Bombay Coated and Special Steels IPO: Listing Price, Subscription 63.9x and GMP

Share price update (8 November 2026): Bombay Coated and Special Steels closed at ₹90.07 on NSE on 6 November 2026. That is 9.8% above the ₹82 issue price but about 1% below the ₹91 NSE listing price; the stock had closed listing day at ₹94.81 (Calculated from NSE prices).

Bombay Coated and Special Steels IPO listing price and share price today

Bombay Coated and Special Steels shares opened at ₹91 on NSE and ₹92.02 on BSE on 5 November 2026, against an issue price of ₹82 (Reported from exchange data by Business Standard, Upstox and Business Today). That is a listing gain of 10.98% on NSE, or ₹1,638 on one 182-share lot (Calculated). We will add the day-one close after the market shuts at 3:30 PM.

The debut landed close to what the grey market had signalled: the last unofficial premium of about ₹8.50 pointed to roughly ₹90.50, and the stock opened just above that. Subscription figures differ slightly by source because of the base used: bids for about 100.47 crore shares were 63.89 times the shares in the category table below, and 60.77 times the 1.65 crore shares NSE counts as offered (Upstox, citing NSE data). Compare other debuts in our IPO GMP vs listing price tracker and the listed IPO list.

Bombay Coated and Special Steels IPO subscription status and allotment

Final subscription and allotment update (3 November 2026): bidding closed on Monday, 2 November with the issue about 63.9 times subscribed (Confirmed, consolidated NSE data as of 5:05 PM; 5paisa showed 63.11x at a slightly earlier cut, and Groww’s closed-IPO list shows 59.83x on its own basis). Demand jumped on the last day from 3.78 times after day 2, led by NIIs at 166.44 times, with big-ticket NIIs (bNII) at 192.94 times. Retail investors bid 35.46 times their quota, so most retail applicants are likely to miss out on an allotment (Calculated: roughly 1 in 35 odds if every retail bid was for one lot).

The basis of allotment was finalised on 3 November, refunds and demat credit followed on 4 November, and the shares listed on BSE and NSE on 5 November. See how to check allotment status below. Our earlier day-wise figures follow.

By the end of day 2 (30 October) the issue was 3.78 times subscribed (Confirmed, consolidated NSE and BSE bid data, 5:03 PM). Institutions (QIBs) led at 6.56 times their portion. Retail demand rose to 3.02 times, from 1.31 times after day 1, while NIIs reached 1.80 times. The last day of bidding is Monday, 2 November, so these figures will change. Some data providers showed slightly different day-2 numbers (HDFC Sky 3.98x); we use the exchange figure.

Before the issue opened, anchor investors bought 65,97,500 shares at ₹82 on 28 October, worth ₹54.10 crore (as compiled by Chittorgarh). In addition, IMAP India took the largest anchor slice, about ₹20 crore. Half of the anchor shares are locked for 30 days and half for 90 days.

Bombay Coated and Special Steels IPO overview

Data as of 24 October 2026, 20:00 IST. Confirmed = red herring prospectus (RHP), SEBI or exchange notice. Reported = media or broker summaries of the RHP. Calculated = our arithmetic. Unofficial = grey-market quotes.

The Bombay Coated and Special Steels IPO opens on 29 October and closes on 2 November 2026 at a price band of ₹78 to ₹82 a share. One lot is 182 shares, so the minimum bid is ₹14,924 at the upper band. The ₹183 crore issue is entirely new shares (no offer for sale), and ₹125 crore of it is earmarked to repay debt. At ₹82 the company is worth about ₹515 crore after the issue, or roughly 16.9 times its FY26 profit. Allotment was finalised on 3 November and the shares listed on BSE and NSE on 5 November.

Bombay Coated and Special Steels IPO details at a glance

What Bombay Coated and Special Steels does

Bombay Coated and Special Steels, incorporated in December 2019, is a steel service centre. It buys steel coils, mostly coated steel, and converts them into slit coils, embossed slit coils, blanks and sheared blanks through slitting, cut-to-length processing, shearing and embossing (Reported). Customers are original equipment and design manufacturers in home and commercial appliances, automotive parts, electrical equipment, pharmaceutical cleanroom panels, ventilation and general engineering. It also handles logistics, inventory and just-in-time delivery for them.

It runs four facilities, at Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan and Sri City in Andhra Pradesh, with installed processing capacity of 1,23,153 tonnes a year at 30 June 2026 (Confirmed in the company announcement). RHP summaries name appliance and electronics makers such as Haier, IFB Refrigeration, Dixon, Amber Enterprises and Western Refrigeration among its customers, and describe it as an authorised service partner of JSW Steel Coated Products since 2021 (Reported). The promoters, Vijaykumar Himatrai Gupta, Nitin Vijaykumar Gupta and Bhawna Nitin Gupta, own 97.78% before the issue and 63.03% after it (Reported).

