Stories
German Green Steel Raises Rs 91 Crore from Anchor Investors Ahead of IPO Launch
- •German Green Steel and Power secured Rs 91.17 crore from six institutional investors through its anchor book on September 24.
- •The IPO opens for public subscription on September 25 with a price band of Rs 132-139 per share, closing on September 29.
- •The company aims to raise Rs 303.9 crore, including a fresh issue of Rs 290 crore and an OFS of Rs 13.9 crore.
- •Necta Bloom was the largest anchor investor, acquiring shares worth Rs 30 crore, followed by Lords MultiGrowth Fund with Rs 20 crore.
- •Proceeds will fund expansion of its Gujarat manufacturing facility and a hybrid wind and solar power plant, and repay debt.
Key Questions Answered
German Green Steel and Power has fixed its IPO price band at Rs 132 to Rs 139 per share, aiming to raise a total of Rs 303.9 crore. The public offering includes a fresh issue of shares worth Rs 290 crore alongside an offer-for-sale of 10 lakh shares worth Rs 13.9 crore by promoters.
German Green Steel raised Rs 91.17 crore by allotting 65.58 lakh shares to six institutional investors through its anchor book on September 24. Necta Bloom was the largest investor among them, acquiring shares worth Rs 30 crore.
The company intends to use Rs 226.3 crore of the net proceeds to expand its manufacturing facility in Samakhiyali, Gujarat, and build a hybrid wind and solar power plant. Additionally, Rs 7.7 crore will be allocated toward debt repayment, while the remaining funds will go toward general corporate purposes.
