Just played a game.

Oh dear lord, IBG on Nid is insanely good.

You will NOT get away from a Nid who wants you dead. And if she wants to kite you, theres nothing you can do about it.

I liked it on yorrick, I had muramana FH and gauntlet. Hit like a truck. I ended up getting it near the end of the game though. Dunno if I would get it as a first core item or not.

Gauntlet is scary strong right now. I think the time between slows will be nerfed soon.

I think it's time to nerf this item.On ranged champions it's extremely powerful especially on Ezreal.It's like the old Phage but way worse.But there are other champions(melee champions as well) who can exploit this item.(I can already see it being used in almost every game and don't want another issue similar to BC stacking...)
Also the slow part is really,really strong should be weakened a lot especially since it's an AoE slow.

My suggestion is the following:
Decrease the slow percentage from 35% to about 15%(or even lower). OR reduce the slow duration down to 1-1.5 sec from 3 seconds OR increase the cooldown on it.
But in exchange the next basic attack deals bonus physical damage equal to 150% of your base attack damage to surrounding enemy units up from 125%. Though this dmg might be too much but you get the point.

All in all reduced the utility on it and increased the bonus dmg part on it.
Gold cost doesn't need to be touched in this case and the item would be still useful but not too strong in my opinion.

It's a guaranteed 3-second aoe slow on a 2 second cooldown, while Frozen Mallet is the same price and gives a 1.5 second single target slow (cd is 1/AS).

It's simply too cost efficient. You pay 650 gold for 15 armor, 150 mana, 15 AP, aoe 1.25x sheen proc, and aoe permaslow.

Been first building it when I top Alistar and Nidalee.

It pwns on both of those champs.

It's very flexible and allows even Alistar to be a farming machine...

What's nuts about it on Alistar (top) is that you headbutt and punch them and the puddle shows up where they land after headbutt. That's very strong because 90% of champions can not retaliate due to being in that puddle...you get free pokes all day...and it doesn't take long to kill someone doing that...