Gallard Steel Limited is launching a ₹37.50 crore SME IPO comprising a fresh issue of 25,00,000 shares aggregating to ₹37.50 crore. The offer opens on November 19, 2025 and closes on November 21, 2025, with allotment expected on November 24 and a proposed listing on BSE SME on November 26, 2025. The price band is ₹142 to ₹150 per share; minimum retail application is 2 lots (2,000 shares) = ₹3,00,000 at upper band.
Gallard Steel IPO
SME Book‑built issue (Fresh)
UPCOMING IPOGallard Steel Limited is launching a ₹37.50 crore SME IPO comprising a fresh issue of 25,00,000 shares aggregating to ₹37.50 crore. The offer opens on November 19, 2025 and closes on November 21, 2025, with allotment expected on November 24 and a proposed listing on BSE SME on November 26, 2025. The price band is ₹142 to ₹150 per share; minimum retail application is 2 lots (2,000 shares) = ₹3,00,000 at upper band.
| Face Value | ₹10 per share |
|---|---|
| Issue Price Band | ₹142 to ₹150 per share |
| Offer Structure | Fresh Issue (SME) |
| Total Shares | 25,00,000 shares (aggregating up to ₹37.50 crore) |
| Reserved for Market Maker | 1,25,000 shares (₹1.88 crore) — Asnani Stock Broker Pvt. Ltd. |
| Net Offered to Public | 23,75,000 shares (aggregating up to ₹35.63 crore) |
| Issue Type | Book‑building IPO (SME) |
| Listing | BSE SME |
| Shareholding (Pre / Post) | 70,00,000 / 95,00,000 shares |
| Lead Manager | Seren Capital Pvt. Ltd. |
| Registrar | Ankit Consultancy Pvt. Ltd. |
| Market Maker | Asnani Stock Broker Pvt. Ltd. |
| Investor Category | Shares Offered | Share % |
|---|---|---|
| Market Maker | 1,25,000 | 5.00% |
| QIB | 11,83,000 | 47.32% |
| NII (HNI) | 3,60,000 | 14.40% |
| Retail (RII) | 8,32,000 | 33.28% |
| Total | 25,00,000 | 100.00% |
Anchor portion: 7,09,000 shares raising ₹10.64 crore. Anchor bid date: Nov 18, 2025. Anchor lock‑in period: 50% for 30 days (ends Dec 24, 2025) and remaining 50% for 90 days (ends Feb 22, 2026).
| IPO Open | Wed, Nov 19, 2025 |
|---|---|
| IPO Close | Fri, Nov 21, 2025 |
| Allotment (Tentative) | Mon, Nov 24, 2025 |
| Initiation of Refunds | Tue, Nov 25, 2025 |
| Credit to Demat | Tue, Nov 25, 2025 |
| Listing (Tentative) | Wed, Nov 26, 2025 |
| UPI Mandate Cut‑off | 5 PM on Fri, Nov 21, 2025 |
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,000 | ₹3,00,000 |
| Individual investors (Retail) (Max) | 2 | 2,000 | ₹3,00,000 |
| S‑HNI (Min) | 3 | 3,000 | ₹4,50,000 |
| S‑HNI (Max) | 6 | 6,000 | ₹9,00,000 |
| B‑HNI (Min) | 7 | 7,000 | ₹10,50,000 |
Amounts calculated at upper price band (₹150 per share).
Gallard Steel Limited (incorporated in 2015) manufactures engineered steel castings (mild steel, SGCI, low alloy). The company supplies ready‑to‑use components, assemblies and sub‑assemblies to Indian Railways, defence, power generation and heavy engineering industries. Its foundry in Pithampur (Dhar, MP) spans ~12,195 sqm and is ISO 9001:2015 certified.
Promoters
Zakiuddin Sujauddin, Hakimuddin Ghantawala, Kaid Johar Kalabhai, Zahabiya Kalabhai and Mariya Zakiuddin Sujauddin.
Promoter Holding
| Pre‑Issue | 91.14% |
|---|---|
| Post‑Issue | TBA |
FY2023 – FY2025 (₹ crore)
| Period Ended | Assets | Total Income | Profit After Tax | EBITDA | Net Worth | Reserves | Total Borrowing |
|---|---|---|---|---|---|---|---|
| 30 Jun 2025 | 503.35 | 321.35 | 42.93 | 74.25 | 213.75 | 143.75 | 191.31 |
| FY2025 (31 Mar 2025) | 487.73 | 535.24 | 60.67 | 124.72 | 110.28 | 100.82 | 203.79 |
| FY2024 (31 Mar 2024) | 391.39 | 278.61 | 31.96 | 50.65 | 110.28 | 40.28 | 175.91 |
Source: Company RHP/DRHP and credible IPO trackers. Revenue grew ~92% and PAT rose ~90% between FY2024 and FY2025.
| S.No | Object | Expected Amount (in Millions) |
|---|---|---|
| 1 | Funding of capital expenditure towards expansion of the existing manufacturing facility and construction of office Building | 201.37 |
| 2 | Repayment of a portion of certain borrowings availed by the Company | 70.00 |
| 3 | General Corporate Purpose | TBA |
Company Contact
Gallard Steel Ltd.
Flat No. 01, Sukhsneh Apartment, 168-M Khatiwala Tank, Indore, Madhya Pradesh, 452014
Phone: +91-9644422252
Email: cs@gallardsteel.com
Website: https://www.gallardsteel.com/
Registrar
Ankit Consultancy Pvt. Ltd.
Phone: 0731 – 491 298 / 492 698
Email: compliance@ankitonline.com
Lead Manager
Seren Capital Pvt. Ltd.
Analyst note: Gallard Steel has shown strong revenue and PAT growth recently and serves heavy engineering, railways and defence sectors. Investors should consider valuation, SME liquidity and order‑book visibility before applying.
Refer to the Gallard Steel DRHP/RHP for full details. All figures are per the RHP and credible IPO trackers; post‑issue exact retail allotment numbers will be updated after allotment.
The reserved shares for the market maker are a bit on the smaller side (1,25,000 shares), but it’s good to see the IPO targeting the retail market with a ₹3,00,000 minimum application. It’ll be interesting to see how much retail demand there is!
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