Bombay Coated and Special Steels Sets IPO Price Band at ₹78-82, Opening October 29

Bombay Coated and Special Steels Ltd has announced that its initial public offering (IPO) valued at ₹183.1 crore will open for subscription on October 29. The company has set a price band of ₹78 to ₹82 per share for the public issue.

The upcoming share sale is entirely a fresh issue of equity shares and will close for bidding on November 2, according to the company's official statement.

Regarding the allocation of proceeds, Bombay Coated and Special Steels has earmarked ₹125 crore for the repayment or prepayment of certain borrowings. Additionally, ₹15.7 crore will be utilised to finance the cost of acquiring capital equipment under existing lease arrangements with Siemens Financial Services. The remaining funds from the fresh issue will be directed toward general corporate purposes.

The issue structure has been divided across investor categories. At least 50 per cent of the offer is reserved for qualified institutional buyers (QIBs), at least 15 per cent is allocated for non-institutional investors (NIIs), and at least 35 per cent is set aside for retail individual investors (RIIs).

Incorporated in 2019, Bombay Coated and Special Steels operates as a steel processing centre. The company converts steel coils into value-added products through various operations, including slitting, cut-to-length processing, shearing, and embossing.

The business serves original equipment manufacturers (OEMs) and original design manufacturers (ODMs) across a range of sectors. These include consumer durables, home appliances, automotive, electrical equipment, refrigeration, infrastructure, and general engineering.

The company's manufacturing footprint includes facilities located at Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan, and Sri City in Andhra Pradesh. As of June 30, 2026, these facilities had an aggregate installed processing capacity of 1,23,153 metric tonnes per annum (MTPA). Furthermore, the company has served as an authorised service partner of JSW Steel Coated Products Ltd and/or its holding company since 2021, providing reliable access to steel coils for its operations.

In terms of financial performance, the company reported a net profit of ₹30.5 crore and revenue from operations of ₹1,266.8 crore in FY26. For the three-month period ended June 30, 2026, it posted revenue from operations of ₹397 crore alongside a net profit of ₹15 crore.

Smart Horizon Capital Advisors is acting as the book-running lead manager for the public issue, while KFin Technologies has been appointed as the registrar.

"The public listing of Bombay Coated and Special Steels highlights the growing capital requirements of specialized manufacturing and processing units in India. Allocating a significant portion of the ₹183.1-crore IPO proceeds toward debt reduction and capital equipment financing demonstrates a pragmatic approach to strengthening the balance sheet. For companies operating in the steel processing sector, tapping the public markets provides a sustainable pathway to optimize operations, service diverse OEM and ODM clients, and support long-term sectoral expansion." — Dr. Shishir Gupta, Founder & CEO, StartupLanes