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Bombay Coated & Special Steels IPOALLOTMENT
Bombay Coated and Special Steels Limited processes steel coils into customised, value-added steel products for home appliances, automotive components and general engineering industries.
- Open29 Oct
- Close2 Nov
- Allotment3 Nov
- Refund4 NovToday
- Demat4 Nov
- Listing5 Nov
Listing on
05 Nov 26
Allotment 03 Nov 26
Grey market premium
₹7(+8.54%)
Est. listing ~ ₹89
Overview
Price band
₹78-82
Lot size
182 shares
Face value
₹10 / share
Issue type
Book Built Issue
Min. investment
₹14,924
Listing at
NSE, BSE
Issue Size : 2,23,24,024 shares worth ₹183.06 Cr
- Fresh Issue : 2,23,24,024 shares worth ₹183.06 Cr
IPO Share Reservation
Total
100%
Lot size & investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 182 | ₹14,924 |
| Retail (Max) | 13 | 2,366 | ₹1,94,012 |
| S-HNI (Min) | 14 | 2,548 | ₹2,08,936 |
| S-HNI (Max) | 67 | 12,194 | ₹9,99,908 |
| B-HNI (Min) | 68 | 12,376 | ₹10,14,832 |
Live GMP
GMP
₹7+8.54%
Exp. listing
₹89
Retail profit
₹1,274182 shares
HNI profit
₹17,8362,548 shares
Latest GMP
₹7
All-time high
₹9
All-time low
₹7
Subscription
- QIB37.32xQIB37.32xQualified Institutional BuyersShares offered 45,64,512Shares applied 17,03,30,524Bid amount ₹1,397 Cr
- NII (HNI)166.44xNII (HNI)166.44xNon-Institutional InvestorsShares offered 33,48,604Shares applied 55,73,36,598Bid amount ₹4,570 Cr
- S-HNI113.44xS-HNI113.44xSmall HNI · ₹2L – ₹10LShares offered 11,16,201Shares applied 12,66,26,682Bid amount ₹1,038 Cr
- B-HNI192.94xB-HNI192.94xBig HNI · above ₹10LShares offered 22,32,402Shares applied 43,07,09,916Bid amount ₹3,532 Cr
- Retail35.46xRetail35.46xRetail Individual InvestorsShares offered 78,13,409Shares applied 27,70,83,898Bid amount ₹2,272 Cr
- Total63.89xTotal63.89xAll categories combinedShares offered 1,57,26,525Shares applied 1,00,47,51,020Bid amount ₹8,239 Cr
Financials
| Period(₹ Cr) | Revenue | Expense | PAT | Assets | Borrowing |
|---|---|---|---|---|---|
| Mar 2024 | 765.41 | 737.21 | 21.14 | 350.21 | 234.16 |
| Mar 2025 | 1,058.65 | 1,021.48 | 28.67 | 458.21 | 276.96 |
| Mar 2026 | 1,269.83 | 1,229.04 | 30.54 | 571.47 | 338.45 |
| Jun 2026 | 397.55 | 376.9 | 15.08 | 526.11 | 273.69 |
KPI & Valuation
Key performance indicators
- ROE
- 11.65%
- PAT Margin
- 3.8%
- ROCE
- 7.01%
- EBITDA Margin
- 8.1%
- Debt to Equity Ratio
- 2
- RoNW
- 11.03%
As of 30 Jun 2026
Valuation
- EPS Pre IPO
- ₹7.54
- EPS Post IPO
- ₹9.6
- P/E Pre IPO
- 10.88
- P/E Post IPO
- 8.54
Peer comparison
| Company | Face value | P/E |
|---|---|---|
| BMW Industries Limited | ₹1 | 14.98 |
| Manaksia Coated Metals & Industries Limited | ₹1 | 31.03 |
| Shiv Aum Steels Limited | ₹10 | 98.54 |
Strengths & risks
Strengths
- Industry Experience with a legacy dating back to 1983.
- JSW Partnership supporting steel coil sourcing.
- Diversified Customers across multiple industries.
- Strong Infrastructure with four manufacturing facilities.
- Repeat Customers contributing to consistent business relationships.
Risks
- Customer Concentration with high revenue dependence on top 10 customers.
- Supplier Dependency on JSW Steel for raw materials.
- Sector Concentration in home and commercial appliances.
- Seasonal Demand affecting revenue and capacity utilisation.
- Competition Risk from other steel processing companies.
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Repayment/pre-payment, in full or in part, of certain borrowings availed by Company. | 125 |
| Financing the cost towards acquisition of capital equipment under existing lease arrangements with Siemens Financial Services Pvt. Ltd. | 15.77 |
| General corporate purposes. | - |
Promoter Holdings
Company Promoter(s)
- Vijaykumar Himatrai Gupta
- Nitin Vijaykumar Gupta
- Bhawna Nitin Gupta
Registrar & contacts
Registrar
Kfin Technologies Ltd.
Company
Bombay Coated & Special Steels Ltd.
- 2602, Parinee I, 7-A Shah Industrial Estate, Andheri (West), Mumbai, Maharashtra, 400053
- +91 22 4664 9193
- compliance@bcsspl.in
- https://www.bcsspl.in/
Documents
Lead managers
About Bombay Coated & Special Steels
Bombay Coated and Special Steels Limited is a Mumbai-based steel processing company engaged in converting steel coils into customised, value-added steel products for Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs). Incorporated in December 2019, the company acquired the business of Bombay Steels in January 2021, which traces its origins to 1983.
The company specialises in four steel processing operations—slitting, cut-to-length processing, shearing and embossing, manufacturing five major products:
- Slit Coils: Steel coils cut into narrower widths for appliances, automotive components and industrial applications.
- Blanks/Sheets: Flat steel sheets processed into customised lengths for refrigerators, air conditioners and electrical equipment.
- Embossed Slit Coils: Narrow steel coils with textured or patterned surface finishes.
- Embossed Blanks: Patterned steel sheets primarily used in refrigerator panels and home appliances.
- Sheared Blanks: Precision-cut steel sheets for engineering and industrial applications.
The company serves two major end-use segments: Home and Commercial Appliances (86.54% of FY2026 revenue) and General Engineering (13.46%), covering refrigeration, automotive components, electrical equipment, ventilation systems and pharmaceutical cleanrooms.
The company operates four manufacturing facilities in Maharashtra, Rajasthan and Andhra Pradesh, covering 42,209 square metres, with an installed processing capacity of 1,23,153 MTPA as of June 30, 2026, calculated on a quarterly basis for FY2027. It has also been an authorised service partner of JSW Steel Coated Products Limited and/or its holding company since 2021.
Its major customers include Haier Appliances India, IFB Refrigeration, Dixon Electro Manufacturing, Amber Enterprises India, Western Refrigeration, PG Technoplast and EPack Durable. During FY2026, the company served 261 customers, with its top 10 customers contributing 71.33% of revenue from operations.
As of June 30, 2026, the company had 164 personnel, including 160 permanent employees and 4 employees on retainership.