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IPO ·
NSE, BSE
Bombay Coated & Special Steels Ltd
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Processes steel coils into value-added products such as slit coils, blanks and embossed parts for appliance, auto and electrical makers.
Issue details
Price band
₹78 – ₹82
Face value
₹10
Lot size
182 shares
Minimum investment
₹14,924
Issue size
₹183.06 Cr
Fresh issue
₹183.06 Cr
Offer for sale
—
Issue type
Book Built
Exchange
NSE, BSE
Key dates
Opens
29 Oct 2026
Closes
2 Nov 2026
UPI mandate cut-off
5:00 PM on 2 Nov 2026
Allotment
3 Nov 2026
Refunds
4 Nov 2026
Shares in demat
4 Nov 2026
Listing
5 Nov 2026
Subscription and listing
Subscription
2.81x
Listing price
Not listed yet
Registrar
KFin Technologies Ltd
Lead manager
Smart Horizon Capital Advisors Pvt Ltd
Subscription by category
QIB (Ex Anchor)
6.89x
NII
0.76x
Retail
1.31x
Total
2.81x
Anchor investors
Amount raised
₹54.10 Cr
Bid date
28 Oct 2026
50% lock-in ends
3 Dec 2026
Rest lock-in ends
1 Feb 2027
Grey market premium
Latest GMP
₹9
Est. listing price
₹91 (+11.0%)
Updated
30 Oct 2026
Unofficial grey market indication sourced via Chittorgarh. GMP is not regulated, can change quickly and is not a reliable guide to listing price. Not a recommendation.
Issue structure
Shares reserved per category and share of the total issue
QIB
1,11,62,012
50.00%
Anchor Investor
65,97,500
29.55%
QIB (Ex. Anchor)
45,64,512
20.45%
NII
33,48,603
15.00%
bNII > ₹10L
22,32,402
10.00%
sNII < ₹10L
11,16,201
5.00%
Retail
78,13,409
35.00%
Total
2,23,24,024
100.00%
Finaccle’s quick read
Avoid
Income up 20% but PAT up only 7% in FY26, with a PAT margin of 2.41% and debt/equity of 2.78 even though ₹125 Cr of proceeds go to debt repayment.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Bombay Coated & Special Steels runs steel service centres that turn steel coils into slit coils, blanks and embossed parts for OEMs and ODMs. Its four plants in Maharashtra, Rajasthan and Andhra Pradesh have capacity of about 1.23 lakh tonnes a year. Customers include appliance makers such as Haier, IFB, Dixon and Amber, and FY26 total income was ₹1,269.83 Cr.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
29.92%
ROCE
16.40%
Debt / equity
2.78
PAT margin
2.41%
P/E post issue
8.54x
Market cap
₹515.16 Cr
Use of IPO money
Repayment/pre-payment of certain borrowings
₹125.00 Cr
Capital equipment cost under Siemens Financial Services lease
₹15.77 Cr
General corporate purposes
—
Strengths
✓
Four-plant network with 1.23 lakh tonne capacity
✓
Blue-chip appliance customers like Haier, Dixon, Amber
✓
Authorised service partner of JSW since 2021
✓
Entirely fresh issue; most proceeds cut debt
✓
Post-issue P/E of 8.54x
Risks to watch
!
Debt/equity of 2.78 with borrowings of ₹338.45 Cr
!
Very thin PAT margin of 2.41%
!
PAT grew only 7% in FY26 despite 20% revenue growth
!
Dependent on steel prices and appliance demand
!
Customer concentration in consumer durables
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.