Bombay Coated and Special Steels raises Rs 54 crore from anchor investors ahead of IPO

The IPO will open for public subscription on October 29 and close on November 2. Mumbai-based Bombay Coated and Special Steels attracted six institutional investors to its anchor book at the upper end of the price band. IMAP India Capital Investment Trust emerged as the largest investor, acquiring 24.39 lakh equity shares worth Rs 20 crore through its Catalyst New India Fund. LRSD Capital followed, purchasing 17.17 lakh shares worth Rs 14.08 crore.

The remaining four investors — Aarth AIF Growth Fund, Ekamya Pragati Scheme, Amitsg Ventures Fund and Religo Commodities Ventures Fund — each subscribed to 6.1 lakh equity shares worth Rs 5 crore. Promoted by Vijaykumar Himatrai Gupta, Bombay Coated and Special Steels operates steel processing facilities in Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan, and Sri City in Andhra Pradesh. The company functions as a steel processing centre, converting steel coils into processed steel products for original equipment manufacturers (OEMs) and original design manufacturers (ODMs).

Its products cater to several industries, including home and commercial appliances, general engineering, automotive manufacturing, pharmaceutical cleanroom infrastructure, electrical equipment and ventilation systems. Since 2021, the company has been an authorised service partner of JSW Steel Coated Products under an agreement for the regular supply of steel coils. It procures steel coils from JSW Steel Coated Products and other suppliers and processes them into finished steel products.

Of the net proceeds from the IPO, Rs 125 crore will be used to repay debt, either fully or partially. Another Rs 15.7 crore will be allocated to finance the acquisition of capital equipment under existing lease arrangements with Siemens Financial Services. The remaining proceeds will be used for general corporate purposes. The company's total outstanding borrowings stood at Rs 302.4 crore as of August 2026.