Gallard Steel IPO will open on November 19, 2025 and close on November 21, 2025. This Book Built Issue aims to raise around ₹37.50 crores, entirely through a fresh issue of equity shares. The IPO will list on the BSE SME platform on November 26, 2025, and the allotment will be declared on November 24, 2025.
The price band for the issue is set between ₹142 and ₹150 per share. Retail investors have a 35 percent quota, while QIBs get 50 percent and NIIs 15 percent. The minimum investment for retail investors is ₹3,00,000 for 2,000 shares.
The company has delivered a sharp increase in revenue and profitability. Revenue surged from ₹278.61 crores in 2024 to ₹535.24 crores in 2025, while profit rose from ₹31.96 crores to ₹60.67 crores, reflecting strong long-term potential. The IPO allotment date is November 24, 2025, providing investors a key timeline to watch.
Contents
Gallard Steel IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | November 19, 2025 |
| IPO Close Date | November 21, 2025 |
| Face Value | ₹10 per equity share |
| Price Band | ₹142 to ₹150 per share |
| Issue Size | Approx ₹37.50 crores |
| Fresh Issue | Approx ₹37.50 crores |
| Issue Type | Book Built Issue |
| Listing | BSE SME |
| DRHP | View PDF |
| RHP | View PDF |
Gallard Steel IPO
Open: 19-21 Nov
Issue Size: ₹37.50 Cr.
Objective: Company is using the money for plant expansion, paying off loans, and general business needs.
Exchange: BSE SME
Gallard Steel IPO GMP Today
Gallard Steel IPO GMP has shown a sharp upward swing in the grey market, reflecting strong speculative interest ahead of its opening on 19 November 2025. The SME IPO aims to raise ₹37.50 crores, with a price band of ₹142 to ₹150 and a large market lot of 2,000 shares.
The grey market premium touched a high of ₹70 on 22 November, while the lowest level was ₹11 on 18 November, indicating how quickly sentiment strengthened within a few days.
The day-wise GMP data shows a clear rising trend. From ₹11 on 18–19 November, the premium jumped to ₹40 on 20 and 21 November, and then climbed further to ₹70 from 22 to 25 November. On 26 November, the GMP slipped slightly to ₹60, but the overall gains remain strong.
The gain percentage moved from 7.33% at the start to nearly 46.67% at its peak, highlighting sustained demand in the unofficial market. Overall, the current GMP trend suggests positive sentiment, and investors are closely tracking whether this momentum continues as the listing date approaches.
Gallard Steel IPO Market Lot
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2,000 | ₹3,00,000 |
| Retail Maximum | 2 | 2,000 | ₹3,00,000 |
| S-HNI Minimum | 3 | 3,000 | ₹4,50,000 |
| S-HNI Maximum | 6 | 6,000 | ₹9,00,000 |
| B-HNI Minimum | 7 | 7,000 | ₹10,50,000 |
IPO Reservation Structure
| Investor Category | % Shares |
|---|---|
| QIB (Excluding Anchor) | 50% |
| NII | 15% |
| Retail | 35% |
Also Read:
Gallard Steel IPO Anchor Investor Details
| Particular | Details |
|---|---|
| Anchor Bidding Date | November 18, 2025 |
| Shares Offered | 7,09,000 |
| Anchor Size | ₹10.64 crores |
| Lock-in (50% shares – 30 days) | December 24, 2025 |
| Lock-in (50% shares – 90 days) | February 22, 2026 |
| Anchor Investors List | View PDF |
Gallard Steel IPO Timeline
| Event | Date |
|---|---|
| IPO Opening | November 19, 2025 |
| IPO Closing | November 21, 2025 |
| Allotment Finalisation | November 24, 2025 |
| Refunds | November 25, 2025 |
| Credit to Demat | November 25, 2025 |
| Listing Date | November 26, 2025 |
| Bidding Cut-off Time | November 21, 2025 – 5 PM |
Promoters and Shareholding Pattern
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre-Issue | 70,00,000 | 91.14% |
| Promoter Holding Post-Issue | 95,00,000 | 67.16% |
Objects of the Issue
| Purpose | Amount (₹ Crores) |
|---|---|
| Capital expenditure for expansion and office construction | ₹20.14 |
| Repayment of borrowings | ₹7.00 |
| General Corporate Purpose | – |
About Gallard Steel Limited
Founded in 2015, Gallard Steel Limited manufactures ready-to-use components, assemblies, and sub-assemblies using carbon steel, ductile iron, grey cast iron, and alloy steels. Its 12,195 sq. meter facility is located in Pithampur, Dhar, Madhya Pradesh.
The company caters to sectors such as railways, defence, thermal and hydro energy, heavy engineering, and industrial machinery. It has in-house capabilities for melting, molding, grinding, heat treatment, and finishing.
Gallard Steel Financial Performance
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | ₹278.61 crores | ₹241.91 crores | ₹31.96 crores | ₹391.39 crores |
| 2025 | ₹535.24 crores | ₹451.03 crores | ₹60.67 crores | ₹487.73 crores |
| June 2025 | ₹321.35 crores | ₹265.61 crores | ₹42.93 crores | ₹503.35 crores |
Gallard Steel IPO Valuation (FY2025)
| KPI | Value |
|---|---|
| ROE | 43.16% |
| ROCE | 26.59% |
| EBITDA Margin | 23.39% |
| PAT Margin | 11.38% |
| Debt-to-Equity | 1.19 |
| EPS | ₹8.67 (Basic) |
| P/E Ratio | N/A |
| RoNW | 35.51% |
| NAV | ₹24.40 |
Peer Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Nitin Casting Ltd | 24.14 | 20.33 | 15.03% | 160.63 | ₹154.48 crores |
| Pritika Engineering Components Ltd | 2.18 | 39.22 | 12.63% | 17.25 | ₹117.66 crores |
IPO Lead Manager
Seren Capital Pvt. Ltd.
Company Address:
Gallard Steel Ltd., Flat No. 01, Sukhsneh Apartment, 168-M Khatiwala Tank, Indore, Madhya Pradesh – 452014
Phone: +91-9644422252
Email: cs@gallardsteel.com
Website: www.gallardsteel.com
IPO Registrar
Ankit Consultancy Pvt. Ltd.
Phone: +91 0731-4949444
Email: compliance@ankitonline.com
Website: www.ankitonline.com
Expert Comment
Gallard Steel’s strong financial growth, expanding operations, and steady demand across engineering and infrastructure sectors make this IPO worth watching.
While the ticket size is on the higher side for retail investors, those looking at long-term industrial plays may find it a compelling opportunity. As always, reviewing your own risk appetite before applying is the best approach.
Gallard Steel IPO FAQs
What is Gallard Steel IPO?
It is an SME IPO to raise ₹37.50 crores at a price band of ₹142 to ₹150 per share. The listing will be on BSE SME.
When does the IPO open?
The IPO opens on November 19, 2025 and closes on November 21, 2025.
How much is the investor quota?
QIB 50%, NII 15%, Retail 35%.
How can investors apply?
You can apply via ASBA through your bank or via UPI through brokers. Offline applications are also accepted.
What is the lot size?
The minimum lot is 2,000 shares costing ₹3,00,000.
When is the allotment?
The allotment date is November 24, 2025.
When will the shares list?
Listing will take place on November 26, 2025 on BSE SME.
