The initial public offering (IPO) of Bombay Coated & Special Steels opened for subscription today, with the issue receiving 1.12 times subscription by 11:20 am on October 29, as per NSE data.
The Rs 183.06 crore IPO received bids for 1,85,59,086 shares against 1,65,33,012 shares on offer. Qualified institutional buyers led the demand with 3.28 times subscription, followed by retail investors with 30 percent subscription.
In the grey market, Bombay Coated & Special Steels shares were commanding a premium of 11 percent on the morning of October 29, according to InvestorGain. However, the GMP is an unofficial indicator of investor sentiment and does not guarantee the listing price or returns.
The company has fixed the price band for the issue at Rs 78-82 per share. Investors can apply for a minimum of 182 shares in one lot, requiring an investment of Rs 14,924 at the upper end of the price band.
The IPO will remain open for bidding until November 2. The tentative listing date for Bombay Coated & Special Steels shares on the BSE and NSE is November 5.