Description

BSE announces the listing of 9,500,000 equity shares of Gallard Steel Limited from its Initial Public Offer, with various lock-in periods for promoter and anchor investor shares.

Summary

BSE has announced the listing of equity shares of Gallard Steel Limited following its Initial Public Offer (IPO). A total of 9,500,000 fully paid-up equity shares are being listed, with varying lock-in periods for different categories of shares including promoter holdings and anchor investor allocations.

Key Points

  • Total shares listed: 9,500,000 equity shares
  • All shares are in demat form
  • Promoter shares with lock-in: 7,000,000 shares (1-year, 2-year, and 3-year lock-in categories)
  • Anchor investor shares: 709,000 shares (30-day and 90-day lock-in periods)
  • Free IPO shares: 1,791,000 shares
  • Lock-in periods start from November 14, 2025 and November 25, 2025
  • Distinctive numbers provided for presentation purposes only

Share Distribution Details

Promoter Lock-in Categories:

  • 1-year lock-in (Demat): 2,850,000 shares (lock-in until November 30, 2026)
  • 2-year lock-in (Demat): 2,230,000 shares (lock-in until November 30, 2027)
  • 3-year lock-in (Demat): 1,920,000 shares (lock-in until November 30, 2028)

Anchor Investor Lock-in:

  • 30-day lock-in: 354,000 shares (lock-in until December 25, 2025)
  • 90-day lock-in: 355,000 shares (lock-in until February 23, 2026)

Free IPO Shares: 1,791,000 shares (no lock-in restrictions)

Important Dates

  • Promoter Lock-in Start Date: November 14, 2025
  • Anchor Investor Lock-in Start Date: November 25, 2025
  • Anchor 30-day Lock-in Expiry: December 25, 2025
  • Anchor 90-day Lock-in Expiry: February 23, 2026
  • 1-year Lock-in Expiry: November 30, 2026
  • 2-year Lock-in Expiry: November 30, 2027
  • 3-year Lock-in Expiry: November 30, 2028

Compliance Requirements

  • All shares are held in dematerialized form
  • Promoters must comply with lock-in restrictions ranging from 1 to 3 years
  • Anchor investors subject to 30-day and 90-day lock-in periods as per SEBI regulations
  • Trading members and investors should note lock-in schedules before executing trades

Impact Assessment

Market Impact: Medium - New listing adds liquidity to the steel sector on BSE. The phased unlocking of promoter shares over three years ensures controlled supply in the market.

Trading Impact: Immediate tradability limited to 1,791,000 free IPO shares (18.85% of total issue). Full float will increase gradually as lock-in periods expire.

Investor Consideration: Investors should be aware of the lock-in schedule which affects available free float. The majority of shares (73.68%) are under promoter lock-in, indicating strong promoter commitment but limited initial liquidity.

Impact Justification

New IPO listing with moderate market impact, relevant for investors tracking new listings and lock-in schedules