New Delhi

Shares of Bombay Coated & Special Steels Ltd on Thursday listed with a premium of over 12 per cent against the issue price of Rs 82.

The stock started trading at Rs 92.02, up 12.21 per cent from the issue price on the BSE.

At the NSE, it began trading at Rs 91, a premium of 10.97 per cent.

The company's market valuation stood at Rs 600.85 crore.

The initial public offer of Bombay Coated & Special Steels Ltd was subscribed 60.77 times on the final day of bidding on Monday.

The Rs 183-crore IPO had a price band of Rs 78-82 per share.

The IPO was entirely a fresh issue of equity shares.

Of the proceeds, Rs 125 crore has been earmarked for prepayment of certain borrowings, and Rs 15.7 crore will be used to finance the cost of acquiring capital equipment under existing lease arrangements with Siemens Financial Services. The remaining amount will be utilised for general corporate purposes.

Incorporated in 2019, the company is a steel processing centre that converts steel coils into value-added products through operations such as slitting, cut-to-length processing, shearing and embossing.

The company serves original equipment manufacturers and original design manufacturers across sectors, including consumer durables, home appliances, automotive, electrical equipment and infrastructure.

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It operates manufacturing facilities in Maharashtra, Rajasthan and Sri City in Andhra Pradesh.