German Green Steel and Power Limited

Draft Red Herring Prospectus as amended to September 11, 2026 (first filed June 29, 2025)

Summary

German Green Steel and Power Limited 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 document does not yet state the price.

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 (Project), 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 2 points to read closely and 18 worth checking.

Read closely

1. Tax demands
2. Customers that are also suppliers or related parties

How the capital was built

• The last priced issue of shares was on 21 Mar 2025: 3,17,600 shares to promoters and others at ₹1,019 each (5 allottees); it came 18 months before this prospectus.

Conclusion

Of the 2 points to read closely, 1 concerns the promoters, management and their dealings (tax demands) and 1 concerns the business, the valuation or the quality of disclosure. These could not be scored automatically and need reading: group entities in the same business; guarantees given for group entities; promoters have limited experience in this business. These wait for the price and the final share count: shares issued shortly before the IPO at a deep discount to the issue price; low promoter holding after the issue. The pages to read are 42 and 395.