German Green Steel and Power Ltd

Red Herring Prospectus dated September 21, 2026

Summary

German Green Steel and Power Ltd is proposing to raise ₹290.00 crore through a fresh issue of shares, alongside an offer for sale of 10,00,000 shares by existing shareholders. The price band is ₹132 to ₹139 per share.

About 78% of the fresh issue proceeds go to funding the capital expenditure requirements of the company towards expansion of its manufacturing facility at Samakhiyali, Kutch, Gujarat and hybrid wind and solar power plant, and about 3% to prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by the company. The amount for general corporate purposes is not yet stated.

The review found 4 points to read closely and 16 worth checking.

Read closely

1. Main objects amended during the period of its financial record
2. Finance and compliance heads are new or have turned over
3. Physical capital expenditure rests on quotations with no orders placed
4. Auditor changes

How the capital was built

• The last priced issue of shares was on 26 Sept 2025: 18,38,000 shares to non-promoter investors at ₹270 each (37 allottees, none stated as linked to the promoters), 3.4% of the pre-issue capital, at 1.6 times the price of the previous issue 6 months earlier; it came 12 months before this prospectus.
• The largest price step in the two years before the prospectus was 8.9 times, on 21 Mar 2025 (promoters and others).
• From the first priced issue (9 Jul 2008, ₹0.12 in today's shares) to the last, the price per share rose 2268 times over 17 years.
• The price band of ₹132 to ₹139 is 0.49 to 0.51 times the last issue price.

Conclusion

Of the 4 points to read closely, 2 concern the promoters, management and their dealings (main objects amended during the period of its financial record; finance and compliance heads are new or have turned over), 1 concerns how the IPO money will be spent and 1 concerns the financial statements. These could not be scored automatically and need reading: group entities in the same business; contingent liabilities; guarantees given for group entities. These wait for the price and the final share count: low promoter holding after the issue; issue price is a large multiple of promoters' cost. The pages to read are 3, 94, 138, 336, 338, 367 and 369.