Gallard Steel IPO is a SME issue open from 19–21 November. The company is raising ₹37.50 Crores at a price band of ₹142 - ₹150 per share. One lot is 2,000 shares.
Gallard Steel IPO Review & Analysis
Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.
Minimum retail investment
₹3,00,000
2000 shares at the upper band of ₹150
Retail limit
1 lot
the most that fits under the ₹2 lakh retail cap
Funds blocked after close
~5 days
from the closing date to listing
GMP-implied listing gain
+28%
₹42 premium on a ₹150 issue price
Gallard Steel is an SME issue raising ₹37.50 Crores, offered in a band of ₹142–₹150 per share. At the upper end that is 15 times the ₹10 face value, so ₹140 of every share subscribed is share premium rather than capital. SME issues list on the BSE SME or NSE Emerge platform rather than the main board. They trade in fixed lots after listing, carry no retail-versus-HNI cut-off bidding, and are usually far less liquid, so exiting a position can take longer than on the main board.
A retail application for Gallard Steel needs one lot of 2000 shares, which works out to ₹3,00,000 at the upper band of ₹150. SME lots are deliberately sized above ₹1,00,000, so this is a far larger single commitment than a mainboard application and rules out most small investors. Retail applications are capped at ₹2,00,000, which here is a single lot; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 4 lots.
For Gallard Steel, bidding runs 19-21 November, allotment is finalised on 24 Nov 2025, the shares list on 26 Nov 2025. Applications that do not receive an allotment have their UPI mandate released around 3 days after the issue closes. Counting from the close of bidding, money stays blocked for roughly 5 days before listing decides what the holding is worth.
The issue is reserved 50% to qualified institutional buyers, 15% to non-institutional investors, 35% to retail. A 35% retail share is the wider end of the range, which improves the odds for small applications when the book is only modestly oversubscribed. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.
A grey market premium of ₹42 on the upper band of ₹150 implies a listing gain of roughly 28%. The grey market is unofficial and unregulated, the premium can change daily, and it has no bearing on allotment — treat it as a sentiment reading, not a forecast.
The figures above are worked out from the issue's own filed numbers and are for information only. They are not investment advice — read the RHP before you apply.
What is Gallard Steel IPO?
Gallard Steel IPO is a SME issue open from 19–21 November. The company is raising ₹37.50 Crores at a price band of ₹142 - ₹150 per share. One lot is 2,000 shares.
When does Gallard Steel IPO open and close?
The issue is open 19–21 November. Bids must be placed, and any UPI mandate approved, before the cut-off on the closing day.
What is the Gallard Steel IPO price band?
The price band is ₹142 - ₹150 per equity share, against a face value of ₹10. Retail investors may bid at cut-off, meaning they accept the final discovered price within this band.
What is the Gallard Steel IPO lot size?
The minimum application is 2,000 shares, and bids must be in multiples of that lot.
What is the Gallard Steel IPO issue size?
The total issue size is ₹37.50 Crores.
How is Gallard Steel IPO reserved between investor categories?
The issue is reserved as retail 35, QIB 50, HNI 15. If the retail portion is oversubscribed, allotment there is decided by a lottery on lot-sized applications rather than in proportion to the amount applied for.
When is the Gallard Steel IPO allotment date?
Basis of allotment is expected to be finalised on 24 Nov 2025. You can check your status on the registrar's website using your PAN.
When does Gallard Steel IPO list?
Listing is expected on 26 Nov 2025, following the T+3 timeline that applies to Indian IPOs.
