Gallard Steel IPO to open today, price band fixed at Rs 142-150 per share

Gallard Steel, an Indore-based engineering company established in 2015, is set to launch its maiden public issue on Dalal Street with its IPO opening on November 19, and closing on November 21. The price band has been fixed at Rs 142-150 per share, with the company aiming to raise Rs 37.5 crore by offering 25 lakh shares at the upper band.

The issue is entirely a fresh issue with no offer-for-sale component. The allotment of shares will be finalised on 24 November, and the listing is expected on the BSE SME platform from 26 November. Seren Capital is the sole merchant banker for the issue.

Of the IPO proceeds, Rs 20.73 crore will be allocated to expanding the manufacturing facility and constructing an office building, while Rs 7.2 crore is earmarked for repayment of borrowings. The remaining funds will be used for general corporate purposes.

Gallard Steel operates a manufacturing facility in Pithampur, Madhya Pradesh, specialising in ready-to-use components, assemblies, and sub-assemblies for sectors such as Indian railways, defence, power generation, and allied industries. Recent financial data shows profit rising to Rs 6 crore in fiscal 2025 from Rs 3.2 crore the previous year, while revenue doubled to Rs 53.3 crore from Rs 26.8 crore. For the second quarter, the firm posted a profit of Rs 4.3 crore on revenue of Rs 31.6 crore.

While Gallard Steel’s financials indicate growth and increased operational scale, detailed performance metrics such as ROE, ROCE, debt/equity ratios, and promoter holdings are not available. Information regarding the competitive landscape, grey market premium, and subscription status is also absent. Investors should review forthcoming reports and monitor key dates including the basis of allotment on 24 November and the BSE SME listing on 26 November.