Gulf Lloyds (India) Ltd IPO
Status: Closed
Overview
IPO date
20 Jul 2026 to 22 Jul 2026
Face value
₹ 0 per share
Price
₹ 100 to ₹100 per share
Issue Size
1,819,200 shares
(aggregating up to ₹ 18.19 Cr)
(aggregating up to ₹ 18.19 Cr)
Allotment Date
23 Jul 2026
Listing at
NSE
Issue type
Fixed Price - SME
Sector
Miscellaneous
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T&C*
Strengths vs Risks of Gulf Lloyds (India) Ltd
Know the pros & cons
Strengths
- Comprehensive Range of Services.
- Large Assignment Pipeline and Broad Client Base Across Sectors.
- Accredited and Recognized Operations.
- Strengthening Technical Expertise through an Experienced and Qualified Team.
- Focus on Continuous Employee Training and Skill Development.
- Nationwide and Regional Reach.
- Quality and Compliance-Driven Processes.
Risks
- The Company is subject to periodic inspections and ongoing compliance requirements prescribed by NABCB, and any observations or changes in accreditation requirements may requires corrective actions and could affect its operations.
- Dependence on Third-Party NABL Accredited Laboratory may affect the company's ability to execute certain assignments.
- The company has executed a Banakhat (agreement to sell) for the proposed purchase of office premises as part of its business expansion plan. Any delay or failures in completing the execution and registration of the final sale deed within the stipulated time may adversely affect the implementation of the company's expansion plans and may consequently have an adverse impact on its business operations, profitability and reputation.
- The Company is dependent on a few suppliers for purchases of product/service. The loss of any of these service providers may affect its business operations.
- The company's revenue from operations is dependent upon a limited number of customers and the loss of any of these customers or loss of revenue from any of these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.
- The company is required to furnish bank guarantees for certain contracts, and any failures to provide or maintain such guarantees may adversely affect its ability to execute such contracts and may impact the company's financial condition.
- The company's business depends significantly on the accuracy and reliability of inspection and testing results, and any error or deficiency in the company's inspection reports may expose its to reputational risks and potential liabilities.
- The company's inspection and testing activities depend on the proper calibration and functioning of equipment and instruments, and any failures to maintain accurate calibration may affect the quality and reliability of its inspection services.
- The company has experienced negative cash flows from operating activities in previous years / periods. Any operating losses or negative cash flow in the future could adversely affect its results of operations and financial condition.
- The company's business may be adversely affected by changes in industry standards, technical regulations or compliance requirements.
- The company's Registered office premises is not owned by the Company and are taken on lease from its Promoters and Directors. Any non-renewal or termination of such lease arrangement may adversely affect the company's business operations.
- There may has been certain instances of non-compliances with respect to certain corporate actions taken by the Company in the past. Consequently, its may be subject to regulatory actions and penalties.
- A decline in the Company's profitability may adversely affect its financial condition and results of operations.
- Risk Factor 12: Fluctuation and Reduction in Number of Employees may adversely affect its financial condition and results of operations.
- The company's business may be affected by delays, disruptions or restrictions at project sites or client locations where inspection activities are conducted.
- The company's business is subject to regulatory and accreditation requirements applicable to third-party inspection and certification service providers, and any failures to obtain, maintain or renew necessary approvals, certifications or accreditations may adversely affect its operations and revenue.
- The company's business growth and sustainability dependent on Continuous Employee Training and Skill Updates which may impact on its operational performance and reputation.
- The company has to relies on the services, integrity and expertise of its outsourced agency. Any failures or lapse on that part may affect the company's reputation, client trust, business operations, and profitability.
- The Company continually monitors the performance and compliance of all outsourced agencies to mitigate such risks and ensure that the quality and reliability of its services remain consistent. Frequent changes in ISO standards require re-training auditors and updating processes, increasing compliance costs and risk of delays.
- Dependence on Skilled Auditors and Inspection Personnel. Limited availability of them may lead to operational errors, increased costs and reputational risks.
- The sizable portion of revenue is generated from the state of Gujarat, any adverse development affecting the company's operations in the state could have an adverse impact on its business, financial condition and results of operations.
- The company's international revenue has fluctuated in the past and currently constitutes a relatively small portion of its total revenue may limit growth and increase dependence on domestic markets.
