Gallard Steel IPO: The initial public offering (IPO) of Gallard Steel witnessed a spectacular demand from investors on the first day of the bidding process on Wednesday, November 19. The SME IPO is available for bidding till Friday, November 21.
The company is enjoying a strong grey market premium (GMP) and interest from retail and non-institutional investors (NIIs).
Gallard Steel IPO Subscription Status
Gallard Steel IPO was subscribed 2.18 times as of 1.25 pm on the first day of the bidding process. The issue received bids for 36.36 lakh shares as against 16.66 lakh shares on offer.
The retail segment was booked 2.31 times, the NII portion 4.77 times, while the qualified institutional buyer (QIB) part received 0% bids yet.
Gallard Steel IPO GMP
Gallard Steel IPO GMP jumped to ₹40 today. This means shares of Gallard Steel IPO are trading ₹40 above the issue price. At the prevailing GMP, Gallard Steel shares could list at ₹190, a premium of 27%.
Grey market premium signals investor willingness to pay over and above the issue price.
Gallard Steel IPO Details
The ₹37.50 crore IPO is a book-built offer consisting entirely of fresh share sale of 0.25 crore shares. Gallard Steel IPO price band has been fixed in the range of ₹142 to ₹150 per share.
Investors can bid for the IPO in lots of 1000 shares, with retail investors required to apply for at least two lots.
Out of the funds raised, the company has earmarked ₹20.13 crore for funding the expansion of the manufacturing facility and construction of an office building and ₹7 crore for repayment of certain borrowings availed by the company. The rest would be used for general corporate purposes.
Gallard Steel is presently engaged in the business of the manufacturing of S.G. (Ductile) Iron and Grey Cast Iron Castings and special alloy Castings, and components primarily for the automobile sector.
Some of its clients include Indian Railways, BHEL, and CG Power, among others.
Seren Capital is the book-running lead manager, and Ankit Consultancy is the registrar of the issue. Gallard Steel IPO shares will likely list on the BSE SME on November 26, 2025.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
