Stories
German Green Steel Debuts Modestly After 30x Oversubscribed IPO
- •German Green Steel and Power shares made a positive debut on BSE and NSE, listing at a premium to their IPO price.
- •The stock opened at ’143.50 on BSE (3.24% premium) and ’142 on NSE (2.16% premium) over the ’139 IPO price.
- •The IPO, open from September 25-29, was subscribed 30.42 times overall, with strong interest from retail, QIBs, and NIIs.
- •The company raised ’303.9 crore at the upper end of the ’132-’139 price band, including ’91.17 crore from anchor investors.
- •Proceeds will fund manufacturing facility expansion, a hybrid wind and solar power plant, debt repayment, and general corporate purposes.
Key Questions Answered
German Green Steel and Power shares made a positive debut on October 5, listing at a premium over the IPO price of ₹139 on both major stock exchanges. The stock opened at ₹143.50 on the BSE and at ₹142 on the NSE.
The initial public offering of German Green Steel and Power was subscribed 30.42 times overall. The retail portion was booked 23.98 times, while non-institutional investors and qualified institutional buyers achieved subscriptions of 56.77 times and 21.91 times, respectively.
The company plans to use the fresh issue proceeds primarily for capital expenditure to expand its manufacturing facility in Samakhiyali, Gujarat, and to develop a hybrid wind and solar power plant. Additional funds will go towards repaying outstanding borrowings and general corporate purposes.