- A portion of the company's business is derived from tenders, and its inability to successfully qualify for or secure such tenders may have an adverse effect on the company's business, financial condition and results of operations.
- The company's business is dependent on the availability and retention of qualified technical personnel, and its inability to attract or retain such personnel may adversely affect the company's operations.
- Any misconduct, bias, inconsistency or failures to adhere to professional standards by the company's auditors or inspection personnel may affect the credibility of its services and adversely affect the company's reputation and business.
- There has been instances of delay in filing of Goods and Service Tax returns (GST), ESI dues and other statutory dues may have a material adverse impact on the company's cash flows and financial condition.
- Delays or non-compliances relating to employee-related statutory filings, including EPF/EPFO, may adversely impact the company's financial condition and reputation.
- Any default in repayment of borrowings or servicing of interest thereon, and any potential roll-over of such liabilities, may adversely affect the company's financial condition and operations.
- The company operates in a highly competitive industry and increased competition may adversely affect its market position, business operations and profitability.
- The company's insurance coverage may not be sufficient or adequate to protect its against all risks, which may adversely affect the company's business, results of operations, financial condition and cash flows.
- The company's international operations is subject to many uncertainties, and the company is exposed to foreign currency exchange rate fluctuations which may have a direct impact on its profits, results of operations and cash flows and consequently on the company's business condition and profitability.
- The requirements of being a public listed company may strain its resources and impose additional requirements.
- The Company's Promoters and Directors may be subject to legal proceedings, claims or disputes in the future, which could adversely affect its business, financial condition and results of operations.
- The company's Promoters/Directors has issued personal guarantees and/or mortgaged their property in relation to debt facilities availed by its, which if revoked, may requires alternative guarantees, repayment of amounts due or termination of the facilities.
- The company's Promoter and members of the Promoter Group will continue jointly to retain majority control over the Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
- The company is required to obtain, renew or maintain statutory and regulatory permits, licenses and approvals to operates its business and any delay or inability in obtaining, renewing or maintaining such permits, licenses and approvals could result in an adverse effect on the company's results of operations.
- The Company does not has intellectual property rights over its corporate logo. This may damage to the company's business prospects, reputation and goodwill and misuse of its designs and logo also.
- The company is dependent upon the experience and skill of its promoter, management team and key managerial personnel and senior management personnel. Loss of the company's Promoter or its inability to attract or retain such qualified personnel, could adversely affect the company's business, results of operations and financial condition.
- The company may not be able to successfully manage the growth of its operations and execute the company's growth strategies which may have an adverse effect on its business, financial condition, results of operations and future prospects.
- The company's business is working capital intensive involving relatively long implementation periods. Its requires substantial financing for the company's business operations. Its indebtedness and the conditions and restrictions imposed on the company's financing arrangements could adversely affect its ability to conduct the company's business.
- The average cost of acquisition of Equity Shares held by the company's Promoters is lower than the Issue Price.
- The company's Promoters, Directors and Key Managerial Personnel may have interests in the Company other than reimbursement of expenses incurred or normal remuneration, which may result in potential conflicts of interest.
- The company has unsecured loans from Promoters, Directors, their relatives which is repayable on demand, and any demand for repayment may adversely affect its liquidity and business operations.
- The company has entered into certain transactions with related parties. These transactions or any future transactions with its related parties could potentially involve conflicts of interest.
- There is no monitoring agency appointed by the Company and the deployment of funds is at the discretion of its Management and the company's Board of Directors, though it shall be monitored by its Audit Committee.
- The company has not identified any alternate source of financing for the `Objects of the Issue'. If its fails to mobilize resources as per the company's plans, its growth plans may be affected.
- The company's ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
- Delay in raising funds from the IPO could adversely impact the implementation schedule.
- The company's funding requirements and proposed deployment of the Net Proceeds are based on management estimates and has not been independently appraised and may be subject to change based on various factors, some of which are beyond its control.
- Any future issuance of Equity Shares may dilute the shareholding of the Investor or any sale of Equity Shares by the company's Promoter or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
- The issue price of the Equity Shares may not be indicative of market price of the company's equity shares after the issue and the market price of its Equity shares may decline below the issue price.
