Bombay Coated & Special Steels IPO
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Bombay Coated & Special Steels IPO details
Schedule of Bombay Coated & Special Steels
| Issue open date | 29 Oct 2026 |
| Issue close date | 02 Nov 2026 |
| UPI mandate deadline | 02 Nov 2026 (5 PM) |
| Allotment finalization | 03 Nov 2026 |
| Refund initiation | 04 Nov 2026 |
| Share credit | 04 Nov 2026 |
| Listing date | 05 Nov 2026 |
| Mandate end date | 17 Nov 2026 |
| Lock-in end date for anchor investors (50%) | 02 Dec 2026 |
| Lock-in end date for anchor investors (remaining) | 31 Jan 2027 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Bombay Coated & Special Steels
Bombay Coated and Special Steels operates a multi-location steel processing centre that caters to the customised requirements of original equipment manufacturers and original design manufacturers. The company primarily procures coated steel coils, such as galvalume, colour-coated, and galvanized, alongside non-coated cold-rolled and hot-rolled steel coils. As an authorised service partner for JSW Steel Coated Products, the company sources most of its raw materials through this arrangement. Using high-precision engineering machinery across its four manufacturing facilities in Maharashtra, Rajasthan, and Andhra Pradesh, it processes these coils into value-added products. These include slit coils, embossed slit coils, blanks, embossed blanks, and sheared blanks, manufactured through specialized slitting, cut-to-length, shearing, and embossing lines. The company generates the majority of its revenue by supplying these processed steel products to the home and commercial appliances sector, while also serving the general engineering, automotive, and electrical equipment industries.
Financials of Bombay Coated & Special Steels
Issue size
| Funds Raised in the IPO | Amount (₹ crores) |
| Total issue size | 183.06 |
| Fresh Issue – Proceeds go to the company | 183.06 |
Utilisation of Proceeds
| Purpose | INR crores (%) |
|---|---|
| Repayment or pre-payment of certain borrowings | 125 (68.28%) |
| Financing capital equipment acquisition under lease | 15.77 (8.61%) |
| General corporate purposes | 42.29 (23.11%) |
Strengths
- Authorised service partner of JSWSCPL, ensuring reliable raw material supply.
- Strategically located facilities providing efficient logistics and delivery.
- High-precision manufacturing setup meeting strict customer specifications.
- Long-standing relationships with leading OEM and ODM customers.
- Diverse value-added processing capabilities across multiple locations.
Risks
- High debt-to-equity ratio restricts financial flexibility through stringent covenants.
- Substantial reliance on JSWSCPL for sourcing the primary raw material.
- Significant revenue concentration among the top ten key customers.
- Susceptibility to price volatility and disruptions in steel coil supply.
- Strong dependence on the cyclical home and commercial appliances sector.
Subscription Figures for Bombay Coated & Special Steels
Grey Market Premium (GMP) is an unofficial and unregulated metric that may not accurately reflect investor interest. Instead, investors should refer to the IPO subscription data published by the stock exchanges, which is a more reliable indicator of demand.
Subscription numbers as of 05:00 PM on November 02, 2026:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 47.99 | 1703.31 | 35.50x |
| NII | 35.20 | 5573.37 | 158.32x |
| Retail | 82.14 | 2770.84 | 33.73x |
| Total | 165.33 | 10047.51 | 60.77x |