Bookbuilding IPO | ₹38 Cr | Listed at BSE SME | Wed, Nov 19, 2025 - Fri, Nov 21, 2025
Gallard Steel IPO is a book build issue of ₹37.50 crores. The issue is entirely a fresh issue of 0.25 crore shares of ₹37.50 crore.
Gallard Steel IPO bidding started from Nov 19, 2025 and ended on Nov 21, 2025. The allotment for Gallard Steel IPO was finalized on Nov 24, 2025. The shares got listed on BSE SME on Nov 26, 2025.
Gallard Steel IPO price band is set at ₹150 per share. The lot size for an application is 1,000. The minimum amount of investment required by an individual investor (retail) is ₹3,00,000 (2,000 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (3,000 shares), amounting to ₹4,50,000.
Seren Capital Pvt.Ltd. is the book running lead manager and Ankit Consultancy Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Asnani Stock Broker Pvt.Ltd..
Refer to Gallard Steel IPO RHP for detailed Information.
IPO Open
Wed, Nov 19, 2025
IPO Close
Fri, Nov 21, 2025
Issue Price
₹150 per share
Market Cap (Pre-IPO)
₹142.50 Cr
| IPO Date | 19 to 21 Nov, 2025 |
| Listed on | Wed, Nov 26, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹142 to ₹150 |
| Issue Price | ₹150 per share |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 25,00,000 shares (agg. up to ₹38 Cr) |
| Reserved for Market Maker | 1,25,000 shares Asnani Stock Broker Pvt.Ltd. (agg. up to ₹2 Cr) |
| Fresh Issue (Ex Market Maker) | 23,75,000 shares (agg. up to ₹36 Cr) |
| Net Offered to Public | 23,75,000 shares (agg. up to ₹36 Cr) |
| Share Holding Pre Issue | 70,00,000 shares |
| Share Holding Post Issue | 95,00,000 shares |
| BSE Script Code | 544616 |
| ISIN | INE0BUQ01012 |
Gallard Steel IPO comprises a total issue size of 25,00,000 shares. The net offer to the public is 23,75,000 shares, after excluding 1,25,000 shares allotted on a firm basis. Of the Net offer 11,83,000 (49.81%) are allocated to QIB, 3,60,000 (15.16%) allocated to NII 8,32,000 (35.03%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 11,83,000 | 49.81% | 47.32% |
| − Anchor Investor Shares Offered | 7,09,000 | 28.36% | |
| − QIB (Ex. Anchor) Shares Offered | 4,74,000 | 18.96% | |
| NII (HNI) Shares Offered | 3,60,000 | 15.16% | 14.40% |
| − bNII > ₹10L | 2,40,000 | 9.60% | |
| − sNII < ₹10L | 1,20,000 | 4.80% | |
| Retail Shares Offered | 8,32,000 | 35.03% | 33.28% |
| Firm Reservations | |||
| Market Maker Shares Offered | 1,25,000 | 5.00% | |
| Total Shares Offered | 25,00,000 | 100.00% | 100.00% |
Investors can bid for a minimum of 2,000 shares and in multiples of 1,000 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,000 | ₹3,00,000 |
| Individual investors (Retail) (Max) | 2 | 2,000 | ₹3,00,000 |
| S-HNI (Min) | 3 | 3,000 | ₹4,50,000 |
| S-HNI (Max) | 6 | 6,000 | ₹9,00,000 |
| B-HNI (Min) | 7 | 7,000 | ₹10,50,000 |
Gallard Steel IPO raises ₹10.64 crore from anchor investors. Gallard Steel IPO Anchor bid date is November 18, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Tue, Nov 18, 2025 |
| Shares Offered | 7,09,000 |
| Anchor Portion (₹ Cr.) | 10.64 |
| Anchor lock-in period end date for 50% shares (30 Days) | Thu, Dec 25, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | Mon, Feb 23, 2026 |
Incorporated in 2015, Gallard Steel Limited is engaged in the manufacturing of engineered steel castings, including mild steel, SGCI, and low alloy castings.
The company manufactures ready-to-use components, assemblies, and subassemblies for Indian Railways, the defence sector, power generation, and allied industries, providing high-quality solutions across various sectors.
Manufacturing operations are carried out at the foundry, located in Pithampur, Dhar, Madhya Pradesh, spanning a land area of 12,195 square meters and certified to ISO 9001:2015. The company utilises a range of in-house machinery and equipment to support processes such as melting, heat treatment, grinding, moulding, sand mixing and finishing.
