Read: Shares of German Green Steel & Power Ltd were listed on the market on Monday with a rise of more than three per cent from its issue price of Rs 139. The share was listed at Rs 143.50 on BSE, 3.23 per cent higher than the issue price. The stock started trading at Rs 142 on the NSE, up 2.15 per cent from the issue price. The market valuation of the company stood at Rs 1,004.03 crore.
Received 28.98 times subscription
The initial public offering (IPO) of German Green Steel and Power Ltd was subscribed 28.98 times on the last day of bidding on Tuesday last week. The price range of the company's Rs 304 crore IPO was Rs 132-139 per share. The amount raised from the new shares will be used for expansion of the company's manufacturing unit at Samkhiyali in Kutch district of Gujarat, setting up of a combined wind and solar power plant, repayment of debt and general business needs. Gujarat based German Green Steel & Power is an integrated iron and steel manufacturing company. Its products include TMT Bar, MS Billet and Sponge Iron.
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