The Bombay Coated and Special Steels IPO lists on BSE and NSE on 5 November 2026. The issue was subscribed 60.77 times. The latest GMP is ₹8.5, which points to a listing about 10% above the issue price of ₹82.
What our data shows
The GMP has stayed in a narrow range. It was ₹7 on 30 October and ₹8.5 on 4 November. It touched ₹9 on 1 November.
| Date | GMP | Implied gain |
|---|---|---|
| 30 October | ₹7 | 8.54% |
| 31 October | ₹8.5 | 10.37% |
| 1 November | ₹9 | 10.98% |
| 2 November | ₹8 | 9.76% |
| 3 November | ₹7 | 8.54% |
| 4 November | ₹8.5 | 10.37% |
GMP is an unofficial grey market number, not an exchange price. See the live Bombay Coated and Special Steels IPO GMP page for changes before the open.
How the grey market has called recent listings
Across the last 10 mainboard listings, the closing GMP missed the real gain by about 5 points on average. In 7 of them the shares did better than the GMP showed. In 3 they did worse.
So a 10% GMP is a guide, not a promise. The shares can open higher or lower.
How strong was the demand?
The issue closed on 2 November at 60.77 times. Big investors bid the most in the non-institutional category. Retail investors bid 33.73 times their quota.
| Category | Subscribed |
|---|---|
| QIB (big institutions) | 35.5x |
| NII (HNI) | 158.32x |
| Big NII (above ₹10 lakh) | 183.52x |
| Small NII (₹2 lakh to ₹10 lakh) | 107.91x |
| Retail | 33.73x |
| Total | 60.77x |
That is well above the typical mainboard IPO this year, which got about 21 times.
About the issue
The whole ₹183.06 crore is new shares, so none of it goes to selling shareholders. The price band was ₹78–82 and one lot is 182 shares. One lot cost ₹14,924 at the upper band.
Of the money raised, ₹125 crore is to repay borrowings. Another ₹18 crore is to finance leased equipment. The rest is for general corporate purposes.
The company turns raw steel coils into slit coils, blanks and sheets. Appliance makers buy most of what it sells.
Financials
| Year to 31 March | Total income (₹ crore) | Profit after tax (₹ crore) |
|---|---|---|
| FY2024 | 765.41 | 21.14 |
| FY2025 | 1,058.65 | 28.67 |
| FY2026 | 1,269.83 | 30.54 |
Margins are thin. Profit was about 2.4% of income in FY2026. Total borrowings were ₹338.45 crore on 31 March 2026, against a net worth of ₹121.58 crore.
Promoters held 97.78% before the issue. They will hold 63.03% after it.
The lead manager's record
Smart Horizon Capital Advisors ran the issue. Eight of its 12 earlier listings on our records opened above the issue price. The average listing gain was 0.3%.
What happens next
The basis of allotment was due on 3 November. Refunds and demat credit were due on 4 November. Shares list on 5 November on both exchanges. You can check your result on the Bombay Coated and Special Steels IPO page. Past results are on the IPO performance page.
Frequently asked questions
When does the Bombay Coated and Special Steels IPO list?
It lists on 5 November 2026 on BSE and NSE.
What is the issue price?
The issue price is ₹82 a share, the upper end of the ₹78–82 band.
