[German Green Steel and Power shares reverse listing gains, down 8% from IPO price]
India's German Green Steel and Power listed on the BSE on Monday at 1.65 USD per share, a 3.2% premium to its 1.60 USD IPO price, but profit-taking drove it 8% below the offer price to a day low of 1.46 USD. The pre-listing grey market premium implied just a 6.8% gain. The mainboard IPO, open September 25-29, was subscribed 28.98 times, with retail at 22.83 times, non-institutional investors at 54.03 times and QIBs at 20.93 times. The 35 million USD issue, including a 33 million USD fresh sale, will fund the Samakhiyali plant expansion, a hybrid wind-solar plant and debt repayment. The integrated producer makes TMT bars, MS billets and sponge iron at two Gujarat plants; FY24-FY26 revenue rose from 130 million to 193 million USD, EBITDA from 9.1 million to 19.2 million USD, and net profit from 4.8 million to 9.2 million USD.