German Green Steel & Power Ltd IPO
Status: Upcoming
Overview
IPO date
25 Sept 2026 to 29 Sept 2026
Face value
₹ 10 per share
Price
₹ 132 to ₹139 per share
Issue Size
21,863,309 shares
(aggregating up to ₹ 303.9 Cr)
(aggregating up to ₹ 303.9 Cr)
Allotment Date
30 Sept 2026
Listing at
NSE
Issue type
Book Building
Sector
Steel
Unlock Stock of the Month
T&C*
Strengths vs Risks of German Green Steel & Power Ltd
Know the pros & cons
Strengths
- Vertically integrated manufacturing setup which includes captive power plant.
- Extensive distribution network in Gujarat with long-term customer relationships.
- Experienced Promoters supported by a strong management and execution team.
- Strong brand recall driven by quality products.
- Track record of growth in financial performance.
Risks
- The company derives a majority portion (50.62% in Fiscal 2026) of its revenue from operations from the company's top 10 customers, with its single largest customer contributing to 10.67% of the company's revenue from operations in Fiscal 2026. Loss of any of these customers or a reduction in purchases by any of them could adversely affect its business, results of operations and financial condition.
- Other than the company's sales to direct institutional customers, the company relies on its dealers and distributors for the distribution of the company's products to end customers. A termination of its distribution arrangements or if the company's dealers/distributors does not effectively sell or market its products, the company's business, results of operations and financial condition may be adversely affected.
- The company's business and profitability are substantially dependent on the availability of materials and the company is dependent on third party suppliers for meeting its material requirements which are on purchase order basis. Any disruption to the timely and adequate supply of materials, or volatility in the prices of materials may adversely impact the company's business, results of operations and financial condition.
- The demand and pricing for the company's products such as TMT Bars, MS Billets and Sponge Iron are volatile and sensitive to the cyclical nature of the industries it serves and raw material prices. A decrease in TMT Bar prices may have a material adverse effect on the company's business, results of operations, prospects and financial condition.
- The company intends to utilise the Net Proceeds for funding its capital expenditure requirements which aggregates to Rs. 22,633.05 lakhs and the company is yet to place orders for certain of its capital expenditure requirements. There is no assurance that the company would be able to source such capital expenditure requirements in a timely manner or at commercially acceptable prices.
- The company faces competition from national and local players and its inability to compete effectively may have a material adverse impact on the company's business, results of operations and financial condition.
- The company's Manufacturing Facilities are located in Gujarat in India. Any significant social, political, economic or seasonal disruption, natural calamities or civil disruptions in Gujarat could have an adverse effect on its business, results of operations and financial condition.
- The company has incurred indebtedness, and an inability to comply with repayment and other covenants in its financing agreements could adversely affect the company's business and financial condition.
- The company's success largely depends upon the knowledge and experience of its Promoters, Directors, Key Managerial Personnel and Senior Management as well as the company's ability to attract and retain personnel with technical expertise. The company's inability to retain its Promoters, Directors, Key Managerial Personnel and Senior Management or the company's ability to attract and retain other personnel with technical expertise could adversely affect its business, results of operations and financial condition.
- The Company and its Material Subsidiary were in receipt of cease and desist notices from using certain trademarks. The company may become involved in claims concerning intellectual property rights and its could suffer litigation or related expenses.
- The company's contingent liabilities could materially and adversely affect its business, results of operations and financial condition.
- The company has significant power, fuel, water and electricity requirements for its business operations and any disruption or shortage of essential utilities could disrupt the company's manufacturing operations and increase its production costs, which could adversely affect the company's results of operations.
- The company has in the past entered into related party transactions and may continue to do so in the future.
- The company has substantial capital expenditure and working capital requirements and may requires additional financing to meet those requirements, which could have an adverse effect on the company's results of operations and financial condition.
