Gallard Steel IPO

Gallard Steel Limited, incorporated in 2015, specializes in manufacturing engineered steel castings such as mild steel, SGCI, and low alloy castings. The company produces ready-to-use components and assemblies for Indian Railways, defense, power generation, and allied industries. Operations are based in Pithampur, Madhya Pradesh, with an ISO 9001:2015 certified foundry. Gallard Steel’s product range includes steel components, traction motor and bogie parts, defense components, turbine sub-assemblies, industrial machinery liners, and rebonded foam. The company utilizes advanced machinery for processes like melting, grinding, and finishing.

Gallard Steel Limited IPO Overview

The Gallard Steel IPO is a book-built issue worth ₹37.50 crore, consisting entirely of a fresh issue of 25 lakh shares. The IPO opens for subscription on 19 November 2025 and closes on 21 November 2025, with allotment expected to be finalized on 24 November 2025. It is set to list on BSE SME, with a tentative listing date of 26 November 2025.

The price band for the IPO is fixed between ₹142 and ₹150 per share, and the lot size for applications is 1,000 shares. For individual retail investors, the minimum investment amounts to ₹3,00,000 for 2,000 shares (based on the upper price). High Net Worth Investors (HNI) can apply for a minimum of three lots (3,000 shares), amounting to ₹4,50,000.

Seren Capital Pvt. Ltd. is appointed as the book running lead manager, while Ankit Consultancy Pvt. Ltd. serves as the registrar of the issue. The company’s market-making obligations are handled by Asnani Stock Broker Pvt. Ltd.

Gallard Steel Limited IPO Details

Particulars	Details
IPO Date	19 Nov 2025 to 21 Nov 2025
Listing Date	26 Nov 2025
Face Value	₹10 per share
Issue Price Band	₹142 to ₹150 per share
Lot Size	1000 Shares
Total Issue Size	25,00,000 shares (₹37.50 Cr)
Fresh Issue	25,00,000 shares (₹37.50 Cr)
Offer for Sale	N/A
Issue Type	Bookbuilding IPO
Listing At	BSE SME
Share Holding Pre Issue	70,00,000 shares
Share Holding Post Issue	95,00,000 shares
Market Maker Portion	1,25,000 shares (₹1.88 Cr)

Gallard Steel Limited IPO Reservation

Investor Category	Shares Offered
Market Maker	1,25,000 (5.00%)
QIB	11,83,000 (47.32%)
NII (HNI)	3,60,000 (14.40%)
Retail	8,32,000 (33.28%)
Total Shares Offered	25,00,000 (100.00%)

Gallard Steel Limited IPO Lot Size

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 Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	91.14%
Post-Issue	To be updated post-IPO

Gallard Steel Limited IPO Valuation Overview

KPI	Value
EPS	8.67
Price/Earnings (P/E) Ratio	17.31
Return on Net Worth (RoNW)	35.51%
Return on Capital Employed (ROCE)	26.59%
EBITDA Margin	23.39%
PAT Margin	11.38%
Debt to Equity Ratio	1.19

Objectives of the Proceeds

• Expanding the existing manufacturing facility – ₹1390 crore

• Construction of office building – ₹480 crore

• Repayment of certain borrowings – ₹1020 crore

• General corporate purposes – TBD

Gallard Steel IPO Key Financials (₹ Crore)

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	₹50.33	₹48.77	₹39.14
Total Income	₹53.52	₹27.86	₹23.60
Profit After Tax (PAT)	₹6.07	₹3.20	₹1.50
Reserves and Surplus	₹14.38	₹10.08	₹4.03
Total Borrowings	₹20.38	₹17.59	₹16.05

Financial Status of Gallard Steel Limited