Bombay Coated and Special Steels IPO: Price Band, Dates, GMP & Review
Bombay Coated and Special Steels Ltd will open its ₹183.06 crore initial public offering on 29 October 2026. The issue is a 100% fresh issue — no promoter or shareholder is selling shares through an offer for sale — and it closes on 2 November 2026, with listing on BSE and NSE targeted for 5 November 2026. The price band is fixed at ₹78–82 per share.
For investors tracking this week's mainboard pipeline, this is the last of the five big issues to open: EAAA India Alternatives opened on 26 October, BLS Polymers and SFC Environmental open on 27 October, and M.K. Sons Fine Jewels opens on 28 October.
IPO details at a glance
| Detail | Value |
|---|---|
| Company | Bombay Coated and Special Steels Ltd |
| Issue size | ₹183.06 crore (100% fresh issue, 2,23,24,024 shares) |
| Offer for sale | Nil |
| Price band | ₹78–82 per share |
| Face value | ₹10 per share |
| Lot size | 182 shares (₹14,924 at the upper band) |
| Open / close | 29 October – 2 November 2026 |
| Anchor investor date | 28 October 2026 |
| Allotment finalisation | 3 November 2026 |
| Refunds / demat credit | 4 November 2026 |
| Listing (tentative) | 5 November 2026, BSE and NSE |
| Reservation | QIB up to 50%, NII not less than 15%, Retail not less than 35% |
| Book running lead manager | Smart Horizon Capital Advisors Pvt Ltd |
| Registrar | KFin Technologies Ltd |
What the company does
Incorporated in 2019, Bombay Coated and Special Steels is a steel processing centre that converts steel coils into value-added processed products. Its core operations are precision slitting, cut-to-length processing, shearing and embossing, producing slit coils, embossed slit coils, blanks, embossed blanks and sheared blanks for original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
The business traces its roots to 1983, when promoter Vijaykumar Himatrai Gupta began steel trading as M/s Bombay Steels. It entered steel processing in 2012, and since 2021 it has been an authorised service partner of JSW Steel Coated Products, which also anchors its raw-material sourcing. As of 30 June 2026 it operated four facilities — Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan and Sri City in Andhra Pradesh — with combined installed processing capacity of 1,23,153 metric tonnes per annum across 42,209 sq m.
In FY26 the company served 178 customers across consumer durables, automotive, electrical equipment, HVAC, infrastructure and renewable energy, including Haier Appliances, Amber Enterprises and Dixon Electro Manufacturing. It also offers inventory management and just-in-time delivery services, which help customers cut processing needs, material wastage and supply-chain costs.
Where the money goes
Because the issue is entirely fresh, the net proceeds stay with the company. The stated objects are:
- ₹125 crore for repayment or prepayment, in full or in part, of certain borrowings
- ₹15.77 crore to finance capital equipment under existing lease arrangements with Siemens Financial Services Pvt Ltd
- Balance for general corporate purposes
The debt-repayment tilt is the key point: roughly two-thirds of the issue is earmarked to deleverage, which should lower interest costs but means little of the money funds new capacity directly.
Financials
| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue | 755.26 | 1,055.71 | 1,266.82 | 397.08 |
| Expenses | 737.21 | 1,021.48 | 1,229.04 | 376.90 |
| Net profit (PAT) | 21.14 | 28.67 | 30.54 | 15.08 |
| PAT margin | 2.80% | 2.72% | 2.41% | 3.80% |
Revenue grew about 20% in FY26 after a 40% jump in FY25, while profit grew more slowly — just 6.5% in FY26 — because margins are thin, as is typical for steel processing. The Q1 FY27 margin improvement to 3.80% is worth watching, but one quarter does not make a trend. On RHP-derived figures, return on net worth was 25.12% in FY26, return on capital employed 16.40%, and debt-to-equity 2.78x — the last figure is exactly what the ₹125 crore repayment is meant to bring down.
Valuation and GMP
At the upper band of ₹82, the issue prices the company at a post-issue P/E of about 16.65x FY26 earnings (pre-issue P/E 10.73x), against RHP peer figures of 14.98x for BMW Industries, 31.03x for Manaksia Coated Metals and 98.54x for Shiv Aum Steels. On that comparison the pricing does not look stretched, though the peer set is small and the business is a low-margin processor rather than a steel producer.
The grey market premium was around ₹7 (about 8.5% over the upper band) in tracker quotes dated 22–25 October 2026. GMP is unofficial, market-reported data, not an exchange figure, and it can move sharply before listing — treat it as sentiment, not a listing-price forecast. An estimated listing price implied by that premium would be roughly ₹89, but that is only an illustration of the unofficial quote.
Strengths and risks
Strengths: a diversified 178-customer base across defensive and growth sectors; capacity that grew at a 23.83% CAGR between FY24 and FY26; a JSW Steel Coated Products service-partner relationship; and a fresh issue that directly deleverages the balance sheet.
Risks to weigh: heavy dependence on a single raw-material source — JSW Steel Coated Products supplied 84–91% of steel coil requirements across FY24–FY26 and Q1 FY27, so any disruption there hits operations directly; wafer-thin 2–3% net margins leave little room for input-price or demand shocks; and the RHP flags past delays and discrepancies in statutory filings with the Registrar of Companies, which could attract scrutiny.
Important dates
| Event | Date |
|---|---|
| Anchor investor bidding | 28 October 2026 |
| IPO opens | 29 October 2026 |
| IPO closes | 2 November 2026 |
| Allotment finalisation | 3 November 2026 |
| Refunds initiated / shares credited | 4 November 2026 |
| Listing on BSE & NSE | 5 November 2026 |
FAQs
When does the Bombay Coated and Special Steels IPO open?
It opens on 29 October 2026 and closes on 2 November 2026.
What is the price band and lot size?
The price band is ₹78–82 per share and the lot size is 182 shares, so the minimum retail application is ₹14,924 at the upper band.
What is the issue size?
₹183.06 crore, entirely a fresh issue of 2,23,24,024 shares. There is no offer for sale.
When will the shares list?
Listing on BSE and NSE is tentatively scheduled for 5 November 2026, with allotment finalised on 3 November.
What is the GMP?
Tracker quotes put the unofficial grey market premium at around ₹7 (about 8.5%) as of 25 October 2026. GMP is unofficial and subject to change.
Who is the registrar?
KFin Technologies Ltd; allotment status can be checked on the registrar's website once the basis of allotment is finalised.
Conclusion
Bombay Coated and Special Steels offers a straightforward, deleveraging-led mainboard issue at a moderate valuation, backed by fast revenue growth but thin margins and a concentrated supply chain. Investors considering it should weigh the balance-sheet clean-up and diversified customer base against the JSW sourcing concentration and margin sensitivity — and, as always, this article is for information only and is not investment advice. For the week's other issues, see our IPO GMP Today (26 Oct) roundup.