Gallard Steel IPO Sees Exceptional Demand, Subscribed 375.54x on Day 3

Gallard Steel Limited's initial public offering (IPO) has demonstrated exceptional investor interest through its third day of subscription. The stock price band is set at ₹142-150 per share. The ₹37.50 crore IPO reached 375.54 times by 5:34:36 PM on day three.

Gallard Steel IPO non-institutional investors segment leads with exceptional 624.56 times subscription. Individual investors demonstrate exceptional participation at 351.58 times. Qualified institutional buyers display exceptional interest at 228.48 times. Anchor investors show complete participation at 1.00 times. Market makers show complete participation at 1.00 times.

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Gallard Steel IPO subscription reached exceptional 375.54 times on day three. It was led by Non-Institutional Investors (624.56x), Individual Investors (351.58x), and Qualified Institutional Buyers Ex-Anchor (228.48x). Total applications reached 1,85,338.

Subscription Status of Gallard Steel IPO:

Here are the subscription details for Gallard Steel IPO as of Day 3 (November 21, 2025, 5:34:36 PM):

Key Highlights - Day 3:

• Overall subscription reached exceptional 375.54 times, showing extraordinary improvement from day two's 37.19 times
• Individual investors displaying exceptional confidence at 351.58 times, building substantially from day two's 48.48 times, indicating robust retail demand for this SME IPO
• Qualified institutional buyers (ex-anchor) showing exceptional performance at 228.48 times, building dramatically from day two's 1.97 times, indicating very strong institutional appetite
• Total applications reached 1,85,338, showing exceptional investor participation for this SME IPO
• Cumulative bid amount reached ₹9,384.78 crores, significantly exceeding the net offer size of ₹35.63 crores (excluding anchor and market maker portions) by over 263 times
• Anchor investors fully subscribed their allocation of ₹10.64 crores on November 18, 2025
• Market makers fully subscribed their allocation of ₹1.88 crores
• Issue price fixed at ₹150 per share (upper band), reflecting strong market demand

Key Highlights - Day 2:

• Overall subscription reached exceptional 37.19 times, showing substantial improvement from day one's 5.41 times
• Individual investors displaying exceptional confidence at 48.48 times, building substantially from day one's 7.00 times
• Qualified institutional buyers showing moderate performance at 1.97 times, building from day one's 0.00 times

Key Highlights - Day 1:

• Overall subscription reached strong 5.41 times, showing robust initial investor interest
• Non-institutional investors showing strong performance at 8.88 times, indicating healthy HNI appetite
• Individual investors displaying strong confidence at 7.00 times, showing positive retail sentiment
• Qualified institutional buyers showing negligible participation at 0.00 times, indicating no institutional appetite

About Gallard Steel Limited

Incorporated in 2015, Gallard Steel Limited is engaged in the manufacturing of engineered steel castings, including mild steel, SGCI, and low alloy castings. The company manufactures ready-to-use components, assemblies, and subassemblies for Indian Railways, the defence sector, power generation, and allied industries.