GALLARD STEEL IPO
Quick Overview
| IPO Period | 19th – 21st Nov 2025 |
|---|---|
| Listing on | 26 Nov 2025 |
| Price Band | ₹142 – ₹150 |
| Lot Size & Minimum Investment | 1000 shares (₹150,000) |
| Total Issue Size | ₹37.50 Crores |
Key Timelines for Investors
- Opening Date: 19 Nov 2025
- Closing Date: 21 Nov 2025
- UPI Payment Deadline: 21 Nov 2025 (5 PM)
- Allotment Announcement: 24 Nov 2025
- Refund Processing: 25 Nov 2025
- Demat Credit: 25 Nov 2025
- Stock Market Listing: 26 Nov 2025
- Mandate Validity End: 06 Dec 2025
- Anchor Investor Lock-in Release (50%): 24 Dec 2025
- Anchor Investor Lock-in Release (Remaining): 22 Feb 2026
*Dates may be revised as per official updates.
Understanding Gallard Steel Limited: The Company Profile
Founded in 2015, Gallard Steel Limited is an established engineering company that excels in the manufacturing of ready-to-use components, assemblies, and subassemblies for critical sectors. The company primarily caters to prestigious clients within the Indian Railways, defence, power generation, and various allied industries.
Gallard Steel’s comprehensive product portfolio is a testament to its engineering prowess, encompassing traction motor parts, robust bogie components, sophisticated turbine subassemblies, and diverse industrial machinery components. These products are meticulously crafted from a variety of materials, including carbon steel, ductile iron, grey cast iron, and high-strength alloy steels, ensuring durability and performance tailored to specific client needs.
A significant highlight of Gallard Steel’s operational excellence is its Class ‘A’ Foundry Status, awarded by the Research Designs & Standards Organisation (RDSO), Ministry of Railways. This esteemed accreditation underscores the company’s capability and reliability as an approved vendor for critical railway and defence components such as suspension tubes, axle boxes, gear cases, and cradle assemblies, which are vital for the infrastructure and security sectors.
The company operates an ISO 9001:2015 certified manufacturing facility strategically located in Pithampur, Madhya Pradesh. This state-of-the-art facility is comprehensively equipped for all stages of production, from melting and molding to heat treatment and precision machining. Furthermore, it boasts in-house quality testing capabilities, ensuring that all products consistently meet stringent client standards and regulatory requirements. In a strategic move to broaden its capabilities and market reach, Gallard Steel acquired Sleeploop India Private Limited in 2024, thereby expanding its expertise into CNC machining and rebonded foam manufacturing. Concurrently, it established a subsidiary, Gallard Steel Europe B.V., in the Netherlands, a move designed to significantly strengthen its export presence and serve the dynamic European market.
Fundraising Details
| Total Funds Raised | ₹37.50 Crores |
|---|---|
| Fresh Issue Component | ₹37.50 Crores |
| Offer for Sale Component | ₹0 Crores |
The entire IPO of Gallard Steel Limited is a fresh issue, aiming to raise ₹37.50 Crores. This means that all the proceeds from the IPO will directly go into the company’s coffers, earmarked for specific growth initiatives and operational enhancements rather than existing shareholders selling their stakes.
Planned Use of Capital
Gallard Steel Limited intends to strategically deploy the net proceeds from this IPO for several key objectives aimed at bolstering its manufacturing capabilities, strengthening its financial position, and supporting general corporate activities. The planned allocation is as follows:
| Objective | Amount (INR Crores) | Allocation % |
|---|---|---|
| Funding of capital expenditure towards expansion of the existing manufacturing facility and construction of office building | 20.14 | 53.70% |
| Repayment of a portion of certain borrowings availed by the Company | 7.00 | 18.67% |
| General corporate purposes | 10.36 | 27.63% |
A substantial portion of the funds, approximately 53.70%, is allocated towards significant capital expenditure. This includes the expansion of the existing manufacturing facility, which will likely enhance production capacity and operational efficiency, and the construction of a new office building, signaling future growth and a commitment to robust infrastructure. Additionally, 18.67% of the proceeds will be utilized for the partial repayment of existing borrowings, which is expected to strengthen the company’s balance sheet and reduce its interest burden. The remaining 27.63% is allocated for general corporate purposes, providing the company with crucial flexibility to address various strategic initiatives, operational needs, and unforeseen contingencies.
