Gallard Steel IPO has a face value of ₹10 per share. It is an SME IPO with a total issue size of ₹37.50 crore. The bidding for this IPO will open on 19 November, 2025, and close on 21 November, 2025. The tentative allotment date is November 24, 2025. The tentative listing date for the shares is 26 November, 2025.
For this IPO, the lot size is 1,000 shares minimum. A price band of ₹142 per share to ₹150 per share is set for this IPO. Retail investors will have to apply for 2 lots, making their minimum investment ₹3,00,000. The sNII will have to apply for at least 3 lots (3,000 shares), making their investment ₹4,50,000. The bNII will have to put in ₹10,50,000 as their minimum number of lots is 7 (7,000 shares).
Gallard Steel IPO Details
The key information regarding the Gallard Steel IPO is as follows:
| Particulars | Details |
| Open Date | November 19, 2025 |
| Close Date | November 21, 2025 |
| Price Band | ₹142 to ₹150 per share |
| Face value | ₹10 per share |
| IPO Lot Size | 1,000 Shares |
| Issue Type | Bookbuilding Issue |
| Issue price | |
| Offer for sale | |
| Fresh issue | 25,00,000 shares (₹37.50 crore) |
| Listing at | BSE SME |
| Total Issue Size (₹ Crore) | 25,00,000 shares (₹37.50 crore) |
| Reserved for Market Maker | 1,25,000 shares (₹1.88 crore) |
| Net Offered to Public | 23,75,000 shares (₹35.63 crore) |
| Minimum Investment | ₹3,00,000 |
| Retail Discount |
Gallard Steel IPO Timeline
Investors should note the key IPO dates given below:
| Particulars | Details |
| Bidding Open Date | November 19, 2025 |
| Bidding Close Date | November 21, 2025 |
| Allotment Date | November 24, 2025 |
| Initiation of Refunds | November 25, 2025 |
| Allotted shares credited to demat | November 25, 2025 |
| Tentative Listing Date | November 26, 2025 |
| UPI mandate cut-off time | 5 PM on November 21, 2025 |
Gallard Steel IPO Grey Market Premium
The Grey Market Premium (GMP) for the Gallard Steel IPO is ₹11 today. The GMP has remained stable over the past three days, reflecting positive investor demand as the listing date approaches.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 18-11-2025 | ₹11 | ₹161 | 7.33% | Neutral |
| 17-11-2025 | ₹11 | ₹161 | 7.33% | Neutral |
| 16-11-2025 | ₹11 | ₹161 | 7.33% | Increasing |
Note: Grey Market Premium (GMP) numbers are taken from grey market sources and are highly volatile, moving with changes in demand, subscription status, and market mood.
Gallard Steel IPO GMP Percentage
The GMP percentage for the Gallard Steel IPO is 7.33%, at a premium of ₹11. The expected listing price is ₹161.
Gallard Steel IPO Reservation
This IPO’s shares are reserved in the following manner:
| Investor Category | Number of Shares Offered |
| QIB Shares | 11,83,000 (47.32%) |
| NII (HNI) Shares | 3,60,000 (14.40%) |
| Retail Shares | 8,32,000 (33.28%) |
| Market Maker Shares | 1,25,000 (5.00%) |
| Total Shares | 25,00,000 (100.00%) |
Gallard Steel Key Performance Indicators
The Gallard Steel Key Performance Indicators (KPIs) are given below:
| KPIs | FY 2023 | FY 2024 | FY 2025 |
| ROE | 20.56% | 37.34% | 43.16% |
| ROCE | 14.23% | 16.42% | 26.59% |
| Debt Equity | 1.55 | 1.60 | 1.19 |
| RoNW | 18.64% | 28.98% | 35.51% |
| PAT Margin | 5.51% | 11.91% | 11.38% |
| EBITDA margin | 9.21% | 18.88% | 23.39% |
| Price Book Value |
Gallard Steel IPO Financials
The financials for Gallard Steel are as follows:
| Particulars (in ₹ lakh) | 2023 | 2024 | 2025 |
| Revenue | 2,059.06 | 2,682.44 | 5,331.80 |
| Total Asset | 1,961.46 | 3,913.88 | 4,877.34 |
| Profit | 113.49 | 319.56 | 606.67 |
Lot Sizes of Gallard Steel IPO
The available lot sizes for this IPO are given below:
| Application | No. of Lots | No. of Shares | Amount (₹) |
| Individual investors (Retail) (Minimum) | 2 | 2,000 | 3,00,000 |
| Individual investors (Retail) (Maximum) | 2 | 2,000 | 3,00,000 |
| small-HNI (Minimum) | 3 | 3,000 | 4,50,000 |
| small-HNI (Maximum) | 6 | 6,000 | 9,00,000 |
| big-HNI (Minimum) | 7 | 7,000 | 10,50,000 |
Promoter Holding of Gallard Steel IPO
The promoter holding percentage for this IPO is:
| Promoter Holding Pre Issue | 91.14% |
| Promoter Holding Post Issue |
Details of Gallard Steel IPO Anchor Investors
The details of the anchor investors in this IPO are as follows:
| Particulars | Details |
| Anchor Bidding Date | November 18, 2025 |
| Shares Offered | Up to 7,09,000 shares |
| Anchor Portion Size | Up to ₹ 10.64 crore |
| Lock-in date for 50% shares (30 days) | December 24, 2025 |
| Lock-in date for remaining shares (90 days) | February 22, 2026 |
Gallard Steel IPO Prospectus
You can go through the below listed documents for more details:
| Draft Red Herring Prospects (DRHP) | |
| Red Herring Prospects (RHP) | |
| Prospectus | Not Disclosed |
| Anchor Investors |
About Gallard Steel
Gallard Steel Limited was founded in 2015. It is a manufacturing company that makes a variety of steel products that cater to infrastructure work, construction projects, and other industrial needs. Its offerings include customised fabrication, precision-engineered steel structures, and processed steel materials that cater to diverse sectors such as real estate, machinery, and manufacturing.
