Gallard Steel IPO booked 2x on Day 1; strong retail demand, GMP at 27%

The unlisted shares of Gallard Steel were trading at ₹190, commanding a strong grey market premium of ₹40 or 26.77 per cent compared to the upper end price

Gallard Steel subscription status Day 1: The initial public offering (IPO) of Gallard Steel, an engineered steel castings manufacturer, opened for public subscription on Wednesday, November 19, 2025. The SME public issue is receiving a solid response from investors, as the issue was fully subscribed within a few hours after opening. The issue was subscribed around 2.20 times as of 01:35 PM on Day 1 of bidding, according to data from the BSE SME platform. 

 

The issue received bids for 3.93 million equity shares compared to the issue size of 1.79 million shares. The demand was primarily driven by Non-Institutional Investors (NIIs) who subscribed to the allotted quota by 3.62 times, followed by retail investors at 2.64 times. However, the portion reserved for qualified institutional investors failed to secure any bids so far. 

 

Gallard Steel IPO GMP

On November 19, the unlisted shares of Gallard were trading at ₹190, commanding a strong grey market premium of ₹40 or 26.77 per cent compared to the upper end of the price band of ₹142 to ₹150, according to sources tracking unofficial markets.

Gallard Steel IPO details

The three-day subscription window for the initial public offering will close on Friday, November 21, 2025. The basis of allotment of shares is likely to be finalised on Monday, November 24, 2025. Shares of Gallard Steel will be listed on the BSE SME platform tentatively on Wednesday, November 26, 2025. 

 

The company aims to raise ₹37.5 crore through a fresh issue of 2.5 million equity shares. There is no offer for sale (OFS) component.  

 

The company has reserved around 50 per cent of the issue for qualified institutional buyers (QIBs), 35 per cent for retail investors and 15 per cent for non-institutional investors (NIIs).

 

Gallard Steel has set the price band in the range of ₹142 to ₹150 per share. Retail investors would require a minimum investment amount of ₹3,00,000 to buy two lots comprising 1,000 shares each. High-net-worth individuals would need ₹4,50,000 to bid for three lots.

 

Ankit Consultancy is the registrar for the issue. Seren Capital is the sole book-running lead manager. 

 

According to the red herring prospectus (RHP), the company plans to utilise ₹20.1 crore from the net fresh issue proceeds for expansion of the existing manufacturing facility and construction of an office building, and ₹7 crore will be used for repayment of certain debt availed by the company. The remaining funds will be used for general corporate purposes.