Bombay Coated and Special Steels IPO: Company Files DRHP With SEBI

Steel processing company Bombay Coated and Special Steels has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering. The proposed IPO is entirely a fresh issue of equity shares worth ₹191 crore, with no offer-for-sale component. This means all proceeds from the issue will go directly to the company.

Use of IPO Proceeds

The company plans to use the funds raised from the public issue mainly for repayment of certain borrowings. A portion of the proceeds will also be used to finance the acquisition of capital equipment under existing lease arrangements with Siemens Financial Services Pvt Ltd. The remaining amount will be utilised for general corporate purposes, supporting the company’s day-to-day operations and future growth plans.

Listing and Issue Details

Bombay Coated and Special Steels proposes to list its equity shares on both the National Stock Exchange (NSE) and the BSE. Smart Horizon Capital Advisor Pvt Ltd has been appointed as the book-running lead manager for the issue, while KFin Technologies will act as the registrar to the IPO.

About the Company

Bombay Coated and Special Steels operates as a steel processing centre, converting steel coils into value-added processed steel products. Its services include cut-to-length processing, precision slitting, shearing, and embossing of steel coils into slit coils and sheets. The company serves a wide range of customers, including Original Design Manufacturers (ODMs) and Original Equipment Manufacturers (OEMs).

The company plays an important role as an intermediary between primary steel producers and end-users by offering specialised processing services that add value to raw steel products.

Manufacturing Capacity and Operations

As of September 2025, the company had an aggregate installed processing capacity of 220,506 metric tonnes per annum, calculated on a half-yearly basis for FY26. This capacity spans across slitting, shearing, cut-to-length, and embossing operations.

Financial Performance

Bombay Coated and Special Steels has shown steady growth over the past three financial years. Revenue increased from ₹590.87 crore in FY23 to ₹1,055.70 crore in FY25. Net profit also rose from ₹15.66 crore in FY23 to ₹28.67 crore in FY25, while total assets expanded consistently during the same period.

Read more: Turtlemint IPO: Company Prepares for Listing After Filing UDRHP With SEBI.

Conclusion

The filing of the DRHP marks a key step in Bombay Coated and Special Steels’ journey towards becoming a listed company. With a fresh issue-focused IPO, improving financial performance, and a clear plan for using funds, the company aims to strengthen its balance sheet and support long-term growth in the steel processing segment.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.