New Delhi, 05 October (H.S.): Shares of German Green Steel and Power Limited made a strong debut on the stock market on Monday, listing at a premium of more than 3 per cent over their issue price of Rs 139.
On the Bombay Stock Exchange (BSE), the company’s shares were listed at Rs 143.50, representing a 3.23 per cent premium over the issue price. On the National Stock Exchange (NSE), the shares opened at Rs 142, registering a gain of 2.15 per cent over the issue price. The company’s market capitalisation stood at Rs 1,004.03 crore.
The initial public offering (IPO) of German Green Steel and Power Limited was subscribed 28.98 times on the final day of bidding last Tuesday. The company’s Rs 304-crore IPO was offered in a price band of Rs 132 to Rs 139 per share. The company plans to use the proceeds from the fresh issue to expand its manufacturing facility at Samakhiyali in Gujarat’s Kutch district, establish a hybrid wind and solar power plant, repay debt and meet general corporate requirements.
Established in 2008, the iron and steel manufacturing company is a vertically integrated producer primarily operating in western India. Gujarat-based German Green Steel and Power Limited is engaged in integrated iron and steel manufacturing. Its product portfolio includes TMT bars, MS billets and sponge iron.
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Hindusthan Samachar / Jun Sarkar
