement, the Gujarat-based company has fixed a price band of Rs 132-139 per equity share for its IPO, which is scheduled to close on September 29.

The IPO comprises a fresh issue of equity shares worth up to Rs 290 crore and an Offer for Sale (OFS) of 10 lakh equity shares valued at Rs 13.9 crore.

At the upper end of the price band, the issue size works out to around Rs 304 crore.

The company has reduced its issue size as the earlier IPO plan comprised a fresh issue of up to Rs 450 crore and an OFS of up to 20 lakh equity shares.

Proceeds from the fresh issue will be utilised for the expansion of the company’s manufacturing facility at Samakhiyali, Kutch, Gujarat, and a hybrid wind and solar power plant, repayment of debt, and general corporate purposes.

German Green Steel and Power is a vertically integrated iron and steel manufacturing firm. Its product portfolio comprises TMT bars, MS billets and sponge iron.

The company has reserved around 50 per cent of the issue for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs) and 35 per cent for retail investors.

The shares are proposed to be listed on the BSE and NSE on October 5.

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