- The company requires various licenses and approvals for undertaking its businesses, including the company proposed capital expenditure and the failures to obtain or retain such licenses or approvals in a timely manner, or at all, may adversely affect the company's business, results of operations and financial condition.
- Under-utilization of the company's manufacturing capacities and an inability to effectively utilize its expanded manufacturing capacities could have an adverse effect on the company's business, future prospects and future financial performance. The company's inability to accurately forecast demand for its products may have an adverse effect on the company's business, results of operations and financial condition.
- The company's business is dependent and will continue to depends on its Manufacturing Facilities, and the company is subject to certain risks in its manufacturing process. Any slowdown or shutdown in the company's manufacturing operations that could interfere with its operations could have an adverse effect on the company's business, results of operations and financial condition.
- There are outstanding legal proceedings against the Company, Promoters, Subsidiaries and Directors. Any adverse decision in such proceedings may render the company/them liable to liabilities/penalties and may adversely affect its business, results of operations and financial condition.
- The company's Joint Statutory Auditors have included emphasis of matters for the Restated Consolidated Financial Information pertaining to the Fiscals 2025 and 2024. There can be no assurance that its audit reports for future periods will not contain any qualifications, emphasis of matters or other observations, which may affect the company's results of operations in such future periods.
- The company's logo "German TMT" is not registered in its name. If the company is unable to protect its intellectual property rights, the company's business, results of operations and financial condition may be adversely affected.
- Certain of the company's immovable properties, including its Registered and Corporate Office, are leased. If the company is unable to renew existing leases or relocate its operations on commercially reasonable terms, there may be an adverse effect on the company's business, financial condition and operations.
- The company's Promoters and certain members of the Promoter Group have provided loans and personal guarantees for certain borrowings obtained by the Company and Subsidiaries, and any failures or default by the Company and Subsidiaries to repay such loans could trigger repayment obligations on its Promoters and certain members of the Promoter Group, which may impact their ability to effectively service their obligations and thereby, adversely impact the company's business and operations.
- As part of its business strategies, the company intends to strengthen its institutional customer base and expand the company's distribution network into adjoining states. The company's inability to successfully expand into new geographical areas may have an adverse effect on its business, results of operations and financial condition.
- The company may be subject to industrial unrest and increased employee costs, which may adversely affect its business and results of operations.
- The company is dependent on contract labour and any disruption to the supply of such labour or the company's inability to control the composition and cost of its contract labour could adversely affect the company operations and financial performance.
- Any delays in the schedule of implementation of the company proposed objects could have an adverse impact on its business, financial condition and results of operations.
- While the company has its own fleet of vehicles for delivery of the company's products to its customers, the company also uses third party transportation and logistics service providers for delivery of raw materials to its Manufacturing Facilities. Any delay in delivery of raw materials or increase in service providers could adversely affect the company's business, results of operations and financial condition. Its also may be exposed to the risk of theft, accidents and/or loss of the company's products in transit.
- Its financial performance may be adversely affected if the company is not successful in forecasting customer demands, managing its inventory levels.
- The company's inability to collect receivables in time or at all and default in payment from its customers could result in the reduction of the company's profits and affect its cash flows.
- The company could incur losses under its purchase orders with the company's customers or be subjected to disputes or contractual penalties as a result of delays in delivery or failures to meet contract specifications or delivery schedules which may have a material adverse effect on the company's business, results of operations and financial condition.
- The company may not have sufficient insurance coverage to cover its economic losses as well as certain other risks, not covered in the company's insurance policies, which could adversely affect business, results of operations and financial condition.
- The company has acquired a manufacturing plant through proceedings before the Debt Recovery Tribunal. However, a special leave petition has been filed before the Hon'ble Supreme Court of India, challenging the discretion exercised by the Recovery Officer in confirming the auction sale of the manufacturing plant in favour of the Company. Although this asset is not integral to its current capacity expansion plans, failures to secure possession may have an adverse impact on the company's business operations.
