Bombay Coated & Special Steels shares to list today; GMP points to 10% listing premium

Shares of Bombay Coated & Special Steels are set to make their stock market debut on Thursday, November 5, with the IPO commanding a grey market premium (GMP) of around 10%. The premium suggests that the stock could list at a notable gain over its issue price.

The Rs 183.06 crore public issue comprised entirely a fresh issue of 2.23 crore shares. The price band was set at Rs 78–82 per share, with a lot size of 182 shares. At the upper end of the price band, retail investors were required to invest a minimum of Rs 14,924 to apply for one lot.

The IPO, which opened for subscription on October 29 and closed on November 2, received an overall subscription of 63.89 times. The retail portion was subscribed 35.46 times, while the non-institutional investor (NII) category saw 166.44 times subscription. The qualified institutional buyer (QIB) segment was subscribed 37.32 times.


The shares are scheduled to list on both the NSE and BSE on November 5, 2026. Smart Horizon Capital Advisors Pvt. Ltd. is the book-running lead manager, while KFin Technologies Ltd. is the registrar to the issue.

Bombay Coated & Special Steels IPO GMP Today

Bombay Coated & Special Steels shares are trading at a grey market premium of Rs 8, or around 10%, over the IPO's upper price band of Rs 82 per share. Based on this premium, the estimated listing price works out to Rs 90 per share, indicating a potential gain of about 10% for investors at the issue price.

IPO Objects of the Issue

The company intends to utilise Rs 125 crore from the IPO proceeds to repay or prepay, either fully or partially, certain outstanding borrowings. It has earmarked another Rs 15.77 crore towards financing the acquisition cost of capital equipment under existing lease arrangements with Siemens Financial Services Pvt. Ltd. The balance will be deployed for general corporate purposes.

Financial Performance

Bombay Coated & Special Steels Ltd. reported a 20% year-on-year (YoY) growth in total income to Rs 1,270 crore in FY26, compared with Rs 1,059 crore in FY25. Net profit increased 7% to Rs 31 crore in FY26 from Rs 29 crore in the preceding financial year.

About Bombay Coated & Special Steels Ltd.

Incorporated in December 2019, Bombay Coated & Special Steels Ltd. operates as a steel processing centre, converting steel coils into value-added products for original equipment manufacturers (OEMs) and original design manufacturers (ODMs). Its product range includes slit coils, blanks and embossed steel products, catering to sectors such as home appliances, automobiles, electrical equipment, pharmaceuticals, ventilation systems and general engineering. The company also offers logistics, inventory management and just-in-time delivery services.

It operates four manufacturing facilities across Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan, and Sri City in Andhra Pradesh. As of June 30, 2026, these facilities had a combined installed processing capacity of 1,23,153 metric tonnes per annum.

The company has had an authorised service partnership with JSW Steel Coated Products Ltd. and/or its holding company since 2021. Its customer base includes Haier Appliances India, IFB Refrigeration, Dixon Electro Manufacturing, Amber Enterprises India and Western Refrigeration. As of June 30, 2026, the company had a workforce of 164 personnel, comprising 160 permanent employees and four employees on retainership.

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