Gallard Steel IPO listing: Shares list at 49% premium over issue price on BSE SME

Gallard Steel IPO listing: Shares of Gallard Steel made a stellar debut today, November 26, as they listed at a massive 49% premium over their initial public offering (IPO) price on the BSE SME.

Gallard Steel share price listed at ₹223.10, a premium of ₹73.10 or 48.73% as against the IPO price of ₹150. The stock extended gains after listing as it hit the 5% upper price band of ₹234.25.

The listing was slightly above the grey market expectations, as the Gallard Steel IPO GMP today was ₹63, hinting at a premium of 42% over the issue price.

Gallard Steel IPO

The issue had received a massive response from all categories of investors, resulting in an oversubscription of 375.54 times. The retail quota was subscribed 351.58 times, the non-institutional investor (NII) segment 624.56 times and the qualified institutional buyer (QIB) portion 228.48 times.

The ₹37.50 crore IPO consisted entirely of a fresh sale of 0.25 crore shares in the price band of ₹142 to ₹150 apiece.

Investors could apply for Gallard Steel IPO, open for bidding from November 19 to November 21, in lots of 1000 shares. Retail investors needed to apply for at least two lots, requiring an investment of ₹3,00,000 at the upper end of the price band. The allotment for Gallard Steel IPO was finalised on November 24.

The company plans to use the funds raised from the share sale for funding capital expenditure towards the expansion of its existing manufacturing facility and the construction of an office building. Additionally, a portion of the funds will be used for repayment of certain corporate borrowings availed by the company, and the remaining will be deployed for general corporate purposes.

Ahead of the IPO opening, the company had raised ₹10.64 crore from the anchor investors.

About Gallard Steel

Incorporated in 2015, Gallard Steel manufactures engineered steel castings, including mild steel, SGCI, and low-alloy castings.

The company produces ready-to-use components, assemblies, and sub-assemblies for Indian Railways, the defence sector, power generation companies, and allied industries, delivering high-quality, application-ready solutions.

Its manufacturing operations are based at a foundry in Pithampur, Dhar, Madhya Pradesh, spread across 12,195 square metres.

Gallard Steel supplies components for railway traction motors, defence cradles, power generation guide vanes, and industrial machinery liners, serving key sectors including railways, defence, power generation, and heavy engineering.

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