- Exchange rate fluctuations may adversely affect the company's results of operations as a portion of its expenditures and the company's sales from exports are denominated in foreign currencies.
- A reduction in import duties on steel products in India may lead to increased competition from foreign companies, reduce the company's market share and reduce margins on its products.
- There have been delays in the payment of certain statutory dues by the Company in the past. Inability to make timely payment of its statutory dues could result the company into paying interest on the delay in payment of statutory dues which could adversely affect its business, the company's results of operations and financial condition.
- There are certain delays in filings which have occurred in some of the company's corporate records relating to forms filed with the RoC and other provisions of Companies Act, 2013. Further, there was a failures to comply with certain provisions of the Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future in this regard could impact the financial position of the Company to that extent.
- Non-compliance with and changes in, safety, health, environmental laws and other applicable regulations in India, may adversely affect the company's business, results of operations and financial condition.
- The company's Promoters/ Directors are involved in certain ventures which are authorised to engages in similar line of business as that of the Company.
- The company's Promoters and some of its Directors and Key Managerial Personnel have interests in the Company other than reimbursement of expenses incurred and normal remuneration or benefits.
- The company is subject to strict quality requirement of its customers, and any failures to comply with quality standards may lead to cancellation of sales orders and loss of revenue. In addition, the company's business may expose it to potential product recalls and returns, which could adversely affect the company's results of operation, goodwill and the marketability of its products. Further, the company may be exposed to potential product liability claims which could adversely affect its results of operation, goodwill and the marketability of the company's products.
- Majority of the company's Directors does not have prior experience of holding a directorship in a company listed on the Stock Exchanges.
- After the completion of the Offer, the company's Promoters will continue to collectively hold substantial shareholding in the Company.
- Certain unsecured loans have been availed by the company which may be recalled by lenders.
- Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders approval.
- The company funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency and the company's management will have broad discretion over the uses of the Net Proceeds.
- The company's inability to successfully implement some or all its business strategies in a timely manner or at all could have an adverse effect on the company's business.
- Any downgrade of the company's credit ratings may adversely affect its business and financial conditions and the company's ability to raise capital in the future.
- The company might infringe upon the intellectual property rights of others and any misappropriation of its intellectual property could harm the company's competitive position.
- The Company may have issued Equity Shares during the last twelve months at a price which may be lower than the Offer Price.
- Failures or disruption of the company's IT systems may adversely affect its business, results of operations and financial condition.
- The company's employees may engages in misconduct or other improper activities, including non - compliance with regulatory standards and requirements.
- If we are unable to establish and maintain an effective internal controls and compliance system, our business and reputation could be adversely affected.
- Information relating to the installed manufacturing capacity, actual production and capacity utilisation of our manufacturing facilities in India included in this Red Herring Prospectus are based on various assumptions and estimates and future production and capacity may vary.
- Certain sections of this Red Herring Prospectus contain information from the CARE Report which we commissioned and purchased and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- We have in this Red Herring Prospectus included certain Non-GAAP Measures that may vary from any standard methodology that is applicable across the industry and may not be comparable with financial information of similar nomenclature computed and presented by other companies.
- We face certain risks that are specific to the steel industry in India. If some or all of these materialise it could have a material adverse effect on our business, results of operations and financial condition.
- Two of our Promoters do not possess any formal educational qualifications.
- Our Company, our Promoters, certain members of our Promoter Group, our Group Companies, certain officials of our Company and our Manufacturing Facilities have been subject to search and seizure operations conducted by the Indian income tax authorities. Any adverse determination by the tax authorities in this matter could increase our tax liability and subject us to monetary penalties.
- Our Group Companies have incurred losses in the past and any operating losses in the future could adversely affect the results of operations and financial conditions of our group company.
- The requirements of being a publicly listed company may strain our resources.
- Changes in technology may render our current technologies obsolete or require us to make substantial capital investments.
