Madhya Pradesh-based cast components manufacturer Gallard Steel's initial public offering (IPO) has seen robust interest from across categories of investors, closing with a massive 349.4 times subscription on November 21, the final day of bidding.
The company opened its Rs 37.5-crore maiden public issue on November 19 with price band of Rs 142-150 per share, which comprised of entirely fresh issue.
Investors have bid 62.57 crore equity shares against the offer size of 17.91 lakh shares via 1.84 lakh applications. Non-institutional investors took the lead amongst them, picking 463.85 times their allotted quota.
The portions set aside for retail investors and qualified institutional buyers were subscribed 351.58 times and 228.48 times, respectively.
Gallard Steel , which makes traction motor and bogie assembly components for the railway sector, will finalise IPO share allotment by November 24 and its equity shares will be available for trading on the BSE SME effective November 26. This will be the last listing of the current month from the SME segment.
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On November 20, a day before the IPO launch for the public, the company has mobilised Rs 10.6 crore by issuing 7.09 lakh shares to four anchor investors including SageOne, at the upper price band.
The IPO proceeds will be used mainly for expansion of the existing manufacturing facility and construction of office building, and repayment of certain borrowings. And remainder funds will be utilised for general corporate purpose.
Gallard with one manufacturing facility in Pithampur, Madhya Pradesh also manufactures components for industrial machinery and equipments. Apart from this, its subsidiary Sleeploop India acquired in February 2024 operates two separate divisions - CNC machining and rebounded foam manufacturing.
Seren Capital acted as the merchant banker for the Gallard Steel IPO.
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