- Bombay Coated & Special Steels IPO opens for subscription on October 29 and closes November 2
- The issue price band is set between Rs 78 and Rs 82 per share with a Rs 183.06 crore fresh issue
- Proceeds will mainly repay borrowings and fund capital equipment costs with Rs 125 crore allocated
Bombay Coated & Special Steels Ltd. will open its initial public offering for subscription on Oct. 29. The company has set a price band of Rs 78 to Rs 82 per share for the Rs 183.06 crore issue, which consists entirely of a fresh issue of shares. 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 close on Nov. 2, while the tentative listing date on the BSE and NSE is Nov. 5. The company plans to use a significant portion of the proceeds to repay borrowings and meet costs related to capital equipment.
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Bombay Coated And Special Steels IPO Details
- Issue opens: Oct. 29
- Issue closes: Nov. 2
- Price band: Rs 78 to Rs 82 per share
- Issue size: Rs 183.06 crore
- Fresh issue: Rs 183.06 crore
- Offer for sale: None
- Lot size: 182 shares
- Minimum investment: Rs 14,924 at the upper price band
- Allotment date: Nov. 3, tentatively
- Refunds and demat credit: Nov. 4, tentatively
- Listing date: Nov. 5, tentatively
- Stock exchanges: BSE and NSE
- Registrar: KFin Technologies
- Book-running lead manager: Smart Horizon Capital Advisors
The company plans to use Rs 125 crore from the net proceeds to repay or prepay certain borrowings. Another Rs 15.77 crore is earmarked for costs related to acquiring capital equipment under existing lease arrangements with Siemens Financial Services Pvt. Ltd. The remaining proceeds will be used for general corporate purposes.
Business
Bombay Coated & Special Steels is a steel processing company that converts steel coils into processed products through activities such as slitting, cut-to-length processing, shearing, and embossing. Its facilities are located in Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan, and Sri City in Andhra Pradesh.
The company caters to industrial customers that require processed steel for their operations. Its aggregate installed processing capacity stood at 1,23,153 tonnes per annum as of June 30, 2026.
Financial Performance
The company reported revenue from operations of Rs 1,266.82 crore in fiscal 2026, up from Rs 1,055.71 crore in fiscal 2025. Revenue from operations stood at Rs 755.26 crore in fiscal 2024.
Profit after tax increased to Rs 30.54 crore in fiscal 2026 from Rs 28.67 crore in fiscal 2025 and Rs 21.14 crore in fiscal 2024.
For the June 2026 quarter, revenue from operations stood at Rs 397.08 crore, while profit after tax was Rs 15.08 crore.
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Bombay Coated And Special Steels IPO: Key Risks
Customer concentration is a key risk for the company. Its top 10 customers accounted for 71.33% of revenue in fiscal 2026, compared with 67.44% in fiscal 2025 and 67.43% in fiscal 2024. In the June 2026 quarter, the top 10 customers contributed 73.54% of revenue.
A significant dependence on a limited number of customers exposes the company to the risk that a reduction in orders or the loss of a major customer could affect its business and financial performance.
Bombay Coated And Special Steels IPO GMP
The grey market premium for Bombay Coated And Special Steels IPO stood at Rs 9, as of 3:37 p.m. on Oct. 27. This implies an estimated listing price of Rs 91 against the upper price band of Rs 82, representing a premium of around 10.98%.
Note: The grey market premium is an unofficial indicator of investor sentiment and does not guarantee the listing price.
Also Read: Jio's Listing-Day Dilemma: Book Profits Or Bet On Long-Term Growth?
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