Gallard Steel IPO to open on November 19, price band at Rs 142 to Rs 150 

Indore-based engineering company Gallard Steel plans to make its Dalal Street debut with its maiden public issue on November 19. The firm plans to raise funds for business expansion. The IPO will close on November 21.The price band for the share sale is fixed at Rs 142-150 per share. The allotment of shares will be finalised on November 24. Gallard Steel shares are likely to make their debut on the BSE SME from November 26.

The company plans to raise Rs 37.5 crore via initial public offering (IPO) of 25 lakh shares at the upper price band. 

The issue is entirely a fresh issue with no offer-for-sale component.

The company intends to spend Rs 20.73 crore of IPO proceeds for expansion of existing manufacturing facility and construction of office building. Further, Rs 7.2 crore will be utilised for repayment of borrowings, and the remainder funds for general corporate purpose.

Gallard Steel reported a profit of Rs 6 crore in the fiscal 2025 against Rs 3.2 crore in previous year. Revenue from operations doubled to Rs 53.3 crore, up from Rs 26.8 crore during the same period.
In Q2, profit came at Rs 4.3 crore on a revenue of Rs 31.6 crore.

The sole merchant banker managing the Gallard Steel IPO is Seren Capital.

Gallard Steel, which was incorporated in 2015, has a manufacturing facility in Pithampur, Madhya Pradesh. The firm is engaged in the manufacturing of ready-to-use components, assemblies, and sub-assemblies for Indian railways, defence, power generation and allied industries.