Gallard Steel Limited has entered the capital markets with its SME public issue, opening the Gallard Steel IPO for subscription on 19 November 2025. The issue is valued at Rs 37.50 crore, structured entirely as a fresh issue of 0.25 crore equity shares. As an SME IPO, the company will make its debut on the BSE SME platform, with a tentative listing date scheduled for 26 November 2025, depending on regulatory confirmations and allotment timelines. The IPO will remain open until 21 November 2025, offering investors a narrow subscription window of three days.

For investors considering participation, the price band has been set between Rs 142 and Rs 150 per share, which is consistent with SME market norms where companies typically price their issues based on operational strength and near-term expansion plans. The lot size for this IPO is fixed at 1,000 shares, making the minimum retail investment requirement Rs 3 lakh based on the upper price band of Rs 150. For HNI investors, the minimum application size stands at 3 lots, translating to 3,000 shares and a minimum investment of Rs 4.5 lakh. This structure aligns with the common SME IPO framework where larger ticket sizes help maintain investor quality and ensure strategic participation.

To fully appreciate the fundamentals of the company, it is important to understand that Gallard Steel Limited is deeply rooted in the industrial manufacturing ecosystem, specifically in the area of engineered steel castings. Established in 2015, the company has built a reputation for producing high-precision mild steel, SGCI, and low-alloy castings, which are used by large organisations operating in railways, defence, energy, and heavy industrial sectors. Engineered castings form a critical foundation of modern machinery and infrastructure, and Gallard Steel’s operations cater to this specialised and continually evolving demand.

The company manufactures ready-to-use components, subassemblies, and assemblies, providing end-to-end metal engineering support. A strong portion of their manufacturing work caters to the Indian Railways, where castings are used in traction motors, braking systems, bogie components, and other mechanical structures. The company also supplies precision castings for defence applications, especially defence cradles, which demand high accuracy, uniformity, and certified quality controls.

Power generation is another major vertical for the company. Gallard Steel is involved in casting components such as guide vanes and turbine-related mechanical structures, both of which are essential for the operations of hydroelectric and thermal power plants. The company also serves heavy engineering industries, supplying industrial liners, housings, support structures, and customised cast parts that help maintain manufacturing continuity in large-scale engineering operations.

A key differentiator for Gallard Steel Limited is its manufacturing infrastructure. The company operates a fully developed foundry in Pithampur, Dhar, Madhya Pradesh, which spans 12,195 square metres. The facility is ISO 9001:2015 certified, reinforcing the company’s commitment to quality assurance, process standardisation, and customer-focused production control. The foundry is equipped with in-house machinery that supports critical processes such as melting, heat treatment, moulding, sand mixing, grinding, and finishing. The availability of in-house equipment not only reduces external dependency but also helps in maintaining production timelines, customisation capabilities, and stringent quality checks at every stage.

The company's decision to come out with an IPO aligns with its strategic expansion plans. Raising Rs 37.50 crore through fresh equity will provide the company with the necessary financial resources to upgrade its machinery, expand production capacity, improve working capital sufficiency, and potentially deepen its reach across multiple industrial sectors. In the SME space, companies often use IPO funds to improve operational flexibility, reduce debt burdens if any, and invest in new technologies to remain competitive in a rapidly evolving industrial environment.

One of the significant advantages Gallard Steel holds is its diversified sector presence. By serving industries such as railways, defence, power generation, and heavy engineering, the company reduces dependency on a single customer or sector. This diversified demand base provides long-term revenue stability and shields the company from cyclical slowdowns in individual industries. For instance, railway procurement continues to expand as India modernises its railway network with new locomotives and upgraded rolling stock. Similarly, the defence sector requires continuous replenishment of mechanical components, especially with increasing domestic manufacturing under the Make in India initiative. Power generation and heavy engineering industries also contribute stable demand, given the ongoing need for infrastructure development and machinery upgrades.

For investors, the company’s business model appears aligned with long-term industrial growth in India. The emphasis on engineered castings, which are essential components for multiple sectors, ensures that Gallard Steel Limited remains relevant even as industries evolve technologically. The company's location in Pithampur, an industrial hub, provides an additional logistical advantage due to proximity to suppliers, transport networks, and industrial customers.

Regarding IPO-related timelines, the company will close its subscription window on 21 November 2025, followed by the allotment finalisation on 24 November 2025. Successful applicants can expect equity credit to their demat accounts shortly after, and the scheduled listing on 26 November 2025 will offer an opportunity for price discovery on the BSE SME platform.

As an SME IPO, the listing will follow SME trading guidelines, including a minimum lot size for secondary market transactions, and will initially be accessible primarily to informed investors accustomed to SME market characteristics. While SME IPOs often carry higher return potential, they also come with higher risk due to limited liquidity and the early-stage nature of many companies.

Gallard Steel’s sector presence, manufacturing capabilities, quality certifications, and consistent demand from industrial clients may provide a strong foundation for investor interest. However, investors should also consider general SME-market risks, such as market volatility, business expansion challenges, and external factors related to industrial procurement cycles.

Overall, the Gallard Steel IPO presents itself as an opportunity for investors who are looking to participate in a company with a strong manufacturing background and a clearly defined operational strategy. The company’s commitment to precision, quality, and industry-wide relevance positions it strategically within India’s expanding industrial ecosystem.

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