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News Topical, Digital Desk : Bumper IPO Listing: The IPO that investors have been eagerly awaiting has finally been listed. After receiving an overwhelming response from investors, Gallard Steel's IPO listed at a premium of 48.73 percent. Shares listed on the BSE SME platform at ₹223.10 per share. This was one of the most highly subscribed IPOs on the BSE SME platform this year. The IPO was subscribed 349.4 times, generating considerable excitement even before the company's market debut.
Gallard Steel IPO Details
The Gallard Steel IPO was a purely fresh issue consisting of 2.5 million shares. The issue totaled ₹37.5 crore. The company had set a price band of ₹142 to ₹150 per share. One lot consisted of 1,000 shares. The issue was open for subscription from November 19 to 21.
The company will use the proceeds raised here . Ankit Consultancy is the registrar for this IPO, and Seren Capital is the sole book running lead manager for the issue. According to the red herring prospectus, the company will use the proceeds raised from the IPO to expand its existing manufacturing facility and construct an office building. A portion of the proceeds will be used to repay certain debts, while the remaining amount will be used for general corporate purposes.
What does Gallard Steel do? Gallard Steel Limited was established in 2015. The company manufactures SG Iron (Ductile Iron) and Grey Cast Iron Castings, along with special alloy castings and components. The company's primary focus is the production of high-precision components for the automobile sector. These include traction motor components, bogie assembly parts, and turbine parts
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