Bombay Coated & Special Steels IPO subscribed 3x so far on Day 2; QIBs, retail investors lead demand

In the grey market, Bombay Coated & Special Steels shares were commanding a premium of 10 percent on the morning of October 30, according to InvestorGain. However, the GMP is an unofficial indicator of investor sentiment and does not guarantee the listing price or returns. Read Also: From selling paan to Rs 1,000-crore biryani business: How Nagasamy Naidu built Tamil Nadu's popular 'Dindigul Thalappakatti Biriyani'

The company has fixed the price band for the issue at Rs 78-82 per share. Investors can apply for a minimum of 182 shares in one lot, requiring an investment of Rs 14,924 at the upper end of the price band. The IPO will remain open for bidding until November 2. The tentative listing date for Bombay Coated & Special Steels shares on the BSE and NSE is November 5. The IPO comprises an entirely fresh issue of shares worth Rs 183.06 crore.

The company plans to utilise a substantial portion of the proceeds to reduce its debt and meet costs associated with capital equipment. Of the net proceeds, Rs 125 crore will be used to repay or prepay certain borrowings. Another Rs 15.77 crore has been earmarked for costs related to acquiring capital equipment under existing lease arrangements with Siemens Financial Services Pvt. Ltd. The remaining proceeds will be used for general corporate purposes.

Bombay Coated & Special Steels reported an improvement in its revenue and profit in fiscal 2026. Revenue from operations rose to Rs 1,266.82 crore in FY26 from Rs 1,055.71 crore in FY25. The company had reported revenue of Rs 755.26 crore in FY24. Profit after tax (PAT) increased to Rs 30.54 crore in FY26, compared with Rs 28.67 crore in FY25 and Rs 21.14 crore in FY24. For the quarter ended June 2026, the company reported revenue from operations of Rs 397.08 crore and a profit after tax of Rs 15.08 crore.

About Bombay Coated & Special Steels Bombay Coated & Special Steels is a steel processing company that converts steel coils into processed steel products through operations such as slitting, cut-to-length processing, shearing and embossing. The company's manufacturing facilities are located in Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan, and Sri City in Andhra Pradesh. It caters to industrial customers that require processed steel for their operations. As of June 30, 2026, the company had an aggregate installed processing capacity of 1,23,153 tonnes per annum.