Bombay Coated & Special Steels debuts on NSE and BSE
Bombay Coated & Special Steels is making its big debut on the stock exchanges this Thursday. Buzz from the gray market suggests shares might open about 10% higher.
The company's IPO got a lot of attention, with trading starting on both NSE and BSE.
Bombay Coated IPO raises ₹183.06cr
The IPO raised ₹183.06 crore by selling 2.23 crore new shares, priced between ₹78 to ₹82 each.
It was hugely oversubscribed: retail investors alone booked 35.46 times more than were available, and big institutional buyers jumped in even more.
Most of the funds will go toward repaying/prepaying borrowings and financing the acquisition cost of capital equipment under existing lease arrangements with Siemens Financial Services Pvt. Ltd.
which lines up with their recent 20% year-on-year growth in total income and presence in steel for home appliances, automobiles, electrical equipment, pharmaceuticals, ventilation systems, and general engineering.