Distinguishing Competitive Strengths
Gallard Steel Limited exhibits several core strengths that position it favorably within its operating segments:
- Diverse Product Manufacturing: The company is a versatile manufacturer, producing a wide array of steel products including MS pipes, sections, and bars. This diversified product portfolio caters to a broad customer base and various industrial applications, reducing reliance on a single product line.
- Strategic Manufacturing Location: Gallard Steel’s manufacturing facility is strategically situated in Gujarat, a region known for its industrial ecosystem and logistical advantages. This location likely provides efficient access to raw materials and facilitates smooth distribution channels, contributing to operational cost-effectiveness.
- Robust Customer and Supplier Relationships: The company has cultivated established and strong relationships with both its customers and suppliers. These enduring partnerships are crucial for ensuring consistent business flow, reliable supply chains, and fostering long-term stability in a competitive market.
- Experienced Promoter Group: The promoters of Gallard Steel bring extensive experience and deep industry knowledge to the table, particularly in steel manufacturing and trading. Their seasoned expertise is invaluable in navigating market dynamics, making informed strategic decisions, and steering the company towards sustainable growth.
- Commitment to Operational Excellence and Quality: Gallard Steel places a strong emphasis on operational efficiency and stringent quality control measures. This focus is critical for maintaining high product standards, ensuring customer satisfaction, and upholding the company’s reputation for reliability and quality in its specialized segments.
Key Potential Risk Factors
Investors should be aware of certain risk factors associated with Gallard Steel Limited:
- Reliance on Limited Suppliers for Raw Materials: The company’s operations are significantly dependent on a limited number of suppliers for its crucial raw materials. Any disruption in supply from these key vendors, or an adverse change in their terms, could potentially impact production schedules and costs.
- Exposure to Steel Price Volatility: As a steel product manufacturer, Gallard Steel is inherently exposed to the volatility of steel prices. Significant fluctuations in raw material costs or finished product prices can directly impact the company’s profit margins, cash flow, and overall financial performance.
- Operational Concentration Risk: Operating from a single manufacturing location presents a concentration risk. Any unforeseen events such as natural disasters, operational failures, or regulatory issues at this facility could severely disrupt production and significantly affect the company’s operations and financial health.
- High Working Capital Requirements and Debt Reliance: The nature of the manufacturing business often entails high working capital requirements. Gallard Steel’s reliance on debt funding to meet these needs implies financial obligations that could impact profitability, especially if interest rates rise or if the company faces challenges in servicing its debt.
- Intense Competitive Landscape: The steel manufacturing sector is characterized by intense competition from both organized and unorganized players. This competitive pressure can affect pricing power, market share, and profitability, requiring continuous innovation and efficiency from Gallard Steel to maintain its position.
Latest Subscription Data
Subscription statistics based on the latest available information:
| Investor Category | Shares Reserved (Lakhs) | Shares Applied (Lakhs) | Subscription (Times) |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | N/A | N/A | N/A |
| Non-Institutional Investors (NII) | N/A | N/A | N/A |
| Retail Individual Investors (RII) | N/A | N/A | N/A |
| Total | N/A | N/A | N/A |
*Subscription data will be updated once the IPO opens and subscription figures become available. GMP figures are unofficial and may vary; exchange data is more reliable.
How to Apply
Investors interested in participating in the Gallard Steel IPO can submit their applications via the official Dhan Kirti IPO platform. Ensure your application is submitted before the subscription window closes on 21st November 2025.
