Gallard Steel made a remarkable debut on the BSE SME today, November 26, as its shares listed at ₹223.10, a 49% premium over the IPO issue price of ₹150. The stock extended gains post-listing, briefly hitting the upper price band of ₹234.25, reflecting strong investor appetite.
The listing has attracted attention across the Indian stock market, with investors tracking Gallard Steel's share price, IPO listing performance, and sectoral interest in steel manufacturing.
Market Performance: Gallard Steel Share Price Shows Robust Start
The IPO listing gave Gallard Steel shares an immediate boost, making it one of the standout performers among SME-listed stocks today. Key highlights from the listing session:
- Listing price: ₹223.10
- Premium over IPO price: ₹73.10 or 48.73%
- Upper price band reached: ₹234.25
This strong debut signals the high demand and market confidence in Gallard Steel’s business model and growth prospects.
Main News: IPO Oversubscription Indicates Investor Enthusiasm
The Gallard Steel IPO received an overwhelming response from investors across all categories, reflecting widespread interest in the company’s equity.
- Total oversubscription: 375.54 times
- Retail category: 351.58 times
- Non-institutional investors (NII): 624.56 times
- Qualified institutional buyers (QIB): 228.48 times
The ₹37.50 crore IPO comprised a fresh issue of 0.25 crore shares, priced between ₹142 and ₹150 each. Investors applied in lots of 1,000 shares, with retail participants required to apply for at least two lots, totalling an investment of ₹3,00,000 at the upper price band.
The allotment process concluded on November 24, completing a smooth IPO cycle.
Company Details: Gallard Steel’s Business & IPO Utilisation
Founded in 2015, Gallard Steel specialises in engineered steel castings, including mild steel, SGCI, and low-alloy castings. The company produces ready-to-use components, assemblies, and sub-assemblies catering to Indian Railways, defence, power generation, and allied heavy engineering sectors.
Manufacturing operations are based at a foundry in Pithampur, Dhar, Madhya Pradesh, spread across 12,195 square meters. Gallard Steel supplies critical components such as:
- Railway traction motors
- Defence cradles
- Power generation guide vanes
- Industrial machinery liners
The capital garnered from the IPO is planned to be utilized for::
- Expansion of the existing manufacturing facility
- Construction of a new office building
- Repayment of certain corporate borrowings
- General corporate purposes
Ahead of the IPO, Gallard Steel raised ₹10.64 crore from anchor investors, adding further stability to the listing process.
Summary: Gallard Steel IPO Makes a Strong Debut
Gallard Steel shares have opened with a striking 49% premium, reflecting the company’s strong fundamentals and market confidence. With oversubscription across all investor segments and strategic utilisation of IPO proceeds, the company is well-positioned to expand its footprint in India’s steel manufacturing and engineering sector.
Key IPO highlights:
- IPO size: ₹37.50 crore
- Issue price: ₹150
- Listing price: ₹223.10
- Oversubscription: 375.54x
- Retail subscription: 351.58x
- NII subscription: 624.56x
- QIB subscription: 228.48x
- IPO allotment: November 24
- Listing date: November 26
The debut firmly places Gallard Steel in focus among SME-listed stocks, marking a significant milestone in its growth journey and offering a benchmark for successful IPOs in India.
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