Gallard Steel Limited launched a ₹37.50 crore SME IPO — a fresh issue of 25,00,000 shares aggregating to ₹37.50 crore. The public bidding was open from November 19–21, 2025. Allotment is expected on November 24 and tentative listing on BSE SME on November 26, 2025. Final issue price has been fixed at ₹150 per share.
Gallard Steel IPO
SME Book‑built issue (Fresh)
SUBSCRIPTION OPENGallard Steel Limited launched a ₹37.50 crore SME IPO — a fresh issue of 25,00,000 shares aggregating to ₹37.50 crore. The public bidding was open from November 19–21, 2025. Allotment is expected on November 24 and tentative listing on BSE SME on November 26, 2025. Final issue price has been fixed at ₹150 per share.
| Face Value | ₹10 per share |
|---|---|
| Issue Price Band | ₹142 to ₹150 per share |
| Issue Price Final | ₹150 per share |
| Offer Structure | Fresh Issue (SME) |
| Total Shares | 25,00,000 shares (aggregating up to ₹37.50 crore) |
| Reserved for Market Maker | 1,25,000 shares (₹1.88 crore) — Asnani Stock Broker Pvt. Ltd. |
| Net Offered to Public | 23,75,000 shares (aggregating up to ₹35.63 crore) |
| Issue Type | Book‑building IPO (SME) |
| Listing | BSE SME |
| Shareholding (Pre / Post) | 70,00,000 / 95,00,000 shares |
| Lead Manager | Seren Capital Pvt. Ltd. |
| Registrar | Ankit Consultancy Pvt. Ltd. |
| Market Maker | Asnani Stock Broker Pvt. Ltd. |
| Investor Category | Shares Offered | Share % |
|---|---|---|
| Market Maker | 1,25,000 | 5.00% |
| QIB | 11,83,000 | 47.32% |
| NII (HNI) | 3,60,000 | 14.40% |
| Retail (RII) | 8,32,000 | 33.28% |
| Total | 25,00,000 | 100.00% |
Anchor portion: 7,09,000 shares raising ₹10.64 crore. Anchor bid date: Nov 18, 2025. Anchor lock‑in period: 50% for 30 days (ends Dec 24, 2025) and remaining 50% for 90 days (ends Feb 22, 2026).
| IPO Open | Wed, Nov 19, 2025 |
|---|---|
| IPO Close | Fri, Nov 21, 2025 |
| Allotment (Tentative) | Mon, Nov 24, 2025 |
| Initiation of Refunds | Tue, Nov 25, 2025 |
| Credit to Demat | Tue, Nov 25, 2025 |
| Listing (Tentative) | Wed, Nov 26, 2025 |
| UPI Mandate Cut‑off | 5 PM on Fri, Nov 21, 2025 |
| 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 |
Amounts calculated at final issue price (₹150 per share).
Gallard Steel Limited (incorporated in 2015) manufactures engineered steel castings (mild steel, SGCI, low alloy). The company supplies ready‑to‑use components, assemblies and sub‑assemblies to Indian Railways, defence, power generation and heavy engineering industries. Its foundry in Pithampur (Dhar, MP) spans ~12,195 sqm and is ISO 9001:2015 certified.
Promoters
Zakiuddin Sujauddin, Hakimuddin Ghantawala, Kaid Johar Kalabhai, Zahabiya Kalabhai and Mariya Zakiuddin Sujauddin.
Promoter Holding
| Pre‑Issue | 91.14% |
|---|---|
| Post‑Issue | TBA |
Proforma — FY2024–FY2025 & Sep 30, 2025 (₹ crore)
| Period Ended | Assets | Total Income | Profit After Tax | EBITDA | Net Worth | Reserves | Total Borrowing |
|---|---|---|---|---|---|---|---|
| 30 Sep 2025 | 50.33 | 32.14 | 4.29 | 7.42 | 21.38 | 14.38 | 19.13 |
| FY2025 (31 Mar 2025) | 48.77 | 53.52 | 6.07 | 12.47 | 17.08 | 10.08 | 20.38 |
| FY2024 (31 Mar 2024) | 39.14 | 27.86 | 3.20 | 5.07 | 11.03 | 4.03 | 17.59 |
Source: Company RHP/DRHP and IPO trackers. Growth and margins shown on proforma consolidated basis.
| ROE | 43.16% |
|---|---|
| ROCE | 26.59% |
| Debt/Equity | 1.19 |
| RoNW | 35.51% |
| PAT Margin | 11.38% |
| EBITDA Margin | 23.39% |
| Price to Book Value | 6.15 |
| Market Capitalization | ₹142.50 Cr. |
| S.No | Object | Expected Amount (in Millions) |
|---|---|---|
| 1 | Funding of capital expenditure towards expansion of the existing manufacturing facility and construction of office Building | 201.37 |
| 2 | Repayment of a portion of certain borrowings availed by the Company | 70.00 |
| 3 | General Corporate Purpose | TBA |
Overall subscription: 181.74x (as of Nov 21, 2025 13:49:35)
| Category | Subscription (times) | Shares Offered | Shares Bid For |
|---|---|---|---|
| QIB (Ex Anchor) | 84.01 | 4,74,000 | 3,98,20,000 |
| NII | 295.55 | 3,60,000 | 10,63,99,000 |
| bNII (above ₹10L) | 352.52 | 2,40,000 | 8,46,05,000 |
| sNII (below ₹10L) | 181.62 | 1,20,000 | 2,17,94,000 |
| Individual Investor | 188.18 | 8,32,000 | 15,65,68,000 |
| Total | 181.74 | 16,66,000 | 30,27,87,000 |
Total applications: 97,666. Market maker portion is excluded from NII/HNI numbers.
[Dilip Davda] GSL posted strong top- and bottom-line growth; however inflated earnings from FY25 onwards vs peers raise caution. The issue appears fully priced; small equity base post-IPO suggests longer gestation for exchange migration. Suitable for well-informed, cash-surplus investors with a long-term horizon.
Gallard Steel Ltd.
Flat No. 01, Sukhsneh Apartment, 168-M Khatiwala Tank, Indore, Madhya Pradesh, 452014
Phone: +91-9644422252
Email: cs@gallardsteel.com
Website: https://www.gallardsteel.com/
Registrar: Ankit Consultancy Pvt. Ltd. — Phone: 0731 – 491 298 / 492 698 — Email: compliance@ankitonline.com — Registrar Page
Lead Manager: Seren Capital Pvt. Ltd.
Refer to the Gallard Steel DRHP/RHP and official allotment circular for final numbers. Figures above are per RHP and live IPO tracker feeds as of the timestamp noted.