Bombay Coated & Special Steels Soars on Its First Day of Trading

If you’ve been scanning the BSE and NSE screens this week, you’ll have noticed a fresh name flashing green – Bombay Coated & Special Steels Ltd. After a whirlwind IPO, the company’s shares opened at ₹92.02 on the BSE, translating to a tidy 12.22% premium over the issue price of ₹82. On the NSE, the opening price was ₹92.18, a 10.98% lift.

What made this debut noteworthy wasn’t just the numbers; it was the sheer enthusiasm that built up in the grey market. Traders were quoting a premium of ₹8‑9 per share even before the bells rang, hinting that investors were already betting on the firm’s growth story.

The IPO itself ran from October 29 to November 2, offering a total of 2,23,24,024 fresh equity shares at a price band of ₹78‑₹82. The lot size was set at 182 shares, meaning a minimum investment of just under ₹15,000 for retail investors. In total, the issue raised about ₹183 crore.

Demand was massive. The issue was subscribed 63.89 times overall, pulling in bids worth roughly ₹8,240 crore from 13.58 lakh applicants. Institutional interest was robust – qualified institutional buyers (QIBs) subscribed 37.32 times, while the retail quota saw a striking 35.46‑times subscription. Even the non‑institutional segment was over‑booked at 166.44 times.

Bombay Coated & Special Steels, incorporated in 2019, is a Mumbai‑based steel‑processing hub. It turns raw steel coils into value‑added products for OEMs and ODMs, offering services like precision slitting, cut‑to‑length processing, shearing and embossing. In other words, it’s a behind‑the‑scenes player that adds a lot of worth to the supply chain.

Brokerage houses were largely bullish on the issue, recommending it for long‑term investors. Smart Horizon Capital Advisors acted as the book‑running lead manager, while KFin Technologies handled the registrar duties.

For the average retail investor who got an allocation, the math is simple: a lot of 182 shares bought at the top of the issue price (₹82) would be worth roughly ₹16,770 on the first day – a gain of about ₹1,600‑₹1,800 per lot.

As always, it’s worth remembering that market performance can be volatile. Business Today’s coverage is for informational purposes only and should not be taken as investment advice. Anyone considering a position should consult a qualified financial adviser.