- Our Company will not receive any proceeds from the Offer for Sale portion amounting to ? [?] lakhs, and the Promoter Selling Shareholders shall be entitled to the Offer Proceeds to the extent of the Equity Shares offered by them in the Offer for Sale.
German Green Steel & Power Ltd Peer Comparison
Understand the company’s industry standing
German Green Steel & Power Ltd
Beekay Steel Industries Ltd
Gallantt Ispat Ltd.
Face Value
10
10
10
Standalone / Consolidated
Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
1685.38
1196.94
4478.42
EPS-Basis
14.91
18.94
20.07
EPS-Diluted
14.91
18.94
20.07
NAV Per Share
77.76
548.18
137.44
P/E-Basic EPS
---
22.54
27.8
P/E-Diluted EPS
---
---
---
RONW(%)
18.86
3.49
14.6
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 25 Sept 2026 & closes on 29 Sept 2026.
German Green Steel & Power Ltd IPO will close on 29 Sept 2026.
- Vertically integrated manufacturing setup which includes captive power plant.
- Extensive distribution network in Gujarat with long-term customer relationships.
- Experienced Promoters supported by a strong management and execution team.
- Strong brand recall driven by quality products.
- Track record of growth in financial performance.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Inamulhaq Shamsulhaq Iraki | 22289244 | 40.91 | 21789244 | 28.92 |
| 2 | Abdulhaq Shamsulhaq Iraki | 21477756 | 39.42 | 20977756 | 27.84 |
| 3 | Ibrarulhaq Inamulhaq Iraki | 519400 | 0.95 | 519400 | 0.69 |
- The company derives a majority portion (50.62% in Fiscal 2026) of its revenue from operations from the company's top 10 customers, with its single largest customer contributing to 10.67% of the company's revenue from operations in Fiscal 2026. Loss of any of these customers or a reduction in purchases by any of them could adversely affect its business, results of operations and financial condition.
- Other than the company's sales to direct institutional customers, the company relies on its dealers and distributors for the distribution of the company's products to end customers. A termination of its distribution arrangements or if the company's dealers/distributors does not effectively sell or market its products, the company's business, results of operations and financial condition may be adversely affected.
- The company's business and profitability are substantially dependent on the availability of materials and the company is dependent on third party suppliers for meeting its material requirements which are on purchase order basis. Any disruption to the timely and adequate supply of materials, or volatility in the prices of materials may adversely impact the company's business, results of operations and financial condition.
- The demand and pricing for the company's products such as TMT Bars, MS Billets and Sponge Iron are volatile and sensitive to the cyclical nature of the industries it serves and raw material prices. A decrease in TMT Bar prices may have a material adverse effect on the company's business, results of operations, prospects and financial condition.
- The company intends to utilise the Net Proceeds for funding its capital expenditure requirements which aggregates to Rs. 22,633.05 lakhs and the company is yet to place orders for certain of its capital expenditure requirements. There is no assurance that the company would be able to source such capital expenditure requirements in a timely manner or at commercially acceptable prices.
- The company faces competition from national and local players and its inability to compete effectively may have a material adverse impact on the company's business, results of operations and financial condition.
- The company's Manufacturing Facilities are located in Gujarat in India. Any significant social, political, economic or seasonal disruption, natural calamities or civil disruptions in Gujarat could have an adverse effect on its business, results of operations and financial condition.
- The company has incurred indebtedness, and an inability to comply with repayment and other covenants in its financing agreements could adversely affect the company's business and financial condition.
- The company's success largely depends upon the knowledge and experience of its Promoters, Directors, Key Managerial Personnel and Senior Management as well as the company's ability to attract and retain personnel with technical expertise. The company's inability to retain its Promoters, Directors, Key Managerial Personnel and Senior Management or the company's ability to attract and retain other personnel with technical expertise could adversely affect its business, results of operations and financial condition.
- The Company and its Material Subsidiary were in receipt of cease and desist notices from using certain trademarks. The company may become involved in claims concerning intellectual property rights and its could suffer litigation or related expenses.
