Gallard Steel shares jump 49% on debut, beating expectations

Business Nov 26, 2025

Gallard Steel made a splashy entry on the BSE SME platform, opening at ₹223.10 per share—up 49% from its IPO price of ₹150. That's even better than what the gray market was predicting.
The buzz was real: demand for shares went through the roof, with the IPO oversubscribed by more than 375 times.

What made this IPO so popular?

Retail investors were all in, subscribing over 350 times their quota, while non-institutional investors pushed it even higher at over 620 times.
To get in, retail folks had to apply for at least two lots (that's 2,000 shares or about ₹3 lakh).
The company plans to use the funds for working capital and general corporate needs—classic next-steps after a blockbuster debut.