Gallard Steel IPO GMP Soars As Subscription Crosses 100x On Final Day; Check Allotment Details
The unlisted shares of the Gallard Steel IPO have been trading at a premium in the private market. The latest GMP shows a 17% gain as compared to yesterday's.
Indore-based engineered steel castings manufacturer Gallard Steel Ltd. will conclude its initial public offering (IPO) on Friday, November 21.
The SME IPO, which was fully subscribed on Day 1, saw its subscription surge over 100x on the final day of subscription.
Amid a strong response from investors, the grey market premium for the Gallard Steel IPO has been topping the 'Business and Finance' trending charts for the last few days. Private market investors will continue to monitor the GMP for the mainboard offer to gauge the market sentiment as bidding for the shares enters its final day. The GMP for the SME IPO has gained since the day the IPO opened for subscription on November 19.
Here's a look at the latest grey market premium (GMP), allotment date, listing date and other key details about Gallard Steel IPO.
Gallard Steel IPO GMP Today
The latest GMP for the Gallard Steel IPO stood at Rs 47 as of 11:00 a.m. on Friday. This means that the unlisted shares of Gallard Steel Limited were trading at Rs 197 in the private market, indication a potential listing gain of 31.33%.
This is the highest GMP recorded for the IPO, lowest was Rs 11.
Note: GMP does not represent official data and is based on speculation. GMP data as per InvestorGain.
Gallard Steel IPO: All You Need To Know
Gallard Steel IPO is a book-building issue of Rs 37.50 crores. The issue is entirely a fresh issue of 0.25 crore shares of Rs 37.50 crore.
The price band for the SME IPO is set at Rs 142.00 to Rs 150.00 per share.
According to BSE, the IPO was subscribed 121.46 times with investors bidding for 21,75,27,000 shares against the 75,553 on offer. The lot size for an application is 1,000. The minimum amount of investment required by an individual investor (retail) is Rs 3,00,000.00 (2,000 shares). The minimum lot size investment for HNI is 3 lots (3,000 shares), amounting to Rs 4,50,000.
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..
For more details regarding the SME IPO of Gallard Steel please read the RHP document here.
Gallard Steel IPO: Allotment Date, Where To Check Allotment And Listing Date
Gallard Steel IPO allotment status is expected to be finalised on Monday, November 24. Investors who bid for the public offer can verify their share allotment status on the websites of BSE, NSE and Ankit Consultancy.
Shares of Gallard Steel Ltd. are expected to be listed on BSE SME on Wednesday, November 26. The company will initiate refunds and share transfers to demat accounts on November 25.
Use Of IPO Proceeds
Gallard Steel will utilise the proceeds from the fresh issue for various purposes. It will use the majority of the proceeds to fund capital expenditure towards the expansion of the existing manufacturing facility and construction of an office building. The remaining portion will be used for repayment of a portion of certain borrowings availed by the company and for other general corporate purposes.
Gallard Steel Business And Financials
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
The company supplies components for railway traction motors, defence cradles, power generation guide vanes, and industrial machinery liners, serving sectors such as railways, defence, power generation, and heavy engineering industries.
Mr Zakiuddin Sujauddin serves as the Managing Director and plays a key role in developing the operational structure and strategic direction of the company.
Recent financial data shows that profit rose to Rs 6 crore in fiscal 2025 from Rs 3.2 crore the previous year, while revenue doubled to Rs 53.3 crore from Rs 26.8 crore. For the second quarter, the firm posted a profit of Rs 4.3 crore on revenue of Rs 31.6 crore.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult financial advisors and read the red herring prospectus thoroughly before placing bids.