- The company's contingent liabilities could materially and adversely affect its business, results of operations and financial condition.
- The company has significant power, fuel, water and electricity requirements for its business operations and any disruption or shortage of essential utilities could disrupt the company's manufacturing operations and increase its production costs, which could adversely affect the company's results of operations.
- The company has in the past entered into related party transactions and may continue to do so in the future.
- The company has substantial capital expenditure and working capital requirements and may requires additional financing to meet those requirements, which could have an adverse effect on the company's results of operations and financial condition.
- The company requires various licenses and approvals for undertaking its businesses, including the company proposed capital expenditure and the failures to obtain or retain such licenses or approvals in a timely manner, or at all, may adversely affect the company's business, results of operations and financial condition.
- Under-utilization of the company's manufacturing capacities and an inability to effectively utilize its expanded manufacturing capacities could have an adverse effect on the company's business, future prospects and future financial performance. The company's inability to accurately forecast demand for its products may have an adverse effect on the company's business, results of operations and financial condition.
- The company's business is dependent and will continue to depends on its Manufacturing Facilities, and the company is subject to certain risks in its manufacturing process. Any slowdown or shutdown in the company's manufacturing operations that could interfere with its operations could have an adverse effect on the company's business, results of operations and financial condition.
- There are outstanding legal proceedings against the Company, Promoters, Subsidiaries and Directors. Any adverse decision in such proceedings may render the company/them liable to liabilities/penalties and may adversely affect its business, results of operations and financial condition.
- The company's Joint Statutory Auditors have included emphasis of matters for the Restated Consolidated Financial Information pertaining to the Fiscals 2025 and 2024. There can be no assurance that its audit reports for future periods will not contain any qualifications, emphasis of matters or other observations, which may affect the company's results of operations in such future periods.
- The company's logo "German TMT" is not registered in its name. If the company is unable to protect its intellectual property rights, the company's business, results of operations and financial condition may be adversely affected.
- Certain of the company's immovable properties, including its Registered and Corporate Office, are leased. If the company is unable to renew existing leases or relocate its operations on commercially reasonable terms, there may be an adverse effect on the company's business, financial condition and operations.
- The company's Promoters and certain members of the Promoter Group have provided loans and personal guarantees for certain borrowings obtained by the Company and Subsidiaries, and any failures or default by the Company and Subsidiaries to repay such loans could trigger repayment obligations on its Promoters and certain members of the Promoter Group, which may impact their ability to effectively service their obligations and thereby, adversely impact the company's business and operations.
- As part of its business strategies, the company intends to strengthen its institutional customer base and expand the company's distribution network into adjoining states. The company's inability to successfully expand into new geographical areas may have an adverse effect on its business, results of operations and financial condition.
- The company may be subject to industrial unrest and increased employee costs, which may adversely affect its business and results of operations.
- The company is dependent on contract labour and any disruption to the supply of such labour or the company's inability to control the composition and cost of its contract labour could adversely affect the company operations and financial performance.
- Any delays in the schedule of implementation of the company proposed objects could have an adverse impact on its business, financial condition and results of operations.
- While the company has its own fleet of vehicles for delivery of the company's products to its customers, the company also uses third party transportation and logistics service providers for delivery of raw materials to its Manufacturing Facilities. Any delay in delivery of raw materials or increase in service providers could adversely affect the company's business, results of operations and financial condition. Its also may be exposed to the risk of theft, accidents and/or loss of the company's products in transit.
- Its financial performance may be adversely affected if the company is not successful in forecasting customer demands, managing its inventory levels.
- The company's inability to collect receivables in time or at all and default in payment from its customers could result in the reduction of the company's profits and affect its cash flows.
- The company could incur losses under its purchase orders with the company's customers or be subjected to disputes or contractual penalties as a result of delays in delivery or failures to meet contract specifications or delivery schedules which may have a material adverse effect on the company's business, results of operations and financial condition.
