Bombay Coated and Special Steels, a steel processing company, has raised Rs 54.1 crore by allotting 65.97 lakh equity shares to institutional investors through its anchor book on October 28, a day ahead of the IPO opening.
The company plans to raise up to Rs 183.06 crore through its initial public offering (IPO), comprising an entirely fresh issue of shares. The price band has been fixed at Rs 78-82 per share.
The IPO will open for public subscription on October 29 and close on November 2.
Mumbai-based Bombay Coated and Special Steels attracted six institutional investors to its anchor book at the upper end of the price band. IMAP India Capital Investment Trust emerged as the largest investor, acquiring 24.39 lakh equity shares worth Rs 20 crore through its Catalyst New India Fund.
Promoted by Vijaykumar Himatrai Gupta, Bombay Coated and Special Steels operates steel processing facilities in Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan, and Sri City in Andhra Pradesh. The company functions as a steel processing centre, converting steel coils into processed steel products for original equipment manufacturers (OEMs) and original design manufacturers (ODMs).