The ₹183.06 crore mainboard IPO opens on October 29, 2026, at a price band of ₹78–₹82 per share. The steel processing company operates four manufacturing facilities and supplies processed steel products to appliance manufacturers, automotive companies and engineering businesses.

Bombay Coated & Special Steels Ltd. (BCSSL) opens its initial public offering (IPO) for subscription on October 29, 2026, seeking to raise ₹183.06 crore through a fresh issue of equity shares. The subscription period closes on November 2, 2026, with the shares proposed to be listed on the BSE and NSE.

The company operates in the steel processing industry, converting steel coils into value-added products such as slit coils, embossed coils, blanks and sheared blanks. These products are supplied to manufacturers across consumer durables, electrical equipment, automotive components, refrigeration and general engineering.

BCSSL has been an authorised service partner of JSW Steel Coated Products since 2021. Its customers include Haier Appliances India, IFB Refrigeration, Dixon Electro Manufacturing, Amber Enterprises, PG Technoplast and EPack Durable.

The company operates manufacturing facilities at Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan and Sri City in Andhra Pradesh. Its four facilities cover a combined area of 42,209 square metres.

Issue Details

The IPO comprises approximately 2.23 crore fresh equity shares. Following the issue, the company’s paid-up equity capital will increase from ₹40.50 crore to ₹62.82 crore.

Utilisation of IPO Proceeds

The equipment acquisition relates to existing lease arrangements with Siemens Financial Services Pvt. Ltd.

Bombay Coated & Special Steels IPO GMP

The Bombay Coated & Special Steels IPO grey market premium (GMP) is ₹9 per share, compared with the upper issue price of ₹82. This translates into an indicative listing price of ₹91 per share.

The unofficial premium was ₹8 on October 23–25 before moving to ₹9 on October 26. It remained at that level in the latest available quote.

GMP figures vary and may change during the day. The implied listing price is calculated by adding the GMP to the upper issue price. GMP is unofficial, unregulated and not endorsed by SEBI. Actual listing prices may differ substantially.

Financial Performance

Financial figures from the supplied IPO analysis, with Q1 FY27 income corrected to approximately ₹397.55 crore, consistent with reported quarterly revenue and margins.

Total income increased from ₹765.41 crore in FY24 to ₹1,269.83 crore in FY26, while net profit rose from ₹21.14 crore to ₹30.54 crore over the same period.

For the quarter ended June 30, 2026, the company reported net profit of ₹15.08 crore. PAT margins stood at 3.80%, compared with 2.41% for FY26.

Trade receivables increased during the reported periods. As of June 30, 2026, the company had a debt-equity ratio of 2.00 and contingent liabilities of ₹9.83 crore.

Price Band Analysis

At the upper price band of ₹82, the IPO is valued at approximately 16.87 times FY26 earnings and 8.54 times annualised Q1 FY27 earnings, calculated on the post-issue equity base.

The price-to-book value stands at 2.43 times based on the June 30, 2026 NAV of ₹33.73 per share and 1.51 times based on the post-IPO NAV of ₹54.46.

The company has reported average earnings per share of ₹7.12 and average return on net worth of 30.55% for the last three financial years.

The listed peer group disclosed in the offer document includes BMW Industries, Manaksia Coated Metals & Industries and Shiv Aum Steels. Their P/E multiples were 12.6, 31.2 and 77.5, respectively, as of October 26, 2026.

IPO Allotment and Listing Schedule

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