Mumbai: The IPO that investors had been waiting for with great excitement has finally been listed. After receiving an overwhelming response from the market, Gallard Steel made its market debut with a strong 48.73 percent premium.
The shares were listed at Rs 223.10 per share on the BSE SME platform. This IPO became one of the most heavily subscribed issues of the year, receiving an unbelievable 349.4 times subscription. Because of such strong demand, investors were expecting a big listing gain even before the stock hit the market.
Details of the Gallard Steel IPO
The Gallard Steel IPO was a completely fresh issue that included 2.5 million shares.
The total size of the issue was Rs 37.5 crore.
For investors, the company fixed a price band of Rs 142 to Rs 150 per share.
A single lot required an investment in 1,000 shares.
The IPO remained open for subscription from 19 November to 21 November.
The IPO’s registrar is Ankit Consultancy, and Seren Capital is the sole book-running lead manager for the issue.
How the Company Will Use the Funds
According to the Red Herring Prospectus, the company will use the IPO funds to expand its existing manufacturing facility and build a new office building.
A part of the raised amount will also be used to repay certain loans, reducing the company’s debt.
The remaining funds will go toward general corporate purposes, which will help strengthen overall operations.
What Does Gallard Steel Do?
Gallard Steel Limited was established in 2015. The company manufactures S.G. Iron (Ductile Iron), Grey Cast Iron castings, and special alloy castings.
Its main focus is on producing high-precision components for the automobile sector.
These include traction motor parts, bogie assembly components, and turbine parts, which require advanced engineering and detailed casting work.
Disclaimer: This article is for information and educational purposes only. It is not investment, financial, or trading advice. Please research carefully or consult a registered financial advisor before investing.
