Gallard Steel IPO is a book-built issue worth ₹37.50 crore, consisting entirely of a fresh issue of 0.25 crore shares. The subscription window opened on November 19, 2025, and will close on November 21, 2025. The allotment is expected to be finalised on November 24, 2025, with the company set to list on the BSE SME platform on November 26, 2025.
The IPO price band has been fixed between ₹142 and ₹150 per share. The minimum lot size is 1,000 shares. For retail investors, the minimum investment requirement (based on the upper price band) is ₹3,00,000 for 2,000 shares. For HNIs, the minimum application size is 3 lots, or 3,000 shares, totaling ₹4,50,000.
Gallard Steel’s IPO saw demand, achieving an overall subscription of 76.55 times. By November 21, 2025, at 11:19:35 AM (Day 3), the issue was booked 95.54 times by individual investors, 6.09 times in the QIB (ex-anchor) segment, and an impressive 125.42 times in the NII category.
Gallard Steel IPO is a book-built issue worth ₹37.50 crore, comprising a fresh issue of 0.25 crore shares totaling the same amount.
The IPO price band is ₹142 to ₹150 per share, with a lot size of 1,000 shares. For retail investors, the minimum investment is ₹3,00,000 for 2,000 shares at the upper price band.
By November 21, 2025, 11:24:35 AM (Day 3), the issue was subscribed 99.88 times in the retail individual investors category, 6.09 times by QIBs (excluding anchor investors), and 139.24 times in the NII segment.
The table below breaks down the Gallard Steel share allocation for different categories, highlighting the number of shares and their percentage of the total issue. However, the key focus remains on the quotas allocated to retail investors and HNIs, as they are the most relevant for individual investors.
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 1,25,000 (5.00%) |
| QIB Shares Offered | 11,83,000 (47.32%) |
| – Anchor Investor Shares Offered | 7,09,000 (28.36%) |
| – QIB (Ex. Anchor) Shares Offered | 4,74,000 (18.96%) |
| NII (HNI) Shares Offered | 3,60,000 (14.40%) |
| – bNII > ₹10L | 2,40,000 (9.60%) |
| – sNII < ₹10L | 1,20,000 (4.80%) |
| Retail Shares Offered | 8,32,000 (33.28%) |
| Total Shares Offered | 25,00,000 (100.00%) |
Data Source: NSE
| Category | Subscription (times) |
| Qualified Institutional Buyers | 6.09 |
| Non-Institutional Investors | 139.24 |
| Retail Individual Investors | 99.88 |
| Total shares | 81.70 |
Note: The subscription details are as of Nov 21, 2025
Incorporated in 2015, Gallard Steel Limited specialises in producing engineered steel castings, including mild steel, SGCI, and low alloy castings.
The company manufactures ready-to-use components, assemblies, and subassemblies that cater to Indian Railways, the defence sector, power generation, and other allied industries, offering reliable and high-quality engineering solutions.
Its manufacturing activities are based at a foundry in Pithampur, Dhar, Madhya Pradesh, spread across 12,195 square meters and certified under ISO 9001:2015. The facility is equipped with advanced in-house machinery to support processes such as melting, heat treatment, grinding, moulding, sand mixing, and finishing.
Gallard Steel supplies critical components like railway traction motor parts, defence equipment cradles, power generation guide vanes, and liners for industrial machinery, serving key sectors including railways, defence, power, and heavy engineering.
Know more about IPO allotment status and check your application details online for the latest updates on share allocation.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Nov 21, 2025, 11:32 AM IST
Nikitha Devi
Nikitha is a content creator with 7+ years of experience in the financial domain. Specialising in personal finance, investments, and market insights, Nikitha simplifies complex financial topics, making them accessible to readers.
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