Gallard Steel IPO
GMP, Subscription, Price, Dates & Financial Details
Engineering - Industrial Equipments
Gallard Steel Limited, incorporated in 2015, is a leading manufacturer of engineered steel castings including mild steel, SGCI (Spheroidal Graphite Cast Iron), and low alloy steel castings. The company specializes in the production of ready-to-use components, assemblies, and sub-assemblies catering…
Open Date
Wed, 19 Nov 2025
Close Date
Fri, 21 Nov 2025
Price Band
₹ 142 – 150
Lot Size
1000
Issue Size
₹ 37.50 Cr
Minimum Investment
₹ 300,000 (2000 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Gallard Steel IPO has successfully completed its IPO process and is now listed on BSE SME Platform. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹37.50 Crore.
The Gallard Steel IPO remained open for subscription from November 19, 2025, to November 21, 2025. The basis of allotment was finalized on November 24, 2025, and the company's shares were listed on BSE SME Platform on November 26, 2025.
The company had fixed the price band at ₹142 to ₹150 per share, with a lot size of 1000 shares. Retail investors were required to make a minimum investment of ₹300,000 (based on the upper price band) to apply for one lot.
Ankit Consultancy Pvt.Ltd. served as the registrar to the issue. Seren Capital Private Limited acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, Gallard Steel Limited is now a publicly listed company on BSE SME Platform. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
Gallard Steel IPO Timeline (Tentative)
- IPO Open Date
- Wed, 19 Nov 25
- IPO Close Date
- Fri, 21 Nov 25
- Basis of Allotment
- Mon, 24 Nov 25
- Initiation of Refunds
- Tue, 25 Nov 25
- Credit of Shares to Demat
- Tue, 25 Nov 25
- Listing Date
- Wed, 26 Nov 25 — NSE & BSE
Open Date
19 November 2025
Close Date
21 November 2025
Basis Of Allotment
24 November 2025
Listing Date
26 November 2025
IPO Subscription
Check Live Subscription →The Gallard Steel IPO has received bids for 62,57,77,000 shares against 16,66,000 shares offered, resulting in an overall subscription of 375.62x. the NII category is subscribed 624.9x, Retail Investors 351.58x, and QIBs 228.48x.
QIB
228.48x
NII
624.9x
RII
351.58x
Total
375.62x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 8,32,000 shares, representing 49.94% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 4,74,000 shares (28.45%), while Non-Institutional Investors (NIIs) receive 3,60,000 shares (21.61%).
| Category | Shares Offered | Shares Offered % |
|---|---|---|
| Qualified Institutions | 474,000 | 28.45% |
| Non-Institutional | 360,000 | 21.61% |
| BNII | 240,000 | 14.41% |
| SNII | 120,000 | 7.2% |
| Retail Investors | 832,000 | 49.94% |
| Total | 1,666,000 | 100% |
Financials Details(₹ in Crores)
| Particular | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 503.35 | 487.73 | 391.39 |
| Revenue | 321.35 | 535.24 | 278.61 |
| Profit After Tax | 42.93 | 60.67 | 31.96 |
| Net Worth | 213.75 | 110.28 | 110.28 |
| Reserve & Surplus | 143.75 | 100.82 | 40.28 |
| Total Borrowings | 191.31 | 203.79 | 175.91 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Gallard Steel Limited KPI Information
| Particular | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|
| ROE % | 43.16 | 37.34 | 20.56 |
| ROCE % | 26.59 | 16.42 | 14.23 |
| Debt / Equity | 1.19 | 1.6 | 1.55 |
| RoNW % | 35.51 | 28.98 | 18.64 |
| Pat Margin % | 11.38 | 11.91 | 5.51 |
Peers Comparison
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| Gallard Steel Limited | 10 | 0.00 | 8.67 | 8.67 | 35.51 | 24.40 |
| Nitin Casting Limited | 5 | 20.33 | 24.14 | 24.14 | 15.03 | 160.63 |
| Pritika Engineering Components Ltd | 5 | 39.22 | 2.18 | 2.18 | 12.63 | 17.25 |
About Gallard Steel Limited
Gallard Steel Limited, incorporated in 2015, is a leading manufacturer of engineered steel castings including mild steel, SGCI (Spheroidal Graphite Cast Iron), and low alloy steel castings. The company specializes in the production of ready-to-use components, assemblies, and sub-assemblies catering to a wide range of industries such as Indian Railways, Defence, Power Generation, and Heavy Engineering.
With a strong focus on quality, innovation, and precision engineering, Gallard Steel delivers high-performance casting solutions designed to meet the demanding requirements of its clients across critical sectors.
Manufacturing Facility
Gallard Steel’s state-of-the-art foundry is located in Pithampur, District Dhar, Madhya Pradesh, covering a total land area of 12,195 square meters. The facility is ISO 9001:2015 certified, ensuring stringent adherence to quality management systems and international standards.
The plant is equipped with a comprehensive range of in-house machinery and equipment supporting key operations such as:
- Melting and Pouring
- Moulding and Sand Mixing
- Heat Treatment and Grinding
- Machining and Finishing
This integrated infrastructure enables Gallard Steel to maintain complete control over its manufacturing processes, ensuring consistent product quality and timely delivery.
