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26-Nov-2025     10:29
BSE SME Gallard Steel forges a fiery debut on the bourses
The scrip was listed at Rs 223.10, a premium of 48.73% over the initial public offer (IPO) price. The stock is currently frozen at its upper limit of 5% over its listing price.

The counter hit a high of Rs 234.25 and a low of Rs 223. About 13.23 lakh shares of the company changed hands at the counter.

Gallard Steel's IPO was subscribed 349.40 times. 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 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 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 manufactures ready-to-use components, assemblies and sub-assemblies for Indian Railways, defence, power generation and allied heavy-engineering industries. Its portfolio spans traction motor parts and bogie components for the railways, sub-assemblies for thermal and hydro turbines, and specialised parts for industrial machinery and defence applications. The company produces these components using unmachined and machined castings made from carbon steel, ductile iron, grey cast iron and medium- to low-alloy steels, serving a clientele dominated by large engineering, railway and defence 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.

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