Bombay Coated & Special Steels IPO: Price Band, Lot Size, GMP, Dates & Analysis
Steel processing and value-added manufacturing player Bombay Coated & Special Steels Limited has launched its mainboard initial public offering. The ₹183.06 crore public issue comprises entirely a fresh issue of shares targeted at debt repayment, acquiring capital equipment, and supporting general corporate growth. This comprehensive review examines issue timelines, live subscription figures, financial standing, business operations, and expert perspectives.
📊 Key Details of the Issue
| Item | Detail |
| Company | Bombay Coated & Special Steels Limited |
| Issue Size | ₹183.06 crore |
| Fresh Issue | ₹183.06 crore (2,23,24,024 shares) |
| Offer for Sale (OFS) | Nil |
| Price Band | ₹78 to ₹82 per share |
| Lot Size | 182 shares |
| Minimum Investment (Retail) | ₹14,924 (1 lot at upper band) |
| Face Value | ₹10 per share |
| Quota Allocation | QIB: 50% | NII (HNI): 15% | Retail: 35% |
| Subscription Window | October 29, 2026 – November 2, 2026 |
| Listing Date | November 5, 2026 (Tentative) |
| Listing Exchanges | BSE and NSE |
| Registrar | KFin Technologies Ltd. |
| Lead Manager | Smart Horizon Capital Advisors Pvt. Ltd. |
📅 Important Dates to Remember
| Event | Date |
| Bidding Opens | October 29, 2026 |
| Bidding Closes | November 2, 2026 (5:00 PM) |
| Basis of Allotment | November 3, 2026 (Tentative) |
| Refund Initiation | November 4, 2026 (Tentative) |
| Shares Credit to Demat | November 4, 2026 (Tentative) |
| Listing Day | November 5, 2026 (Tentative) |
💰 Subscription Status Grid
| Day | QIB (50%) | NII (15%) | Retail (35%) | Total |
| Day 1 (Oct 29, 2026) | 6.89x | -- | -- | 2.81x |
| Day 2 (Oct 30, 2026) | 6.89x | -- | -- | 3.98x |
| Day 3 (Nov 2, 2026) | Upcoming | Upcoming | Upcoming | -- |
| Final | -- | -- | -- | -- |
✅ Current Status: Bidding is live from October 29, 2026, to November 2, 2026. Progressive figures across trading days are captured above.
📈 Grey Market Premium (GMP) Trend
| Date | GMP (₹) | Estimated Listing Price | Gain (%) |
| October 27, 2026 | ₹9 | ₹91 | +10.98% |
| November 1, 2026 (Latest) | ₹8 | ₹90 | +10.00% |
⚠️ Grey market premiums are unofficial market indicators that change continuously and should not be treated as a definitive forecast of listing returns.
🏢 About the Company
Incorporated in 2019, Bombay Coated & Special Steels Limited took over the running business of Bombay Steels. The company purchases steel coils and converts them into value-added items such as sheets, blanks, and smaller coils utilizing specialized processing techniques like slitting, cutting, shearing, and embossing. Operating manufacturing facilities across multiple strategic regions like Maharashtra, Rajasthan, and Andhra Pradesh, it has served as an authorized service partner of JSW Steel Coated Products Limited since 2021.
Key Highlights
- JSW Strategic Partnership: Long-standing status as an authorized service partner for JSW Steel Coated Products Limited.
- Value-Added Processing: Expertise in precision cutting, slitting, shearing, and embossing to fit varied customer specifications.
- Geographical Spread: Proximity to key manufacturing clusters ensuring efficient just-in-time delivery.
📊 Financial Performance
| Metric (₹ in Crore) | FY24 | FY25 | FY26 |
| Total Income / Revenue | 755.26 | 1,055.71 | 1,266.82 |
| Profit After Tax (PAT) | 21.14 | 28.67 | 30.54 |
🎯 Objects of the Issue
The net proceeds generated from the fresh equity issue will be directed toward:
- Debt Repayment: Prepayment or repayment, in full or in part, of certain outstanding borrowings availed by the company — ₹125.00 Cr
- Capital Equipment Acquisition: Financing costs toward capital equipment acquisition under existing lease arrangements with Siemens Financial Services Private Limited — ₹15.77 Cr
- General Corporate Purposes: Supporting business operations and issue-related expenses
⚖️ Strengths & Risks
✅ Strengths
- Established Industry Ties: Strong and reliable partnerships with major industrial clients and OEMs/ODMs.
- Advanced Processing Setup: Integrated machinery providing high-precision dimensional tolerances and flexible turnaround times.
- Consistent Topline Growth: Solid scaling of revenue figures year-over-year.
⚠️ Risks
- Debt Load: Substantial borrowing levels require disciplined capital allocation for debt servicing.
- Third-Party Logistics: Heavy reliance on external transport providers for raw material and finished goods dispatch.
🧑💼 What Analysts Are Saying
| Analyst / Firm | Recommendation | Rationale |
| Market Review Desks | Apply – Long Term | Solid operational track record, steady financial growth, and strong backing from institutional participation. |
🏁 Listing Performance (Update After Listing)
| Exchange | Opening Price | Premium vs. Issue | Closing Price |
| BSE / NSE | Expected Nov 5 | -- | -- |
Verdict: The stock is tentatively scheduled to list on the BSE and NSE platforms on Wednesday, November 5, 2026. Real-time performance tracking will be updated here post-listing.
❓ Frequently Asked Questions (FAQ)
Q1: What is the official price band of the Bombay Coated & Special Steels IPO?
A: The price band is fixed at ₹78 to ₹82 per equity share.
Q2: What is the minimum investment required for retail investors?
A: Retail investors must apply for a minimum of 1 lot (182 shares), amounting to ₹14,924 at the upper price band.
Q3: When does the subscription window open and close?
A: The bidding window opens on October 29, 2026, and closes on November 2, 2026.
Q4: What is the current Grey Market Premium (GMP)?
A: The latest recorded GMP stands around ₹8 per share, indicating a steady 10% premium.
Q5: What is the aggregate issue size?
A: The total issue size is ₹183.06 crore, structured entirely as a fresh equity issue.
Q6: How will the fresh proceeds be used?
A: Proceeds will fund debt prepayment (₹125.00 Cr), lease-related capital equipment procurement (₹15.77 Cr), and general corporate objectives.
Q7: What core services does Bombay Coated & Special Steels provide?
A: Steel coil processing into sheets, blanks, and smaller coils through slitting, cutting, shearing, and embossing.
Q8: Who serves as the registrar for the issue?
A: KFin Technologies Ltd.
Q9: When is the allotment finalization scheduled?
A: November 3, 2026 (tentative).
Q10: When will shares list on the stock exchange?
A: November 5, 2026, on the BSE and NSE platforms.
⚠️ Disclaimer: This content is for informational purposes only and does not constitute professional investment advice. Review the official Red Herring Prospectus (RHP) before committing capital.