Indore-based engineering firm Gallard Steel made a spectacular debut on the stock market on 26 November 2025. Its shares listed at ₹223 on the BSE SME platform, nearly 49% higher than the IPO price of ₹150, delighting investors who had shown huge enthusiasm even before the listing.
The IPO, which aimed to raise ₹37.5 crore by issuing 2.5 million shares, attracted overwhelming demand. It was subscribed about 350 times overall, with retail investors, non-institutional buyers, and qualified institutional buyers all bidding aggressively. Even in the grey market, unlisted shares were already trading at a 38–42% premium, reflecting high market expectations.
Gallard Steel manufactures steel castings and components used in railways, power plants, defence, and heavy engineering. The funds raised from the IPO will be used to expand the company’s production capacity, construct a new office, reduce some debt, and support general business needs.
At the time of listing, Gallard Steel’s market capitalisation stood at around ₹212 crore. The strong debut signals not just investor confidence in the company’s growth prospects, but also the healthy appetite for well-positioned industrial firms in the SME segment.
Analysts say the listing success demonstrates that smaller companies with strong fundamentals can still attract significant market attention, even in a competitive IPO landscape. For retail investors who participated, the listing turned into an early gain, validating their faith in Gallard Steel’s potential.