Gallard Steel IPO Listing In Focus: Check Date, GMP, Expected Share Price Ahead Of Market Debut

Indore-based engineered steel castings manufacturer Gallard Steel Ltd. which concluded its initial public offering (IPO) on November 21, received a fantastic response from investors. The SME IPO was oversubscribed nearly 350 times.

According to BSE data, NIIs and RIIs led the demand, subscribing 463.85 and 351.58 times, respectively. The QIB portion was oversubscribed 228.48 times.

Ahead of its listing, the grey market premium for the Gallard Steel IPO has been a topic of discussion. Private market investors will continue to monitor the GMP for the SME IPO to gauge the market sentiment.

The GMP for the SME IPO has increased since the IPO opened for subscription on November 19.

The allotment status for the IPO was finalised on Monday. The company is scheduled to initiate refunds and share transfer to Demat accounts today, November 25.  

Shares of Gallard Steel Ltd. are expected to list on the BSE SME on Wednesday, November 26.

The latest GMP for the Gallard Steel IPO stood at Rs 70 as of 9:00 a.m. on Tuesday, November 25. This means that the unlisted shares of Gallard Steel Limited were trading at Rs 220 in the private market, indicating a potential listing gain of 46.67%.

This is the highest GMP recorded for the IPO; the lowest was Rs 11.

Note: GMP does not represent official data and is based on speculation. GMP data as per InvestorGain.

Gallard Steel IPO was a book-building issue of Rs 37.50 crores comprising entirely a fresh issue of 0.25 crore shares of Rs 37.50 crore. The price band for the SME IPO was set at Rs 142 to Rs 150 per share.

Seren Capital Pvt. Ltd is the book-running lead manager, and Ankit Consultancy Pvt. Ltd is the registrar of the issue. The Market Maker of the company is Asnani Stock Broker Pvt.Ltd.

Incorporated in 2015, Gallard Steel Limited is engaged in the manufacturing of S.G. (Ductile) Iron and Grey Cast Iron Castings and special alloy Castings and components primarily for the automobile sector. 

The company focuses on high-precision, long-life components, such as traction motor components, bogie assembly parts, and turbine parts. Gallard Steel manufactures its products at its facility in Pithampur, Madhya Pradesh

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.