Gallard Steel’s SME IPO has witnessed overwhelming demand, with overall bids reaching nearly 35 times the issue size by the second day of subscription. Retail and non‑institutional investors led the momentum, while qualified institutional buyers also participated. The ₹37.5 crore issue closes on November 21, 2025.
Strong second‑day momentum
Gallard Steel, a manufacturer of rail traction motor and bogie assembly components, has drawn significant investor appetite in its ongoing SME IPO. The issue, priced at ₹142–150 per share, saw bids for over 6 crore shares against an offer size of 17.91 lakh shares. Retail investors subscribed close to 48 times, while non‑institutional investors pushed demand above 42 times. QIBs also began contributing, adding depth to the subscription profile.
Notable updates
-
Issue size: ₹37.5 crore via 25 lakh shares
-
Price band: ₹142–150 per share
-
Overall subscription: ~34.67x on day two
-
Retail category: ~48.48x subscribed
-
NII category: ~42.93x subscribed
-
QIB category: ~1.97x subscribed
-
IPO bidding window: November 19–21, 2025
The strong subscription reflects investor confidence in Gallard Steel’s niche rail manufacturing business and highlights the robust appetite for SME IPOs in India’s capital markets.
Sources: Economic Times, Moneycontrol, Trendlyne