Qualified Institutional Buyers (QIBs) bid for 10,82,98,000 shares, Non-Institutional Investors (NIIs) for 22,49,65,000 shares, Retail Individual Investors (RIIs) placed bids for 29,25,14,000 shares.

The issue opened for bidding 19 November 2025 and it closed on 21 November 2025. The price band of the IPO was fixed between Rs 142 to Rs 150 per share. The equity shares will list on BSE’s SME platform.

The IPO comprised fresh issue of 25,00,000 equity shares. The company intends to utilize the net proceeds for funding of capital expenditure towards expansion of the existing manufacturing facility and construction of office building, repayment of a portion of certain borrowings availed by the company and general corporate purpose.

Ahead of the IPO, Gallard Steel on Tuesday, 18 November 2025, raised Rs 10.63 crore from anchor investors. The board allotted 7.09 lakh shares at Rs 150 each to 4 anchor investors.

Gallard Steel is engaged in the manufacturing of ready-to-use components, assemblies, and sub-assemblies for Indian Railways, defence, power generation, and allied industries. Its product portfolio includes critical components such as traction motor parts and bogie assembly components for the railway sector, sub-assemblies for thermal and hydro turbines used in power generation, and components for industrial machinery, equipment, and the defence sector. These components are produced using unmachined and machined castings made from metals such as carbon steel, ductile iron, grey cast iron, and medium- and low-alloy steels. The company’s clientele primarily consists of heavy engineering, railway, and defence sector enterprises. As of 28 September 2025, the company had 64 employees on its payroll and additional 53 employees on contract work.

The company recorded revenue from operations of Rs 31.56 crore and net profit of Rs 4.29 crore for the period ended 30 September 2025.