Mumbai: The Initial Public Offering of German Green Steel and Power Limited was subscribed 1.73 times on the first day of bidding, demonstrating strong demand from retail and non-institutional investors for this IPO.

The issue received bids of 2,78,26,741 equity shares against the offered 1,60,62,879 equity shares, according to data available on the stock exchanges.

Retail Portion and Non-Institutional Investors portion were subscribed 1.65 times and 2.46 times, respectively. Qualified Institutional Buyers (QIB) was subscribed 1.32 times.

The issue kicked off for subscription on Friday, September 25, 2026, and will close for subscription on Tuesday, September 29, 2026.

A day before the opening of the issue, German Green Steel and Power Limited had raised nearly Rs 91.2 crore from anchor investors.

Brokerage houses recommend company

Leading brokerage firms like Adroit Financial, Anand Rathi, BP Wealth, GEPL Capital and Ventura Securities have given their “Subscribe” recommendation to German Green Steel and Power Limited, which is vertically integrated iron and steel manufacturer primarily operating with a presence in Gujarat with a main focus on TMT Bars (Source: CARE Report).

BP Wealth highlights the company is also undertaking capacity expansion at its Samakhiyali facility, which is expected to increase sponge iron capacity to 148,500 tonnes, MS Billets capacity to 412,500 tonnes and TMT Bars’ capacity to 346,500 tonnes.

On the valuation front, at the upper price band of Rs 139, the issue is valued at a P/E of 9.3 times based on FY26 diluted EPS of Rs 14.91. This compares favourably with the peer P/E range of 8.9 times and 61.6 times, and is below the reported peer average of 35.25 times. Recommend “Subscribe”.

GEPL Capital highlights that steel scrap is one of the company’s key raw materials, enabling it to recycle ferrous material into finished steel products.

On the valuation front, based on FY26 earnings, the issue is priced at a P/E of 13.1 times, which appears fairly valued compared to its listed peers. Recommend “Subscribe”.