Mr. Zakiuddin Sujauddin serves as the Managing Director and has played a key role in developing the operational structure and strategic direction of the company.
| Book-running lead manager | Seren Capital Pvt.Ltd. |
| Registrar of the issue | Ankit Consultancy Pvt.Ltd. |
Objectives of the IPO
This IPO is being launched to fulfill the objectives given below:
| S.No. | Objectives | Amount (in Millions) |
| 1 | Expansion of the current manufacturing unit and construction of new office building | 201.37 |
| 2 | Partial repayment of outstanding loans | 70 |
| 3 | General Corporate Use |
Strength Of Gallard Steel
Gallard Steel’s growth and positioning are backed by the following key strengths:
1. In-House Production
The company has its own casting and machining units, which keep melting, molding, finishing, and fabrication under a single roof. This improves coordination, enhances production control, and reduces the reliance on any external vendors.
2. Diversified Customer Base
The company caters to a wide range of sectors, such as defence, engineering, power, railways, and industrial equipment. This sectoral diversity reduces dependence on any single segment and opens up new business opportunities.
3. Wide Market Reach
Gallard Steel has a broad reach, supplying to several states across India, holding a strong position in major industrial areas. This reduces geographical risks and allows the company to access multiple growing markets.
4. Quality Assurance
Every phase of production includes quality checks, starting from raw materials to inspection of finished products. Strict control ensures uniformity and reliability in output that meets customer specifications.
Risk of Gallard Steel
Despite its strength, the company is exposed to risk factors listed below:
1. Raw Material Volatility
The company is dependent on a few select suppliers for key materials like steel scrap and chemicals. Price fluctuations, supply shortages, or quality issues can increase the production costs and disrupt operations.
2. Ongoing Legal Risks
The company, its directors, and promoters are involved in pending legal cases. Any negative outcome can lead to penalties, increased scrutiny, and weak financial health.
3. Dependence on Key Customers
Few key customers are responsible for a significant portion of the revenue. If the orders are reduced, delayed, or cancelled, it can negatively impact the cash flows and profitability.
4. Geographical Concentration
Manufacturing operations and a major portion of sales are concentrated in Madhya Pradesh. Any regional disturbance, regulatory change, or local competition could affect production, distribution, and revenue stability.
Gallard Steel IPO Review
The Gallard Steel IPO offers exposure to a growing steel manufacturing business with high revenue growth and a wide market reach. The company’s profitability as well as its production capacity are also improving. However, investors should consider risks regarding customer concentration, raw material volatility, and ongoing legal cases.
Overall, this IPO is suitable for long-term investors in search of opportunities in the industrial steel segment.
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Gallard Steel IPO FAQs
It is an SME IPO of 25,00,000 equity shares worth up to ₹37.50 crore.
You can apply for the Gallard Steel IPO through the ASBA facility in your bank or via UPI on platforms like Zerodha, Groww, or Upstox.
The Gallard Steel IPO offers strong growth potential but carries risks like customer concentration and raw material volatility.
The expected returns on Gallant Steel are around 7%.
The Gallard Steel IPO will open for bidding on 19 November 2025.
The lot size of the Gallard Steel IPO is 1,000 shares.
The allotment is expected on 24 November 2025.
The IPO is tentatively scheduled to list on 26 November 2025.