- The company may not have sufficient insurance coverage to cover its economic losses as well as certain other risks, not covered in the company's insurance policies, which could adversely affect business, results of operations and financial condition.
- The company has acquired a manufacturing plant through proceedings before the Debt Recovery Tribunal. However, a special leave petition has been filed before the Hon'ble Supreme Court of India, challenging the discretion exercised by the Recovery Officer in confirming the auction sale of the manufacturing plant in favour of the Company. Although this asset is not integral to its current capacity expansion plans, failures to secure possession may have an adverse impact on the company's business operations.
- Exchange rate fluctuations may adversely affect the company's results of operations as a portion of its expenditures and the company's sales from exports are denominated in foreign currencies.
- A reduction in import duties on steel products in India may lead to increased competition from foreign companies, reduce the company's market share and reduce margins on its products.
- There have been delays in the payment of certain statutory dues by the Company in the past. Inability to make timely payment of its statutory dues could result the company into paying interest on the delay in payment of statutory dues which could adversely affect its business, the company's results of operations and financial condition.
- There are certain delays in filings which have occurred in some of the company's corporate records relating to forms filed with the RoC and other provisions of Companies Act, 2013. Further, there was a failures to comply with certain provisions of the Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future in this regard could impact the financial position of the Company to that extent.
- Non-compliance with and changes in, safety, health, environmental laws and other applicable regulations in India, may adversely affect the company's business, results of operations and financial condition.
- The company's Promoters/ Directors are involved in certain ventures which are authorised to engages in similar line of business as that of the Company.
- The company's Promoters and some of its Directors and Key Managerial Personnel have interests in the Company other than reimbursement of expenses incurred and normal remuneration or benefits.
- The company is subject to strict quality requirement of its customers, and any failures to comply with quality standards may lead to cancellation of sales orders and loss of revenue. In addition, the company's business may expose it to potential product recalls and returns, which could adversely affect the company's results of operation, goodwill and the marketability of its products. Further, the company may be exposed to potential product liability claims which could adversely affect its results of operation, goodwill and the marketability of the company's products.
- Majority of the company's Directors does not have prior experience of holding a directorship in a company listed on the Stock Exchanges.
- After the completion of the Offer, the company's Promoters will continue to collectively hold substantial shareholding in the Company.
- Certain unsecured loans have been availed by the company which may be recalled by lenders.
- Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders approval.
- The company funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency and the company's management will have broad discretion over the uses of the Net Proceeds.
- The company's inability to successfully implement some or all its business strategies in a timely manner or at all could have an adverse effect on the company's business.
- Any downgrade of the company's credit ratings may adversely affect its business and financial conditions and the company's ability to raise capital in the future.
- The company might infringe upon the intellectual property rights of others and any misappropriation of its intellectual property could harm the company's competitive position.
- The Company may have issued Equity Shares during the last twelve months at a price which may be lower than the Offer Price.
- Failures or disruption of the company's IT systems may adversely affect its business, results of operations and financial condition.
- The company's employees may engages in misconduct or other improper activities, including non - compliance with regulatory standards and requirements.
- If we are unable to establish and maintain an effective internal controls and compliance system, our business and reputation could be adversely affected.
- Information relating to the installed manufacturing capacity, actual production and capacity utilisation of our manufacturing facilities in India included in this Red Herring Prospectus are based on various assumptions and estimates and future production and capacity may vary.
- Certain sections of this Red Herring Prospectus contain information from the CARE Report which we commissioned and purchased and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- We have in this Red Herring Prospectus included certain Non-GAAP Measures that may vary from any standard methodology that is applicable across the industry and may not be comparable with financial information of similar nomenclature computed and presented by other companies.
- We face certain risks that are specific to the steel industry in India. If some or all of these materialise it could have a material adverse effect on our business, results of operations and financial condition.
- Two of our Promoters do not possess any formal educational qualifications.