- Pursuant to listing of the Equity Shares, the company may be subject to pre-emptive surveillance measures like Additional Surveillance Measure (ASM) and Graded Surveillance Measures (GSM) by the Stock Exchanges in order to enhance market integrity and safeguard the interest of investors.
- Sale of shares by the company's promoters or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
- The company's future funds requirements, in the form of fresh issue of capital or securities and/or loans taken by its, may be prejudicial to the interest of the shareholders depending upon the terms on which they are eventually raised.
- There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the SME Platform of BSE in a timely manner or at all.
- The Equity Shares has never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.
- There are restrictions on daily weekly monthly movement in the price of the equity shares, which may adversely affect the shareholder's ability to sell for the price at which it can sell, equity shares at a particular point in time.
How to check the allotment status of Gulf Lloyds (India) Ltd IPO?
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Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
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Enter details- PAN, Application number or DP client ID
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The IPO opens on 20 Jul 2026 & closes on 22 Jul 2026.
Gulf Lloyds (India) Limited was originally incorporated as 'Gulf Lloyads Industrial Services (India) Private Limited' dated September 26, 2014, with the Assistant Registrar of Companies, Gujarat. Subsequently, the name of the company was changed to Gulf Lloyds Industrial Services (India) Private Limited and again was changed to Gulf Lloyds (India) Private Limited on September 10, 2024. Thereafter, the name of the Company was changed to Gulf Lloyds (India) Limited vide fresh Certificate of Incorporation obtained from the Central Processing Centre on
January 20, 2025.
The Company is engaged in providing inspection, verification, auditing, training and certification for government bodies, public sector
enterprises, and private organizations engaged in infrastructure, industrial, and engineering activities and the testing services to clients operating across various industries. The services provided by them involve examining materials, equipment, structures, processes or systems and issuing inspection reports, test results or certifications based on their observations and professional assessment.
The business as a third-party inspection and testing service provider relies significantly on the use of specialized inspection instruments, testing equipment and measurement devices. The accuracy and reliability of the inspection results generated by such equipment depend on periodic calibration, maintenance and adherence to prescribed technical standards.
Company has filed a Draft Prospectus with SEBI &is planning the fresh issue of 18,20,000 Equity Shares through IPO.
Gulf Lloyds (India) Ltd IPO will close on 22 Jul 2026.
- Comprehensive Range of Services.
- Large Assignment Pipeline and Broad Client Base Across Sectors.
- Accredited and Recognized Operations.
- Strengthening Technical Expertise through an Experienced and Qualified Team.
- Focus on Continuous Employee Training and Skill Development.
- Nationwide and Regional Reach.
- Quality and Compliance-Driven Processes.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Jaykumar Bhavsar | 1620300 | 33 | 1620300 | 24.08 |
| 2 | Bhagirath Bhavsar | 1669400 | 34 | 1669400 | 24.81 |
| 3 | Anitaben Bhavsar | 1611953 | 32.83 | 1611953 | 23.95 |
| 4 | Shivaniben Bhavsar | 2455 | 0.05 | 2455 | 0.04 |
| 5 | Ashokkumar Bhavsar | 1473 | 0.03 | 1473 | 0.02 |
| 6 | Nimisha Bhavsar | 1473 | 0.03 | 1473 | 0.02 |
- The Company is subject to periodic inspections and ongoing compliance requirements prescribed by NABCB, and any observations or changes in accreditation requirements may requires corrective actions and could affect its operations.
- Dependence on Third-Party NABL Accredited Laboratory may affect the company's ability to execute certain assignments.
- The company has executed a Banakhat (agreement to sell) for the proposed purchase of office premises as part of its business expansion plan. Any delay or failures in completing the execution and registration of the final sale deed within the stipulated time may adversely affect the implementation of the company's expansion plans and may consequently have an adverse impact on its business operations, profitability and reputation.
- The Company is dependent on a few suppliers for purchases of product/service. The loss of any of these service providers may affect its business operations.
- The company's revenue from operations is dependent upon a limited number of customers and the loss of any of these customers or loss of revenue from any of these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.
- The company is required to furnish bank guarantees for certain contracts, and any failures to provide or maintain such guarantees may adversely affect its ability to execute such contracts and may impact the company's financial condition.
- The company's business depends significantly on the accuracy and reliability of inspection and testing results, and any error or deficiency in the company's inspection reports may expose its to reputational risks and potential liabilities.