Product Portfolio
1. Steel Components
Manufacture of unmachined and machined steel components tailored for diverse industrial applications, offering superior strength, durability, and dimensional accuracy.
2. Traction Motor & Bogie Components
Production of traction motor frames, bogie components, and other assemblies used in railway rolling stock, ensuring reliability and performance in heavy-duty operations.
3. Defence Components
Design and manufacture of critical defence-grade components such as cradle assemblies, recoiling cylinders, and trunnion housings, meeting stringent military standards and specifications.
4. Thermal & Hydro Turbine Sub-Assemblies
Engineering of precision sub-assemblies for thermal and hydro power turbines, including guide vanes, bush housings, and fork systems, contributing to efficient power generation.
5. Industrial Machinery & Equipment
Supply of high-temperature resistant liners and components for industrial machinery, enhancing equipment performance and service life in demanding operational environments.
6. Rebonded Foam
Production of recycled rebonded foam utilized in furniture, mattresses, and industrial applications, reflecting the company’s commitment to sustainability and resource efficiency.
Key Industries Served
- Railways
- Defence
- Power Generation (Thermal & Hydro)
- Heavy Engineering
- Industrial Equipment Manufacturing
Gallard Steel IPO Promoters
- Zakiuddin Sujauddin
- Hakimuddin Ghantawala
- Kaid Johar Kalabhai
- Zahabiya Kalabhai
- Mariya Zakiuddin Sujauddin
Promoters Holding
Holding Pre Issue
91.14%
Holding Post Issue
0.00%
Gallard Steel IPO Objective
The Company Gallard Steel IPO proposes to utilise the Net Proceeds from the Issue towards the following objects.
- Funding of capital expenditure towards expansion of our existing manufacturing facility and construction of office Building
- Repayment of a portion of certain borrowings availed by our Company
- General Corporate Purpose
Gallard Steel Limited Address / Contact Details
Gallard Steel Ltd.
Flat No. 01,
SukhsnehApartment,
168-M Khatiwala Tank
Indore, Madhya Pradesh, 452014
Phone: +91-9644422252
Email: cs@gallardsteel.com
Website: https://www.gallardsteel.com/
IPO Snapshot
Gallard Steel IPO Lot Size
The Gallard Steel IPO has a lot size of 1,000 shares. Retail investors require a minimum investment of ₹3,00,000 by applying for 2 lot (2,000 shares). The maximum application allowed for the retail category is 2 lots (2,000 shares), requiring an investment of ₹3,00,000.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | 300,000.00 |
| Retail (Max) | 2 | 2,000 | 300,000.00 |
| S-HNI (Min) | 3 | 3,000 | 450,000.00 |
| S-HNI (Max) | 6 | 6,000 | 900,000.00 |
| B-HNI (Min) | 7 | 7,000 | 1,050,000.00 |
Issue Reservation
- QIB — 28.45%
- NII — 21.61%
- RII — 49.94%
Book Running Lead Managers
- Seren Capital Private Limited
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Gallard Steel IPO?
Gallard Steel IPO is a Book-building IPO with a total issue size of ₹37.5 crore. The Gallard Steel IPO price band is ₹142 to 150 per share. The Gallard Steel IPO subscription opens on Wed, Nov 19, 2025, and closes on Fri, Nov 21, 2025. The Gallard Steel IPO will be listed on the BSE. Ankit Consultancy Pvt.Ltd. is the registrar for the Gallard Steel IPO.
When will the Gallard Steel IPO open for subscription?
The Gallard Steel IPO opens on Wed, Nov 19, 2025 and closes on Fri, Nov 21, 2025
What is Gallard Steel IPO Price Band?
Gallard Steel IPO Price Band is ₹142 to 150 per share.
What is Gallard Steel IPO Lot Size?
Gallard Steel IPO lot size is 1000 shares, Retail investors need a minimum investment of ₹300000 based on the upper price band
What is the minimum investment for Gallard Steel IPO?
The minimum investment for Gallard Steel IPO is ₹300000, based on one lot of 1000 shares at the upper price band of ₹150 per share.
How to apply for Gallard Steel IPO?
Investors can apply for the Gallard Steel IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Fri, Nov 21, 2025. The application amount remains blocked until the Gallard Steel IPO allotment is finalized.
What is Gallard Steel IPO Issue Size?
Gallard Steel IPO issue size is ₹37.5 crores.
What is the Gallard Steel IPO Allotment Date?
Gallard Steel IPO allotment date is Mon, Nov 24, 2025.
Who is the Gallard Steel IPO Registrar?
The registrar for Gallard Steel IPO is Ankit Consultancy Pvt.Ltd.. Investors can go to Ankit Consultancy Pvt.Ltd. website to check Gallard Steel IPO allotment status, refund processing, and other IPO-related information.
What is the Gallard Steel IPO GMP?
The Gallard Steel IPO GMP (Grey Market Premium) is ₹63 as of Wed, Nov 26, 2025. Based on the upper price band of ₹150 per share, the estimated Gallard Steel IPO listing price is ₹213, indicating a potential listing gain of approximately 42.00% over the issue price.
Who is the Gallard Steel IPO Lead Manager?
The book-running lead managers (BRLMs) for the Gallard Steel IPO are Seren Capital Private Limited. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Gallard Steel IPO Red Herring Prospectus (RHP).