Bombay Coated and Special Steels financials: revenue, profit and margins

This is a high-volume, low-margin business. Total income rose about 20% in FY26 but net profit only about 6.5%, and the net margin was about 2.4% (Calculated). EBITDA margin has stayed in a narrow 6 to 8% range, which is typical for steel processing, where most of the selling price is the cost of the steel itself. The June 2026 quarter was stronger, with ₹15.08 crore of profit, about half of FY26’s total in three months; one quarter is not enough to call a trend.

Debt is the main issue. Borrowings were ₹338.45 crore at March 2026, about 2.8 times net worth, and ₹273.69 crore at June 2026, about 2.0 times (Reported). If ₹125 crore of IPO money is used to repay loans, borrowings would fall to roughly ₹149 crore and debt-to-equity to about 0.5 (Calculated from the June 2026 figures, ignoring issue costs and any new borrowing). Lower interest costs would flow straight to profit, which matters in a business with margins this thin.

Bombay Coated and Special Steels IPO valuation: what ₹82 a share implies

The fresh issue raises the share count by about 55%, from 4.05 crore to 6.28 crore:

• Post-issue market value: about ₹515 crore at ₹82 (Calculated: 6,28,24,115 shares × ₹82).
• P/E after the issue: about 16.9 times FY26 profit (Calculated).
• P/E before dilution: about 10.9 times (Calculated on 4,05,00,091 shares).
• Market value to sales: about 0.4 times FY26 total income (Calculated).

The dilution is large, so the post-issue P/E is the fair one to use. A high-teens multiple for a thin-margin processor already gives credit for lower interest costs after the debt repayment. Annualising the June quarter would bring the multiple down, but steel prices and appliance demand are seasonal and cyclical.

How Bombay Coated and Special Steels will use the IPO money

• ₹125 crore to repay or prepay some borrowings.
• About ₹15.8 crore to buy out capital equipment currently held under lease from Siemens Financial Services.
• The rest for general corporate purposes and issue expenses.

Almost none of the money is for new capacity. The case for the IPO rests on a stronger balance sheet and lower finance costs, not on growth funded by the issue.

Bombay Coated and Special Steels IPO GMP today

Grey-market quotes for Bombay Coated and Special Steels had barely started on 24 October 2026: one tracker showed about ₹8 a share, roughly 10% over the upper band (Unofficial; single source, not verified by us). GMP is an unregulated dealer quote, not an exchange price, and not a forecast of the listing price. See our GMP guide and the GMP today page.

Bombay Coated and Special Steels IPO lot size and minimum investment

The retail category (at least 35%) is worth about ₹64 crore at the upper band, enough for roughly 42,900 minimum applications (Calculated). If retail demand exceeds that, allotment is by lottery and each winner gets one lot of 182 shares.

Bombay Coated and Special Steels IPO review: strengths and risks

Strengths

• All of the money goes to the company, and most of it cuts debt.
• Revenue has grown steadily, from about ₹765 crore in FY24 to about ₹1,270 crore in FY26.
• Four plants in different regions, close to appliance and electronics manufacturing clusters.
• Long-running supply relationship with a major coated-steel producer.

Risks

• Thin margins: about 2.4% net in FY26, so small changes in steel prices or volumes move profit a lot.
• Leverage: borrowings were about 2.8 times net worth at March 2026; the IPO helps but does not remove the need for working-capital debt.
• Supplier dependence: a large share of steel comes through the JSW Steel Coated Products relationship.
• Customer cycle: demand is tied to appliance and automotive production.
• Dilution: the share count rises by about 55%.

Our Scouter Reading: 4,700, Charged

We score Bombay Coated and Special Steels at 4,200 out of 10,000 on our earlier v1 research scale, in the lower part of the Charged band. Points for: an all-fresh issue that mainly repays debt, steady revenue growth and a multiple in the mid-to-high teens. Points against: very thin margins, high leverage before the issue, supplier concentration and heavy dilution. The Scouter Reading rates the research case; it is not a recommendation to apply or avoid.

How to check Bombay Coated and Special Steels IPO allotment status

The basis of allotment is expected on 3 November 2026. You can check by PAN or application number on the registrar’s site, KFin Technologies, or on the BSE and NSE allotment pages. Refunds and demat credit are expected on 4 November. Our allotment status guide covers each method.

What to watch before and during bidding

• The anchor book, expected a working day before opening, once the allocation is filed with the exchanges.
• Subscription by category, 29 October to 2 November: QIB and NII demand on the last day.
• The RHP’s supplier and customer concentration figures, and how pricing contracts pass on steel price changes.
• Finance costs: how much annual interest the ₹125 crore repayment is expected to save.

The M.K. Sons Fine Jewels IPO opens a day earlier; see all upcoming IPOs.

Bombay Coated and Special Steels IPO: frequently asked questions

Sources: BSE public issues · KFin Technologies (registrar) · Business Today · PTI via Daily Excelsior

Figures are from the sources named and may change; read the RHP before investing.