Gallard Steel SME IPO Subscription
ListedUpdated 26 November 2025, 9:15 AM IST· BSE SME
Gallard Steel SME IPO subscription closed on 21 November 2025 at 375.54x overall by shares. QIB demand came in at 228.48x, NII at 624.90x, and retail at 351.58x. See Retail, SHNI, and BHNI allotment chances in the table…
Gallard Steel SME IPO subscription closed on 21 November 2025 at 375.54x overall by shares. QIB demand came in at 228.48x, NII at 624.90x, and retail at 351.58x. See Retail, SHNI, and BHNI allotment chances in the table below.
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Allotment date is 24 November 2025. Listing date on NSE and BSE is 26 November 2025.
Gallard Steel SME IPO Day-wise Subscription
Daily QIB, NII, Retail, and overall subscription as bids come in
| 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 Allotment Chances
Retail, SHNI, and BHNI chances based on application subscription
Gallard Steel SME IPO allotment chances for Retail, SHNI, and BHNI. All three use lottery when the category is oversubscribed.
| Category | Subscription (Apps) | Allotment Chances |
|---|---|---|
| Retail (IND) | 351.58x | 1 in 352 |
| SHNI (Rs 2L to Rs 10L) | 358.45x | 1 in 358 |
| BHNI (above Rs 10L) | 298.20x | 1 in 298 |
Chances use application subscription (how many bids came in), not share or amount figures. If you get allotment, you get at least one lot. Higher subscription means lower chance per PAN.
Check the Gallard Steel SME IPO Allotment Status page from 24 November 2025 for your result.
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?
375.54x overall by shares means bids covered about 376 times the shares on offer. Allotment chances depend on applications in each category.
QIB at 228.48x by shares shows institutional demand from mutual funds, FIIs, and banks.
NII covers bids above Rs 2 lakh (318.28x by applications). Split: SHNI 358.45x, BHNI 298.20x by applications. SHNI and BHNI allotment is by lottery.
At 351.58x subscription by applications, about 1 in 352 retail applicants may get allotment (~1% chance per application). Retail allotment is also by lottery.
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 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 (SHNI & BHNI)
Investors bidding above Rs 2 lakh. Split into SHNI (Rs 2 lakh to Rs 10 lakh) and BHNI (above Rs 10 lakh). Both use lottery allotment when oversubscribed.
IND - Individual Investors
Investors bidding up to Rs 2 lakh per PAN. Allotment is by lottery when oversubscribed. Winners get at least one lot.
Gallard Steel SME IPO Pages
Open related pages for this IPO: details, GMP, subscription, allotment, review, FAQ, registrar, timeline, and news.
Gallard Steel SME Details
Issue size, price, financials, and company info
Gallard Steel SME GMP
Live grey market premium and listing estimate
Gallard Steel SME Subscription
QIB, NII, Retail, SHNI and BHNI subscription
Gallard Steel SME Allotment
Allotment date, chances, and check by PAN
Gallard Steel SME Review
SWOT, strengths, risks, and IPO review
Gallard Steel SME FAQ
Common questions on dates, GMP, and allotment
Gallard Steel SME Registrar
Registrar website and how to check allotment
Gallard Steel SME Timeline
Open, close, allotment, and listing dates
Gallard Steel SME News
Updates, blogs, and latest IPO news
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 August 2026, 4:32 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. Retail bids are up to Rs 2 lakh per PAN.
What is Gallard Steel SME IPO NII, SHNI, and BHNI subscription?
Gallard Steel SME IPO NII subscription is 318.28x by applications. NII is bids above Rs 2 lakh, split into SHNI (Rs 2L to Rs 10L) at 358.45x and BHNI (above Rs 10L) at 298.20x.
What are Gallard Steel SME IPO retail allotment chances?
At 351.58x subscription by applications, about 1 in 352 retail applicants may get allotment (~1% chance per application). Allotment is by lottery.
What are Gallard Steel SME IPO SHNI allotment chances?
At 358.45x subscription by applications, about 1 in 358 SHNI applicants may get allotment (~1% chance per application). Allotment is by lottery. Share subscription was 381.75x. Allotment chances use applications, not share volume.
What are Gallard Steel SME IPO BHNI allotment chances?
At 298.20x subscription by applications, about 1 in 298 BHNI applicants may get allotment (~1% chance per application). Allotment is by lottery. Share subscription was 746.48x. Allotment chances use applications, not share volume.
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?
In Gallard Steel SME IPO, Retail, SHNI, and BHNI allotment is by lottery when oversubscribed. Chances follow application subscription in each category, not share volume. 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.
Sources
We match Gallard Steel SME IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- IPO RegistrarRegistrar details are on the allotment page for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews subscription data before it goes live.