Gallard Steel SME IPO Subscription Status
Gallard Steel SME IPO closed on 21 November 2025 with an overall subscription of 375.54x based on shares applied. QIB demand came in at 228.48x, NII at 624.90x, and retail at 351.58x.
Allotment will be finalised on 24 November 2025. The stock is scheduled to list on NSE and BSE on 26 November 2025.
Issue Price
Rs 150.00
GMP Today
Rs 57.00 (+38.00%)
Overall Subscription
375.54x
Issue Size
₹35.63 Cr
Allotment Date
24 Nov 2025
Listing Date
26 Nov 2025
Gallard Steel SME IPO Subscription by Amount
Category-wise subscription based on amount applied at issue price Rs 150.00
| Category | Amount Offered | Amount Applied | Subscription |
|---|---|---|---|
| QIB | Rs 7.11 Cr | Rs 1,624.47 Cr | 228.48x |
| FII | - | Rs 491.57 Cr | - |
| DFI | - | Rs 112.47 Cr | - |
| Mutual Funds | - | Rs 10.50 Cr | - |
| Other | - | Rs 1,009.94 Cr | - |
| NII | Rs 5.40 Cr | Rs 3,374.48 Cr | 624.90x |
| bNII (above Rs 10L) | Rs 3.60 Cr | Rs 2,687.33 Cr | 746.48x |
| Corporate | - | Rs 50.63 Cr | - |
| Individual | - | Rs 2,592.60 Cr | - |
| Other | - | Rs 44.10 Cr | - |
| sNII (Rs 2L to Rs 10L) | Rs 1.80 Cr | Rs 687.15 Cr | 381.75x |
| Corporate | - | Rs 4.56 Cr | - |
| Individual | - | Rs 677.76 Cr | - |
| Other | - | Rs 4.83 Cr | - |
| IND | Rs 12.48 Cr | Rs 4,387.71 Cr | 351.58x |
| Fixed price | - | Rs 4,387.71 Cr | - |
| Total | Rs 24.99 Cr | Rs 9,386.66 Cr | 375.62x |
Gallard Steel SME IPO Subscription by Applications
Category-wise subscription based on applications received
| Category | Applications Offered | Applications Received | Subscription |
|---|---|---|---|
| QIB | 474 | 136 | 0.29x |
| FII | - | 41 | - |
| DFI | - | 5 | - |
| Mutual Funds | - | 2 | - |
| Other | - | 88 | - |
| NII | 120 | 38,194 | 318.28x |
| bNII (above Rs 10L) | 80 | 23,856 | 298.20x |
| Corporate | - | 319 | - |
| Individual | - | 23,270 | - |
| Other | - | 267 | - |
| sNII (Rs 2L to Rs 10L) | 40 | 14,338 | 358.45x |
| Corporate | - | 100 | - |
| Individual | - | 14,133 | - |
| Other | - | 105 | - |
| IND | 416 | 1,46,257 | 351.58x |
| Fixed price | - | 1,46,257 | - |
| Total | 1,010 | 1,84,587 | 182.76x |
What Do These Subscription Numbers Mean?
A subscription of 375.54x by shares means the IPO received bids for 376 times the shares reserved. Allotment odds depend on application count in each category, not share volume.
Here is what each category number tells you:
QIB at 228.48x by shares: This is the strongest signal on the page. QIBs are institutional investors, mutual funds, foreign institutions, and banks. When they subscribe at 228.48x, it reflects serious institutional conviction.
NII at 318.28x by applications: NII includes high net worth individuals applying above Rs 2 lakh. Proportional allotment uses application subscription. bNII came in at 298.20x and sNII at 358.45x by applications. Share subscription was 624.90x. Allotment uses application count, not share volume.
At 351.58x subscription by applications, approximately 1 in 352 retail applicants can expect an allotment (~1% per application). Retail allotment is done by lottery when oversubscribed.
Gallard Steel SME IPO Allotment Chances
Allotment odds below use application subscription (number of bids received), not share or amount subscribed.
Retail (IND)
- •Application subscription: 351.58x.
- •Allotment odds: about 1 in 352 (~1% chance per application).
- •Method: Lottery. If allotted, you receive at least one lot.
- •One application per PAN. Multiple eligible accounts in a household can improve overall family odds, not individual odds.
SHNI (Rs 2 lakh to Rs 10 lakh)
- •Application subscription: 358.45x.
- •Allotment odds: about 1 in 358 for a minimum-lot application (~1% of the applied lot on average).
- •Method: Proportional. Shares allotted are based on your bid size, not a lottery.
- •Share subscription was 381.75x. Allotment uses application count, not share volume.
BHNI (above Rs 10 lakh)
- •Application subscription: 298.20x.
- •Allotment odds: about 1 in 298 for a minimum-lot application (~1% of the applied lot on average).
- •Method: Proportional. Shares allotted are based on your bid size, not a lottery.
- •Share subscription was 746.48x. Allotment uses application count, not share volume.
Check the Gallard Steel SME IPO Allotment Status page from 24 November 2025 for your allotment result.
Gallard Steel SME IPO GMP After Subscription
GMP for Gallard Steel SME stands at Rs 57.00 today, giving an estimated listing price of Rs 207.00 per share.
