Indore-based engineering company Gallard Steel is set to hit Dalal Street with its maiden public issue next week on November 19 to raise funds for business expansion. The offer will remain open till November 21.
The price band for the public issue has been fixed at Rs 142-150 per share. The IPO share allotment will be finalised by November 24, while Gallard Steel shares will be available for trading on the BSE SME effective November 26.
The company aims to mop up Rs 37.5 crore via initial public offering (IPO) of 25 lakh shares at the upper price band. It is entirely a fresh issue with no offer-for-sale component.
Incorporated in 2015, Gallard Steel with manufacturing facility in Pithampur, Madhya Pradesh involves in the manufacturing of ready-to-use components, assemblies, and sub-assemblies for Indian railways, defence, power generation and allied industries.
The company intends to spend Rs 20.73 crore of IPO proceeds for expansion of existing manufacturing facility and construction of office building. Further, Rs 7.2 crore will be utilised for repayment of borrowings, and the remainder funds for general corporate purpose.
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On the financial front, Gallard Steel's profit nearly doubled to over Rs 6 crore in the fiscal 2025, increasing from Rs 3.2 crore in previous year. Even the revenue from operations doubled to Rs 53.3 crore, up from Rs 26.8 crore during the same period.
Its profit for the April-September period this year stood at Rs 4.3 crore on revenue of Rs 31.6 crore.
The sole merchant banker managing the Gallard Steel IPO is Seren Capital.
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