Gallard Steel Limited IPO
Gallard Steel Limited IPO
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Gallard Steel Limited's completed its IPO journey with a successful listing on BSE on 26-11-2025. The public offering mobilized 25,00,000 Shares in total capital, comprising 25,00,000 Shares in fresh equity.
The offering was conducted within the price band of ₹142 to ₹150, with minimum application lots of 1000 shares. Investor participation during the 19-11-2025 to 21-11-2025 subscription window determined the final allocation pattern.
The basis of allotment was announced on 24-11-2025, finalizing share distribution to successful applicants. The listing represents a significant corporate development, providing the company with enhanced visibility and access to public capital markets.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Gallard Steel IPO About Company
Incorporated in 2015, Gallard Steel Limited is engaged in the manufacturing of engineered steel castings, including mild steel, SGCI, and low-alloy castings. The company produces ready-to-use components, assemblies, and subassemblies for sectors such as Indian Railways, defense, power generation, and allied industries. Its products include steel components, traction motor and bogie components for railways, defense cradles and trunnion housings, thermal and hydro turbine sub-assemblies, industrial machinery liners, and rebonded foam for furniture and industrial applications. Gallard Steel is focused on delivering high-quality, durable solutions across multiple sectors and, as of February 28, 2025, employs 58 employees.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Gallard Steel IPO Strength Factors
- Fully Integrated Manufacturing Setup: Operates complete in-house casting and machining facilities in Pithampur, Madhya Pradesh, ensuring seamless process coordination, stronger production planning, minimal external dependence, and efficient inventory control.
- Robust Quality Assurance: Implements strict quality checks at every stage—from raw material inspection to final product testing—using spectrometer analysis along with destructive and non-destructive tests to deliver consistent, defect-free, and standardized products.
- Wide Industry Coverage: Caters to a diverse customer base across defense, power generation, engineering, industrial applications, and railways, reflecting strong multi-sector demand and stable business performance.
Gallard Steel IPO Risk Factors
- Heavy Reliance on Railway Sector: A major portion of revenue is generated from supplying traction motor and bogie components to the railway industry. Any slowdown or reduced demand in this sector could strongly affect business performance and financial outcomes.
- High Revenue Dependence on Key Customers: Over 85–90% of revenue comes from the top ten customers. Losing any major client or receiving fewer orders could significantly impact cash flow, profitability, and overall operations.
- No Long-Term Supplier Agreements: The company lacks fixed contracts with raw material suppliers. Any increase in prices, supply shortages, or quality issues in key materials like steel scrap, casting sand, or resins may raise production costs and disrupt business continuity.
Gallard Steel IPO Lead Manager(s)
- Seren Capital Private Limited
Gallard Steel IPO Promoter(s)
- Zakiuddin Sujauddin
- Hakimuddin Ghantawala
- Kaid Johar Kalabhai
- Zahabiya Kalabhai
- Mariya Zakiuddin Sujauddin
Gallard Steel IPO FAQs
Gallard Steel Limited IPO subscribed 375.62 times. The public issue subscribed 351.58 times in the retail category,228.48times in QIB, and 746.48 times in the HNI (10+) category byNovember 26, 2025 4:17:32 AM (Day 26).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Gallard Steel IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
Gallard Steel IPO FAQs
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