- Our Company, our Promoters, certain members of our Promoter Group, our Group Companies, certain officials of our Company and our Manufacturing Facilities have been subject to search and seizure operations conducted by the Indian income tax authorities. Any adverse determination by the tax authorities in this matter could increase our tax liability and subject us to monetary penalties.
- Our Group Companies have incurred losses in the past and any operating losses in the future could adversely affect the results of operations and financial conditions of our group company.
- The requirements of being a publicly listed company may strain our resources.
- Changes in technology may render our current technologies obsolete or require us to make substantial capital investments.
- Our Company will not receive any proceeds from the Offer for Sale portion amounting to ? [?] lakhs, and the Promoter Selling Shareholders shall be entitled to the Offer Proceeds to the extent of the Equity Shares offered by them in the Offer for Sale.
The Issue type of German Green Steel & Power Ltd is Book Building.
The minimum application for shares of German Green Steel & Power Ltd is 107.
The total shares issue of German Green Steel & Power Ltd is 21863309.
Initial public offering of up to [*] equity shares of face value of Rs.10 each ("Equity Shares") of German Green Steel and Power Limited ("Company") for cash at a price of Rs. [*] per equity share (including a share premium of Rs. [*] per equity share) ("Offer Price") aggregating up to Rs. [*] Crores (the "Offer") comprising a fresh issue of
up to [*] equity shares of face value of Rs.10 each aggregating up to Rs.290.00 Crores by the company ("Fresh Issue") and an offer for sale of up to 10,00,000 equity shares of face value of Rs.10 each ("Offered Shares") aggregating up to Rs. [*] Crores comprising an offer for sale of up to 5,00,000 equity shares of face value of Rs.10 each by inamulhaq shamsulhaq iraki aggregating up to Rs. [*] Crores, and up to 5,00,000 equity shares of face value of Rs.10 each by abdulhaq shamsulhaq iraki, aggregating up to Rs. [*] Crores (collectively, "Promoter Selling Shareholders") and such equity shares offered by the promoter selling shareholders, the "Offered Shares") (such offer for sale by the promoter selling shareholders, the "offer for sale" and together with the fresh issue, "the Offer"). The offer will constitute [*] % of the post-offer paid-up equity share capital of the company.
The company has, in consultation with the book running lead managers ("brlms"), undertaken pre-ipo placement of 18,38,000 fully paid-up equity shares at an issue price of Rs.270 per equity share (including a premium of Rs.260 per equity share) for cash consideration aggregating to Rs.49.63 Crores by way of a private placement on September 26, 2025 ("pre-ipo placement"), prior to filing of this red herring prospectus ("rhp"). the size of the fresh issue has been reduced by Rs.49.63 Crores pursuant to the pre-ipo placement and the revised size of the fresh issue is up to Rs. 290.00 Crores in compliance with rule 19(2)(b) of the securities contracts (regulation) rules, 1957 ("scrr"). the pre-ipo placement has not exceeded 20% of the size of the fresh issue. The company has appropriately intimated the subscribers to the pre-ipo placement, prior to allotment pursuant to the pre-ipo placement, that there is no guarantee that the company may proceed with the offer or the offer may be successful and will result into listing of the equity shares on the stock exchanges. The company has reported the pre-ipo placement to the stock exchanges, within 24 hours of such pre-ipo placement. further, relevant disclosures in relation to such intimation to the subscribers to the pre-ipo placement has been appropriately made in the relevant sections of this rhp and will be made in the
relevant sections of the prospectus.
The face value of the equity share is Rs.10 each and the issue price is [*] times the face value of the equity shares. The price band and the minimum bid lot size will be decided by the company.
Price Band: Rs. 132/- to Rs. 139/- for equity share of face value of Rs. 10 each.
The floor price is 13.20 times times the face value and cap price is 13.90 times of the face value of the equity shares.
Bids can made for a minimum of 107 equity shares and in multiples of 107 equity shares thereafter.