Gallard Steel came to market through an SME IPO that opened on 19 November 2025 and closed on 21 November 2025, and the shares listed on 26 November 2025 on BSE SME. The price band was ₹142 to ₹150 per share and one lot was 1000 shares, so the minimum application was ₹1,50,000. The issue size was ₹37.5 crore. The whole issue was fresh shares, so the money raised went to the company.
Ankit Consultancy Pvt.Ltd was the registrar to the issue, and Seren Capital Pvt.Ltd was the lead manager.
As of 21 November 2025.
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Incorporated in 2015, Gallard Steel Limited is a manufacturer of engineered steel castings, which includes mild steel, SGCI, and low alloy castings. The company manufactures ready-to-use components, assemblies, and subassemblies for Indian Railways, the defence sector, power generation, and allied industries, providing high-quality solutions across various sectors. The foundry, spread over an area of 12,195 square meters in Pithampur, Dhar, Madhya Pradesh, performs the manufacturing operations and is ISO 9001:2015-certified.
The company makes use of various in-house machinery and equipment for processes related to melting, heat treatment, grinding, moulding, sand mixing, and finishing. The company supplies components for railway traction motors, defence cradles, power generation guide vanes, and industrial machinery liners to sectors such as railways, defence, power generation, and heavy engineering industries.
As described in the offer document.
| Metric | 30-Sep-25 | 31-Mar-25 | 31-Mar-24 |
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Zakiuddin Sujauddin, Hakimuddin Ghantawala, Kaid Johar Kalabhai, Zahabiya Kalabhai, Mariya Zakiuddin Sujauddin. Promoter holding 91.14% before the issue.
Work out the listing gain for this SME IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Gallard Steel IPO was a ₹37.5 crore book-built issue, made up entirely of a fresh issue. It was priced at ₹142–₹150 per share with a lot size of 1,000 shares; the minimum retail application was 2,000 shares (₹3,00,000). The IPO was open from November 19 to November 21, 2025 and was subscribed 375.62x. Shares listed on BSE SME on November 26, 2025 at ₹223.10, a 48.7% premium to the issue price of ₹150. Ankit Consultancy Pvt. Ltd. is the registrar.
Seren Capital Pvt. Ltd. is the book running lead manager.
The price band of Gallard Steel IPO is ₹142 to ₹150 per share.
The lot size of Gallard Steel IPO is 1000 shares.
The minimum investment for Gallard Steel IPO is approximately ₹3,00,000 based on the upper price band.
The allotment date of Gallard Steel IPO is Nov 24, 2025.
Gallard Steel IPO's final recorded GMP before listing was ₹50 per share (a 33% premium over the ₹150 upper price band). The shares listed at ₹223.1. GMP is unofficial and does not forecast or guarantee the actual listing price.
You can check Gallard Steel IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Gallard Steel IPO allotment status on Rupix for quick and easy access.
₹142 to ₹150 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 1000 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹1,50,000. After listing, SME shares also trade in lots rather than one share at a time.
₹1,50,000, for one lot of 1000 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 19 November 2025 and closed on 21 November 2025.
The basis of allotment was published on 24 November 2025 by Ankit Consultancy Pvt.Ltd, and allotted shares were credited to demat accounts before listing.
The shares listed on 26 November 2025 on BSE SME.
The issue size was ₹37.5 crore. The fresh issue was 25,00,000 shares (aggregating up to ₹37.5 crore).