A subscription of 375.54x combined with a GMP of 38.00% is a strong combination heading into listing. QIB demand above 50x in particular tends to support listing sentiment, as institutional investors are seen as informed buyers.
Track live GMP on the Gallard Steel SME IPO GMP Today page or the IPOwiz Live IPO GMP Tracker.
Gallard Steel SME IPO Day-wise Subscription
| Day | QIB | NII | Retail | Overall |
|---|---|---|---|---|
| Day 1 - 19 Nov 2025 | 0.00x | 8.88x | 7.00x | 5.41x |
| Day 2 - 20 Nov 2025 | 1.97x | 57.49x | 48.48x | 37.19x |
| Day 3 - 21 Nov 2025 | 228.48x | 624.56x | 351.58x | 375.54x |
Gallard Steel SME IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | 19 November 2025 |
| IPO Close Date | 21 November 2025 |
| Allotment Date | 24 November 2025 |
| Refund Initiation | 25 November 2025 |
| Share Credit to Demat | 25 November 2025 |
| Listing Date | 26 November 2025 |
| Minimum Investment | Rs 3,00,000.00 |
| Lot Size | 1000 shares |
About Gallard Steel SME
Gallard Steel Limited is an engineering manufacturer specializing in ready-to-use components, assemblies, and subassemblies made from carbon steel, ductile iron, grey cast iron, and alloy steels. The company primarily serves high-specification sectors such as the Indian Railways, defence, and power generation. It holds the highly sought-after Class ‘A’ Foundry Status from RDSO, Ministry of Railways, for critical locomotive components.
Understanding Subscription Categories
QIB - Qualified Institutional Buyers
Includes foreign institutional investors, domestic financial institutions, mutual funds, and other qualified institutions. QIB demand is considered the most reliable indicator of institutional confidence in an IPO.
NII - Non-Institutional Investors
High net worth individuals applying above Rs 2 lakh. Divided into bNII (above Rs 10 lakh) and sNII (Rs 2 lakh to Rs 10 lakh). NII allotment is proportional.
IND - Individual Investors
Investors applying up to Rs 2 lakh per PAN. Allotment is by lottery when oversubscribed. Minimum one lot per successful applicant.
Gallard Steel SME IPO Subscription FAQs
What is Gallard Steel SME IPO subscription status today?
Gallard Steel SME IPO subscription closed on 21 November 2025 with overall subscription of 375.54x (by shares) as of 27 June 2026, 2:01 AM IST. QIB 228.48x, NII 318.28x, IND 351.58x.
What is the overall subscription of Gallard Steel SME IPO?
Gallard Steel SME IPO is subscribed 375.54x overall by shares at close on 21 November 2025. QIB 228.48x, NII 318.28x, and IND 351.58x.
What is Gallard Steel SME IPO QIB subscription?
Gallard Steel SME IPO QIB (Qualified Institutional Buyers) subscription is 228.48x by shares. QIB includes mutual funds, FIIs, banks, and other institutions.
What is Gallard Steel SME IPO IND subscription?
Gallard Steel SME IPO IND subscription is 351.58x by applications. Minimum retail bid is up to Rs 2 lakh per PAN.
What is Gallard Steel SME IPO NII subscription?
Gallard Steel SME IPO NII (Non-Institutional Investors) subscription is 318.28x by applications. NII covers bids above Rs 2 lakh.
What are allotment chances in Gallard Steel SME IPO for retail?
At 351.58x subscription by applications, approximately 1 in 352 retail applicants can expect an allotment (~1% per application). Allotment is done by lottery.
When is Gallard Steel SME IPO allotment date?
Gallard Steel SME IPO allotment date is 24 November 2025. Check Gallard Steel SME IPO Allotment Status on IPOwiz from that day using your PAN.
When does Gallard Steel SME IPO subscription close?
Gallard Steel SME IPO subscription closed on 21 November 2025. No new applications are accepted after the close.
What is Gallard Steel SME IPO GMP today?
Gallard Steel SME IPO GMP is ₹57 today (+38.00% over issue price ₹150). See live GMP on the Gallard Steel SME IPO GMP Today page.
What is Gallard Steel SME IPO issue price and lot size?
Gallard Steel SME IPO issue price is ₹150 per share. Lot size is 1000 shares. Minimum investment is ₹3,00,000 per lot (minimum 2 lots for SME). Issue size: ₹35.63 Cr.
When is Gallard Steel SME IPO listing date?
Gallard Steel SME IPO listing date is 26 November 2025 on NSE and BSE. Allotment is on 24 November 2025.
How does subscription affect Gallard Steel SME IPO allotment?
Allotment odds in Gallard Steel SME IPO depend on application subscription in each category, not share volume. Retail uses lottery when oversubscribed. NII proportional allotment at 318.28x by applications means roughly 1 in 318 for minimum-lot bids; bNII at 298.20x (~1 in 298). At 375.54x overall, competition is very high.
For allotment results from 24 November 2025, visit the Gallard Steel SME IPO Allotment Status page. For listing day updates on 26 November 2025, download the IPOwiz App.
Reviewed by Dinesh Agrawal
15+ years in Indian capital markets and IPO research. Subscription data verified before publish.