New Delhi/Mumbai, 22 September (H.S.): The initial public offering (IPO) of iron and steel manufacturer German Green Steel & Power Limited will open for subscription on September 25, with investors eligible to bid until September 29. The price band for the issue has been fixed at Rs.132–139 per equity share.

The company said at a press conference held here on Tuesday that its IPO will open on Friday, September 25, and close on September 29. The price band has been set at Rs.132–139 per share.

German Green Steel & Power Limited is seeking to raise up to Rs.290 crore through the issue of fresh shares at a valuation of Rs.1,047 crore, while the promoters will offer 10 lakh shares for sale through an Offer for Sale (OFS).

Investors can bid for a minimum of 107 equity shares and thereafter in multiples of 107 shares. According to the company, the issue comprises equity shares with a face value of Rs.10 each. The company has proposed to list its shares on both the National Stock Exchange of India (NSE) and BSE.

Established in 2008, German Green Steel & Power Limited is a vertically integrated iron and steel manufacturer primarily operating in western India. The company has a presence in Gujarat and focuses mainly on TMT bars.

The company operates two manufacturing facilities in Gujarat — the Samakhiyali Facility, which is vertically integrated, and the Viramgam Facility.

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Hindusthan Samachar / Jun Sarkar