Gulf Lloyds IPO Day 2: Retail Demand Lifts Subscription To 5.65 Times

Mumbai, July 21: Investor interest in the Gulf Lloyds (India) IPO remained firm on the second day of bidding, with the public issue attracting healthy participation from retail investors. By around 10:19 AM on Day 2, the fixed price issue had been subscribed 5.65 times, indicating steady demand as the subscription window entered its penultimate day.

The ₹18.19 crore IPO opened for subscription on July 20 and will remain open until July 22. While the issue got off to a decent start on the opening day, bidding gathered further momentum during Tuesday’s morning session, led largely by retail investors. The NII category also remained comfortably subscribed, reflecting continued interest from high-net-worth investors.

Gulf Lloyds IPO Subscription Status On Day 2

According to the latest exchange data available around 10:19 AM on July 21, investors had bid for 97,57,200 shares against 17,28,000 shares available for subscription, taking the overall subscription to 5.65 times.

Category-wise subscription stood at:

• Retail (Individual Investors): 9.98 times
• NII (HNI): 1.32 times
• Overall: 5.65 times

The issue had received 3,922 applications by the latest update.

Retail Investors Continue To Drive Demand

Retail participation remained the biggest highlight of the issue on Day 2. By the morning session, the retail portion had already been subscribed nearly 10 times, signalling strong interest from individual investors despite the relatively small issue size.

The NII category also stayed comfortably above the one-time mark at 1.32 times, suggesting continued participation from affluent investors. Since this is a BSE SME fixed price IPO, there is no separate Qualified Institutional Buyers (QIB) category available for public subscription.

Compared with the opening day, subscription levels improved noticeably across categories, pointing to growing investor interest as the issue moved closer to its closing date.

Subscription Improves From Day 1

The IPO had closed its opening day with an overall subscription of 4.67 times, supported by 8.19 times demand in the retail category and 1.16 times in the NII segment.

On Day 2 morning, overall subscription climbed further to 5.65 times, with retail demand rising to 9.98 times and the NII portion improving to 1.32 times. With one more day of bidding remaining after today, market participants will closely watch whether the momentum continues into the final session.

Gulf Lloyds IPO Details

Gulf Lloyds (India) is raising ₹18.19 crore through a fixed price IPO.

The issue consists entirely of a fresh issue of 18,19,200 equity shares, with 17,28,000 shares offered to the public after reserving 91,200 shares for the market maker.

The IPO is priced at ₹100 per share.

Retail investors are required to apply for a minimum of 2,400 shares, translating into a minimum investment of ₹2,40,000. HNI investors must bid for at least 3,600 shares, requiring an investment of ₹3,60,000.

The shares are proposed to be listed on the BSE SME platform.

Reservation Structure

The net issue has been allocated equally between the two investor categories:

• Non-Institutional Investors (NII): 50%
• Retail Individual Investors (RII): 50%

Additionally, 91,200 shares have been reserved for the market maker.

Key IPO Timeline

• IPO Opens: July 20 2026
• IPO Closes: July 22 2026
• Expected Allotment: July 23 2026
• Expected Refunds: July 24 2026
• Expected Credit of Shares: July 24 2026
• Tentative Listing Date: July 27 2026

About Gulf Lloyds (India)

Gulf Lloyds (India) provides third-party inspection, testing, certification, auditing and training services to organisations across multiple industries. Headquartered in Ahmedabad, the company serves both public sector undertakings and private enterprises, helping clients meet quality, safety and regulatory compliance requirements in India and overseas markets.

Conclusion

With one more day of bidding remaining, Gulf Lloyds IPO has maintained a healthy pace of subscription, supported primarily by robust retail participation. The NII segment has also crossed the fully subscribed mark, while overall demand has improved from the opening day. Investors will now watch how the issue performs during the final day of subscription before attention shifts to the allotment process later this week.

Source:

• https://www.gulflloydsgroup.com/invester/RHP/Prospectus_Final_13.07.2026.pdF