The company supplies components for railway traction motors, defence cradles, power generation guide vanes, and industrial machinery liners, serving sectors such as railways, defence, power generation, and heavy engineering industries.
Products:
Competitive Strengths:
Gallard Steel Ltd.'s revenue increased by 92% and profit after tax (PAT) rose by 90% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 50.33 | 48.77 | 39.14 |
| Total Income | 32.14 | 53.52 | 27.86 |
| Profit After Tax | 4.29 | 6.07 | 3.20 |
| EBITDA | 7.42 | 12.47 | 5.07 |
| NET Worth | 21.38 | 17.08 | 11.03 |
| Reserves and Surplus | 14.38 | 10.08 | 4.03 |
| Total Borrowing | 19.13 | 20.38 | 17.59 |
| Amount in ₹ Crore | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding of capital expenditure towards expansion of the existing manufacturing facility and construction of office Building | 20.14 |
| 2 | Repayment of a portion of certain borrowings availed by the Company | 7.00 |
| 3 | General Corporate Purpose | 4.66 |
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 43.16% |
| ROCE | 26.59% |
| Debt/Equity | 1.19 |
| RoNW | 35.51% |
| PAT Margin | 11.38% |
| EBITDA Margin | 23.39% |
| Price to Book Value | 6.15 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 8.67 | 9.04 |
| P/E (x) | 17.31 | 16.6 |
| Promoter Holding | 91.14% | 67.16% |
| Market Cap | ₹142.50 Cr. |
The Gallard Steel IPO is subscribed 375.54 times on November 21, 2025 6:19:36 PM (Day 3). The public issue subscribed 351.58 times in the individual investors category, 228.48 times in the QIB category, and 624.56 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for | Total Application |
|---|---|---|---|---|
| QIB (Ex Anchor) | 228.48 | 4,74,000 | 10,82,98,000 | 0 |
| NII* | 624.56 | 3,60,000 | 22,48,40,000 | 0 |
| bNII (bids above ₹10L) | 745.96 | 2,40,000 | 17,90,30,000 | |
| sNII (bids below ₹10L) | 381.75 | 1,20,000 | 4,58,10,000 | |
| Individual Investor | 351.58 | 8,32,000 | 29,25,14,000 | 0 |
| Total | 375.54 | 16,66,000 | 62,56,52,000 | 1,85,338 |
Total Application : 1,85,338
*Market Maker portion is not included to NII/HNI.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Book Running Lead Manager Fees (including underwriting commission) | 4.34 |
| 2 | Fees Payable to Registrar to the Issue | 0.02 |
| 3 | Fees Payable for Advertising and Publishing Expenses | 0.13 |
| 4 | Fees Payable to Regulators including Stock Exchange, CDSL and NSDL | 0.14 |
| 5 | Fees Payable to Statutory Auditor, Legal Advisors and other Professionals | 0.10 |
| 6 | Others (Commission/processing fee for SCSBs, Sponsor Bank and Banker(s) to the Issue and brokerage and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs and Miscellaneous Expenses) | 0.18 |
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹150.00 |
| Open | ₹223.10 |
| Low | ₹223.00 |
| High | ₹234.25 |
| Last Trade | ₹234.25 |
Lead Manager Reports
Gallard Steel IPO is a SME IPO of 25,00,000 equity shares of the face value of ₹10 aggregating up to ₹38 Crores. The issue is priced at ₹150 per share. The minimum order quantity is 1000.
The IPO opens on Wed, Nov 19, 2025, and closes on Fri, Nov 21, 2025.
Ankit Consultancy Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in Gallard Steel IPO using UPI as a payment gateway. Zerodha customers can apply in Gallard Steel IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Gallard Steel IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Gallard Steel IPO opens on Wed, Nov 19, 2025 and closes on Fri, Nov 21, 2025.
Gallard Steel IPO lot size is 1000, and the minimum amount required for application is ₹3,00,000, with 2 lots being the minimum application size.
You can apply in Gallard Steel IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Gallard Steel IPO will be done on Monday, November 24, 2025, and the allotted shares will be credited to your demat account by Tue, Nov 25, 2025. Check the Gallard Steel IPO allotment status.
The Gallard Steel IPO listing date is on Wed, Nov 26, 2025.