- The company's inspection and testing activities depend on the proper calibration and functioning of equipment and instruments, and any failures to maintain accurate calibration may affect the quality and reliability of its inspection services.
- The company has experienced negative cash flows from operating activities in previous years / periods. Any operating losses or negative cash flow in the future could adversely affect its results of operations and financial condition.
- The company's business may be adversely affected by changes in industry standards, technical regulations or compliance requirements.
- The company's Registered office premises is not owned by the Company and are taken on lease from its Promoters and Directors. Any non-renewal or termination of such lease arrangement may adversely affect the company's business operations.
- There may has been certain instances of non-compliances with respect to certain corporate actions taken by the Company in the past. Consequently, its may be subject to regulatory actions and penalties.
- A decline in the Company's profitability may adversely affect its financial condition and results of operations.
- Risk Factor 12: Fluctuation and Reduction in Number of Employees may adversely affect its financial condition and results of operations.
- The company's business may be affected by delays, disruptions or restrictions at project sites or client locations where inspection activities are conducted.
- The company's business is subject to regulatory and accreditation requirements applicable to third-party inspection and certification service providers, and any failures to obtain, maintain or renew necessary approvals, certifications or accreditations may adversely affect its operations and revenue.
- The company's business growth and sustainability dependent on Continuous Employee Training and Skill Updates which may impact on its operational performance and reputation.
- The company has to relies on the services, integrity and expertise of its outsourced agency. Any failures or lapse on that part may affect the company's reputation, client trust, business operations, and profitability.
- The Company continually monitors the performance and compliance of all outsourced agencies to mitigate such risks and ensure that the quality and reliability of its services remain consistent. Frequent changes in ISO standards require re-training auditors and updating processes, increasing compliance costs and risk of delays.
- Dependence on Skilled Auditors and Inspection Personnel. Limited availability of them may lead to operational errors, increased costs and reputational risks.
- The sizable portion of revenue is generated from the state of Gujarat, any adverse development affecting the company's operations in the state could have an adverse impact on its business, financial condition and results of operations.
- The company's international revenue has fluctuated in the past and currently constitutes a relatively small portion of its total revenue may limit growth and increase dependence on domestic markets.
- A portion of the company's business is derived from tenders, and its inability to successfully qualify for or secure such tenders may have an adverse effect on the company's business, financial condition and results of operations.
- The company's business is dependent on the availability and retention of qualified technical personnel, and its inability to attract or retain such personnel may adversely affect the company's operations.
- Any misconduct, bias, inconsistency or failures to adhere to professional standards by the company's auditors or inspection personnel may affect the credibility of its services and adversely affect the company's reputation and business.
- There has been instances of delay in filing of Goods and Service Tax returns (GST), ESI dues and other statutory dues may have a material adverse impact on the company's cash flows and financial condition.
- Delays or non-compliances relating to employee-related statutory filings, including EPF/EPFO, may adversely impact the company's financial condition and reputation.
- Any default in repayment of borrowings or servicing of interest thereon, and any potential roll-over of such liabilities, may adversely affect the company's financial condition and operations.
- The company operates in a highly competitive industry and increased competition may adversely affect its market position, business operations and profitability.
- The company's insurance coverage may not be sufficient or adequate to protect its against all risks, which may adversely affect the company's business, results of operations, financial condition and cash flows.
- The company's international operations is subject to many uncertainties, and the company is exposed to foreign currency exchange rate fluctuations which may have a direct impact on its profits, results of operations and cash flows and consequently on the company's business condition and profitability.
- The requirements of being a public listed company may strain its resources and impose additional requirements.
- The Company's Promoters and Directors may be subject to legal proceedings, claims or disputes in the future, which could adversely affect its business, financial condition and results of operations.
- The company's Promoters/Directors has issued personal guarantees and/or mortgaged their property in relation to debt facilities availed by its, which if revoked, may requires alternative guarantees, repayment of amounts due or termination of the facilities.
- The company's Promoter and members of the Promoter Group will continue jointly to retain majority control over the Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
- The company is required to obtain, renew or maintain statutory and regulatory permits, licenses and approvals to operates its business and any delay or inability in obtaining, renewing or maintaining such permits, licenses and approvals could result in an adverse effect on the company's results of operations.
