Bombay Coated and Special Steels IPO opens October 29 at Rs 78-82
By Arjun MehtaSenior Business Editor, Peepals Business
Representative image: tianya1223 / Pixabay
Bombay Coated and Special Steels opens a Rs 183.1 crore IPO on October 29, 2026 at Rs 78-82 a share, mainly to repay debt; listing is set for November 5.
What Happened
Bombay Coated and Special Steels, a steel processor that cuts coated steel coils into sheets and parts for manufacturers, will open its initial public offering (IPO) on Thursday, October 29, 2026, at a price band of Rs 78 to Rs 82 a share, according to the company's offer details. The Rs 183.1 crore issue is entirely a fresh sale of new shares, with no existing shareholder selling. Bidding closes on November 2, the basis of allotment is expected on November 3, and the shares are scheduled to list on the BSE and NSE on November 5, 2026. Most of the money will go to repaying debt.
Key Facts
- Issue size: about Rs 183.1 crore, all fresh issue; an earlier plan was for about Rs 191 crore.
- Price band: Rs 78 to Rs 82 a share; one lot is 182 shares, or Rs 14,924 at the top of the band.
- Dates: opens October 29, closes November 2; allotment November 3; listing November 5, 2026.
- Use of funds: about Rs 125 crore to repay or prepay borrowings and about Rs 15.7 crore for equipment under existing lease arrangements, with the rest for general corporate purposes.
- Borrowings stood at about Rs 302.4 crore as of August 2026, according to one report on the offer documents.
- FY26 revenue was about Rs 1,267 crore and profit about Rs 30.5 crore, according to the offer details as reported.
- Reservation: 50% for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors.
- Promoter: Vijaykumar Himatrai Gupta.
Why It Matters
Bombay Coated and Special Steels sits in the middle of India's steel supply chain. It buys coated steel coils, such as galvanised, galvalume and colour-coated coils, mostly from JSW Steel Coated Products, for which it is an authorised service partner. It then processes them at four plants in Maharashtra, Rajasthan and Andhra Pradesh into slit coils, blanks and other shapes that appliance makers, construction firms and other manufacturers use directly on their production lines. Galvanised steel has a zinc coating that protects it from rust; galvalume uses a zinc-aluminium mix.
Service centres like this do not make steel. Their business depends on volumes and on a small margin between the price of coils and the price of processed products. That is why the company's FY26 numbers show high revenue, about Rs 1,267 crore, but a much smaller profit of about Rs 30.5 crore. Paying down debt, which the IPO is mainly designed to do, reduces interest costs, and lower interest costs can add directly to profit in a thin-margin business.
The issue is also part of a busy week in India's primary market, with several mainboard IPOs opening between October 26 and 30 and Jio Platforms due to list on October 28. A crowded calendar means investors are choosing between many offers at the same time.
This is not investment advice. Anyone considering applying should read the red herring prospectus filed with the market regulator, which sets out the company's risks, including its dependence on a single main supplier and its borrowings.
| Item | Detail |
|---|---|
| Price band | Rs 78-82 a share |
| Issue size | About Rs 183.1 crore (fresh issue) |
| Bidding | October 29 to November 2, 2026 |
| Listing | November 5, 2026 (BSE, NSE) |
| Debt repayment | About Rs 125 crore |
Impact
Short-term: If fully subscribed, the company will use about Rs 125 crore to cut its borrowings, lowering its interest burden from the current financial year.
Long-term: A listed status gives the company easier access to capital for future plant expansion and a public valuation, but it also brings quarterly disclosure and scrutiny of its margins and supplier dependence.
Who is affected: Retail and institutional investors weighing the offer, the company's lenders, its main supplier JSW Steel Coated Products, and manufacturers that buy processed coated steel.
Key Takeaway
Bombay Coated and Special Steels opens a Rs 183.1 crore IPO on October 29, 2026, at Rs 78-82 a share, mainly to repay debt, with listing set for November 5.
Questions and Answers
When does the Bombay Coated and Special Steels IPO open and close?
It opens on October 29, 2026, and closes on November 2. The basis of allotment is expected on November 3, and the shares are scheduled to list on the BSE and NSE on November 5, 2026.
What is the price band and lot size?
The price band is Rs 78 to Rs 82 a share. One lot is 182 shares, which costs Rs 14,924 at the upper end of the band.
What will the company do with the IPO money?
About Rs 125 crore will repay or prepay borrowings and about Rs 15.7 crore will go to equipment under existing lease arrangements. The rest is for general corporate purposes.
What does Bombay Coated and Special Steels do?
It processes coated steel coils, mostly bought from JSW Steel Coated Products, into slit coils, blanks and other shapes at four plants in Maharashtra, Rajasthan and Andhra Pradesh, for manufacturers that use them directly.
Disclaimer: Prepared by the Peepals newsroom from publicly available sources with AI assistance. Information is accurate to the best of our knowledge at the time of publication and may change. Images may be representative. Not professional advice. Report an error via our contact page.
By Arjun Mehta, Senior Business EditorCovers Start-ups & Opportunities and more for Peepals Business. All stories by Arjun Mehta
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