Madhya Pradesh-based Gallard Steel, which manufactures traction motor components & bogie assembly components maker for railways, has attracted healthy demand for its initial public offering (IPO) from investors on November 19, the first day of bidding as the offer saw more than 5 times subscription.

The company entered capital markets to raise Rs 37.5 crore via its initial share sale of 25 lakh shares at the upper end of price band of Rs 142-150 per share. The IPO comprises of entirely fresh issue component, which remain open till November 21.

Investors picked 90.18 lakh shares on Wednesday, which is 5.04 times higher compared to offer size of 17.91 lakh shares, via 3,279 applications.

Retail and non-institutional investors took the lead, bidding 7 times and 6.59 times their allotted qu

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