The Bombay Coated and Special Steels IPO subscription status on Day 2, 30 October 2026, stood at 3.78 times by the evening. Bidding is still open until 2 November. Qualified institutional buyers (QIBs) bid the most, at 6.56 times their quota.
How is the demand split?
Retail investors bid 3.02 times their quota. Non-institutional investors (NIIs) bid 1.8 times. The table shows each category.
| Category | Subscribed (times) |
|---|---|
| QIB | 6.56x |
| NII (total) | 1.8x |
| Big NII (bids above ₹10 lakh) | 1.23x |
| Small NII (₹2 lakh to ₹10 lakh) | 2.94x |
| Retail | 3.02x |
| Total | 3.78x |
Small HNI bids were stronger than big ones. Big institutions usually bid late, on the last day. So these numbers can change a lot by 2 November, when the book closes for everyone.
What our data shows
Demand is below the usual so far. Half of the mainboard IPOs closed this year got more than 20 times. The grey market premium (GMP) was ₹7 on 30 October, down from ₹9 on each of the four days before.
What are the issue details?
The company is a steel processing centre. It buys coils from steel mills and cuts them into sheets and strips. Most of its sales go to appliance makers.
The issue is ₹183.06 crore, entirely a fresh issue. All the money goes to the company. About ₹125 crore is meant to repay borrowings. The price band is ₹78 to ₹82. One lot is 182 shares, so you need ₹14,924 at the upper band.
At 3.02 times, retail demand is above the quota. Roughly one retail application in three would get a lot. Treat that as a rough guide. Once a portion is oversubscribed, shares go by lottery.
Its total income was ₹1,269.83 crore in FY2026 and profit after tax was ₹30.54 crore. Total borrowings were ₹338.45 crore on 31 March 2026. You can read the full risk list in the red herring prospectus on SEBI.
GMP is an unofficial grey market number, not an exchange price. Our GMP page shows the day-wise quotes.
What happens next?
Bidding closes on 2 November. The basis of allotment is due on 3 November, refunds and demat credit on 4 November, and listing on BSE and NSE on 5 November. Track the live numbers on our subscription page. We covered the opening in our IPO opens post.
