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Gallard Steel IPO
₹1,42,000/1000 shares
Minimum Investment
IPO Details
19 Nov 25
21 Nov 25
₹1,42,000
1000
₹142 to ₹150
BSE
₹37.50 Cr
24 Nov 25
Gallard Steel IPO Timeline
Bidding Start
19 Nov 25
Bidding Ends
21 Nov 25
Allotment Finalisation
24 Nov 25
Refund Initiation
25 Nov 25
Demat Transfer
25 Nov 25
Listing
26 Nov 25
Gallard Steel Limited 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
SWOT Analysis of Gallard Steel IPO
Strength and Opportunities
- Strong in-house manufacturing capabilities
- Extensive product portfolio across sectors
- Robust client base in railways, defense, and power sectors
- ISO-certified manufacturing facility ensures product quality
- Strong growth in revenue and profit after tax
Risks and Threats
- Reliant on a limited number of industries for revenue
- Vulnerable to fluctuations in raw material costs
- High dependency on the domestic market
- Exposure to global competition from low-cost producers
- Regulatory challenges in various sectors
Gallard Steel IPO
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About Gallard Steel Limited
Gallard Steel IPO Strengths
- Experienced Management: Promoters and management team possess deep industry expertise.
- Diverse Clientele: Serves a broad range of industries including railways, defense, and power generation.
- Quality Certifications: Manufacturing facilities certified to ISO 9001:2015 standards.
- In-House Capabilities: Strong in-house manufacturing processes, enhancing operational efficiency.
- Strategic Location: Foundry located in Pithampur, Madhya Pradesh, optimising logistics and production.
- Strong Growth: Revenue and profit after tax have shown significant growth over recent years.
| Company Name | EPS (Basic) | P/E (x) | RoNW (%) |
| Gallard Steel Limited | 8.67 | 17.31 | 35.51 |
| Nitin Castings Ltd. | 23.59 | 24.14 | 16.92 |
| Pritika Engineering Components | 2.18 | 39.22 | 12.63 |
How to apply IPO with HDFC SKY?
Follow these simple steps to apply for an IPO through HDFC SKY. Secure your investments and explore new opportunities with ease by accessing the IPOs available on the platform.
1Login to your HDFC SKY Account
2Select Issue
3Enter Number of Lots and your Price.
4Enter UPI ID
5Complete Transaction on Your UPI App
FAQs On Gallard Steel Limited IPO
How can I apply for Gallard Steel Limited IPO?
You can apply via HDFC Sky using UPI-based ASBA.
What is the issue size of Gallard Steel Limited IPO?
The issue size of Gallard Steel IPO is ₹37.50 Crore.
What is the lot size for Gallard Steel IPO?
The lot size for Gallard Steel IPO is 1,000 shares.
What is the tentative listing date for Gallard Steel IPO?
The tentative listing date is 26 Nov 2025.
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