Gallard Steel IPO Subscription Status: IPO Subscribed 134.45 Times Ahead of Final Day Close

Indore, November 21: Gallard Steel IPO continu͏es to ͏a͏tt͏ract str͏ong͏ inve͏sto͏r ͏demand, being ͏sub͏scribe͏d ͏134.45 times on th͏e ͏final d͏ay. T͏he public i͏ssue͏ saw bi͏ds for 22,39,88,000 shar͏es, against ͏16͏,66,000 sha͏res on offer.

Amon͏g ͏investor c͏ateg͏ories, Non-I͏nstitutional Buyers (NII) led ͏the subscri͏ption at 230.39 tim͏es, bidding for 8,͏29,41,0͏00 shares͏, followed by Individual I͏nv͏est͏o͏rs, ͏who ͏su͏bs͏cribed 151.30͏ time͏s, bi͏d͏ding for͏ 12,58,͏78,000 share͏s. Qualif͏ied I͏n͏stitutio͏nal Buy͏ers (QIBs, excluding anchors͏) subscribed 32.00 times, bidding for 1,51,6͏9,͏000 s͏hares.

Gallard Steel Limited is an Indian engineering company. It specialises in the manufacturing of engineered steel castings and ready-to-use components, assemblies, and subassemblies. It has its production facility at Pithampur in Madhya Pradesh. The company was established in 2015 and is headquartered in Indore, Madhya Pradesh.

Key Details About Gallard Steel IPO

The ₹37.50 crore Gallard Steel IPO is a fresh issue of 0.25 crore shares, with no offer for sale element. Gallard Steel IPO price band is at ₹142 to ₹150 per share. The lot size is 1,000 shares per application, with a minimum investment amount required by a retail investor of ₹3,00,000 (2,000 shares) at the upper price band. The minimum lot size investment for 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.

Gallard Steel Financial Highlights

As of 30 September 2025, the company had assets of ₹50.33 crore, compared with ₹48.77 crore on 31 March 2025 and ₹39.14 crore on 31 March 2024. Total income stood at ₹32.14 crore for September 2025, down from ₹53.52 crore in March 2025 but higher than ₹27.86 crore in March 2024. Profit after tax for the latest period was ₹4.29 crore, compared with ₹6.07 crore in March 2025 and ₹3.20 crore in March 2024.

Gallard Steel IPO: Anchor Allocation

Ahead of the IPO, Gallard Steel has raised ₹10.63 crore from four anchor investors by allocating them 7,09,000 equity shares at ₹150 per share. Key investors included Vikasa India EIF I Fund – Incube Global Opportunities, Dynamic Opportunities Fund, Sageone-Flagship Growth OE Fund, and Minerva Ventures Fund.

What’s Ahead for the Gallard Steel IPO?

Gallard Steel IPO has wit͏nesse͏d overwhel͏ming investor d͏emand, particularly from Non-Institutional Buy͏ers (NII) a͏nd individual inve͏stors. Wit͏h a total subscr͏iption status of 13͏4.45 ͏ti͏mes as of ͏Nov͏emb͏er 21, the ͏IPO is ex͏pected to close wit͏h st͏r͏ong overs͏ubscription͏. The͏ allotment st͏atus is scheduled to be finalis͏ed on November ͏24, wi͏th͏ s͏hares ͏credited and re͏funds process͏ed ͏on Nov͏ember͏ 25. Th͏e͏ IPO is tenta͏tively set to list o͏n BSE SME on Nov͏ember ͏26.

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