Bombay Coated & Special Steels IPO subscribed 2.67 times
The issue opened for bidding on 27 October 2026 and will close on 29 October 2026. The price band of the IPO is fixed between Rs 78 and 82 per share. An investor can bid for a minimum of 182 equity shares and multiples thereof.
The IPO comprises only fresh issue of equity shares of Rs 10 face value, aggregating Rs 183 crore.
Of the net proceeds from the fresh issue, an amount of Rs 125 crore will be utilized for repayment/pre-payment, in full or in part, of certain borrowings, Rs 15.7 crore for financing the cost towards acquisition of capital equipment under existing lease arrangements with Siemens Financial Services, and for general corporate purposes.
Ahead of the IPO, Bombay Coated and Special Steels, on Wednesday, 29 October 2026, raised Rs 54.09 crore from anchor investors. The company allotted 65.97 lakh equity shares at Rs 82 each.
Incorporated in 2019, Bombay Coated and Special Steels operates as a steel processing centre, converting steel coils into value-added processed steel products. The company acts as an intermediary between primary steel producers and end-users by providing specialised steel processing services. Its key operations include precision slitting, cut-to-length processing, shearing and embossing of steel coils to manufacture slit coils, embossed slit coils, blanks, embossed blanks and sheared blanks, collectively referred to as processed steel products.
The company caters to a diversified customer base comprising original equipment manufacturers (OEMs) and original design manufacturers (ODMs). In FY26, the home and commercial appliances segment contributed 86.54% of its operational revenue, while general engineering accounted for the remaining 13.46%. Within the home and commercial appliances segment, air conditioners contributed 46.85%, commercial refrigeration 22.32%, home refrigeration 15.69%, water heaters 0.50% and other products 1.19%.
As of June 30, 2026, the company had an aggregate installed processing capacity of 1,23,153 tonnes per annum (TPA), calculated on a quarterly basis for FY27, across its slitting, cut-to-length, shearing and embossing operations. Its manufacturing facilities are strategically located close to customer delivery points, including the manufacturing locations of customers such as Western Refrigeration, Amber Enterprises India, PG Technoplast, EPack Durable and Kruger Ventilation Industries (India), among others.
However, the company has a relatively high customer concentration. Its top 10 customers contributed 71.33% of operational revenue in FY26, compared with 67.44% in FY25. Amber Enterprises India was its largest customer, accounting for 20.40% of operational revenue in FY26.
The company reported a profit after tax of Rs 15.08 crore and total income of Rs 397.08 crore in three months ended 30th June 2026.
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