Bombay Coated and Special Steels shares list at 11% premium on NSE; here's how much investors made

Shares of Bombay Coated and Special Steels debuted at ₹91 apiece on the National Stock Exchange (NSE). This reflects a premium of 10.98% over the IPO issue price of ₹82 per share.

On the BSE, the stock is listed at ₹92.02 per share, up 12.22% from the issue price.

Bombay Coated and Special Steels IPO: Here's how much investors made per lot

The ₹183.06 crore initial public offering was solely a fresh issuance of 2.23 crore equity shares. There was no offer for sale (OFS) component.

The money raised will be used to clear certain borrowings, finance the cost of acquiring capital equipment under existing lease arrangements with Siemens Financial Services and general corporate purposes.

"We expect to receive the benefits of listing of the equity shares on the Stock Exchanges, which include enhancement of our company’s visibility and brand image and creation of a public market for our equity shares in India, among others," the firm said in its red herring prospectus.

The initial share sale was subscribed 60.77 times, as it received bids for 1,00,47,51,020 shares against 1,65,33,012 shares on offer, as per the NSE data.

The non-institutional investors (NIIs) category fetched 158.32 times subscription, and the quota for qualified institutional buyers (QIBs) was booked 35.50 times. The portion for retail individual investors (RIIs) secured 33.73 times subscription.

Bombay Coated and Special Steels, incorporated in 2019, is a steel processing centre, which converts steel coils into value-added products through operations like shearing, slitting, cut-to-length processing and embossing.

Its products serve multiple end-use industries, including ventilation systems, electrical equipment, home and commercial appliances, pharmaceutical cleanroom infrastructure, automotive and auto components and general engineering.