Gallard Steel, which manufactures traction motor & bogie assembly components for railways, has continued to garner strong interest for its IPO from investors on the second day of bidding November 20. The offer will close on November 21.
The public issue was subscribed 34.67 times with investors picking up 6.20 crore equity shares against the offer size of 17.91 lakh shares via 23,589 applications.
Retail and non-institutional investors were at the forefront to boost the subscription numbers, bidding 48.48 times and 42.93 times their reserved portions, respectively, while qualified institutional buyers started putting in bids on Thursday, buying 1.97 times their allotted quota.
Cast components maker Gallard Steel has tapped capital markets to raise Rs 37.5 crore via initial public offering (IPO) of 25 lakh shares at the upper end of price band of Rs 142-150 per share.
Of which, it has already mobilised Rs 10.6 crore by issuing 7.09 lakh shares to four anchor investors including SageOne on November 18 at the upper price band.
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The company that also makes rebonded foam for mattress manufacturers through its subsidiary Sleeploop India acquired in February 2024 will utilise IPO funds for expansion of the existing manufacturing facility and construction of office building, repayment of borrowings, and general corporate purpose.
Further, it has incorporated a foreign subsidiary company, Gallard Steel Europe B.V in Netherlands in October 2025 for facilitating exports of steel castings and machined components to the European market, which is yet to commence its business operations.
The merchant banker managing the Gallard Steel IPO is Seren Capital.
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