- The Company does not has intellectual property rights over its corporate logo. This may damage to the company's business prospects, reputation and goodwill and misuse of its designs and logo also.
- The company is dependent upon the experience and skill of its promoter, management team and key managerial personnel and senior management personnel. Loss of the company's Promoter or its inability to attract or retain such qualified personnel, could adversely affect the company's business, results of operations and financial condition.
- The company may not be able to successfully manage the growth of its operations and execute the company's growth strategies which may have an adverse effect on its business, financial condition, results of operations and future prospects.
- The company's business is working capital intensive involving relatively long implementation periods. Its requires substantial financing for the company's business operations. Its indebtedness and the conditions and restrictions imposed on the company's financing arrangements could adversely affect its ability to conduct the company's business.
- The average cost of acquisition of Equity Shares held by the company's Promoters is lower than the Issue Price.
- The company's Promoters, Directors and Key Managerial Personnel may have interests in the Company other than reimbursement of expenses incurred or normal remuneration, which may result in potential conflicts of interest.
- The company has unsecured loans from Promoters, Directors, their relatives which is repayable on demand, and any demand for repayment may adversely affect its liquidity and business operations.
- The company has entered into certain transactions with related parties. These transactions or any future transactions with its related parties could potentially involve conflicts of interest.
- There is no monitoring agency appointed by the Company and the deployment of funds is at the discretion of its Management and the company's Board of Directors, though it shall be monitored by its Audit Committee.
- The company has not identified any alternate source of financing for the `Objects of the Issue'. If its fails to mobilize resources as per the company's plans, its growth plans may be affected.
- The company's ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
- Delay in raising funds from the IPO could adversely impact the implementation schedule.
- The company's funding requirements and proposed deployment of the Net Proceeds are based on management estimates and has not been independently appraised and may be subject to change based on various factors, some of which are beyond its control.
- Any future issuance of Equity Shares may dilute the shareholding of the Investor or any sale of Equity Shares by the company's Promoter or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
- The issue price of the Equity Shares may not be indicative of market price of the company's equity shares after the issue and the market price of its Equity shares may decline below the issue price.
- Pursuant to listing of the Equity Shares, the company may be subject to pre-emptive surveillance measures like Additional Surveillance Measure (ASM) and Graded Surveillance Measures (GSM) by the Stock Exchanges in order to enhance market integrity and safeguard the interest of investors.
- Sale of shares by the company's promoters or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
- The company's future funds requirements, in the form of fresh issue of capital or securities and/or loans taken by its, may be prejudicial to the interest of the shareholders depending upon the terms on which they are eventually raised.
- There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the SME Platform of BSE in a timely manner or at all.
- The Equity Shares has never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.
- There are restrictions on daily weekly monthly movement in the price of the equity shares, which may adversely affect the shareholder's ability to sell for the price at which it can sell, equity shares at a particular point in time.
The Issue type of Gulf Lloyds (India) Ltd is Fixed Price - SME.
The minimum application for shares of Gulf Lloyds (India) Ltd is 2400.
The total shares issue of Gulf Lloyds (India) Ltd is 1819200.
Initial public issue of 18,19,200 equity shares of face value of Rs. 10/- each of Gulf Lloyds (India) Limited ("Gulf" or "GLIL" or the "Company" or the "Issuer") for cash at a price of Rs. 100 per equity share including a share premium of Rs. 90 per equity share (the "Issue Price") aggregating to Rs. 18.19 Crores ("the Issue"), of which 91,200 equity shares of face value of Rs.10/- each for cash at a price of Rs. 100 per equity share including a share premium of Rs. 90 per equity share aggregating to Rs. 0.91 will be reserved for subscription by market maker to the issue (the "Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e., Net issue of 17,28,000 equity shares of face value of Rs.10/- each at a price of Rs. 100 per equity share aggregating to Rs. 17.28 Crores is herein after referred to as the "Net Issue". The issue and the net issue will constitute 27.03% and 25.68% respectively of the post issue paid up equity share capital of the company.
Offer price Rs. 100/- per equity share of face value of Rs. 10 each.
The offer price is 10 times the face value of the equity shares.
Bids can be made for a minimum of 2400 equity shares and in multiple of 1200 equity shares thereafter.