Bombay Coated and Special Steels IPO | The business suggested issuing 1.5 crore additional shares without an offer-for-sale component in order to raise all of the money.
IPO to Reduce Debt
As a middleman between steel manufacturers and end users, Bombay Coated and Special Steels has submitted preliminary documents to SEBI in order to acquire money via its first public offering, mostly for debt relief.
According to the DRHP submitted on September 26, the business intended to raise all of the money by issuing 1.5 crore new shares without a sale component.
The Mumbai-based company that specializes in turning steel coils into processed steel products provides OEMs (original equipment manufacturers) and ODMs (original device manufacturers) in the general engineering and residential and commercial appliance industries.
Debt, Growth, and Operations
It primarily serves the following markets: pharmaceutical cleanrooms, air conditioners, refrigerators, washing machines, water heaters, electrical components, air ventilation systems, and automotive components.
Since it purchased 84% of its steel coils from JSW Steel Coated Products (JSWCPL) in FY25, the firm considers this to be the main risk associated with its substantial reliance on JSWCPL for steel coil procurement.
In accordance with its current leasing agreements with Siemens Financial Services, Bombay Coated and Special Steels would use Rs 120 crore of the IPO proceeds to pay back some of its debts, Rs 15 crore to purchase capital equipment, and the remainder sum for general business needs.
Strong Growth, Rising Profits
According to the company’s DRHP, the total amount of outstanding borrowings as of July 2025 was Rs 254 crore.
Competing with publicly traded companies such as BMW Industries, Manaksia Coated Metals & Industries, and Shiv Aum Steels, the company’s net profit for the fiscal year 2025 was Rs 28.7 crore, up 35.6 percent from Rs 21.1 crore in the fiscal year 2024. Over the same time period, revenue climbed from Rs 755.3 crore to Rs 1,055.7 crore, a 40 percent rise.
Smart Horizon Capital Advisors is the only book-running lead manager for Bombay Coated and Special Steels’ initial public offering.