Bombay Coated and Special Steels refiles DRHP with SEBI, increasing its IPO size to ₹191 crore. Check objects of the issue, financial growth, and business details.
Mumbai-based steel processing specialist, Bombay Coated and Special Steels, has submitted revised draft papers to SEBI for its upcoming IPO. The company has scaled up its fundraise target to ₹191 crore, structured entirely as a fresh issue to accelerate debt reduction and fuel infrastructure upgrades.
What are the latest updates regarding the Bombay Coated and Special Steels IPO?
Bombay Coated and Special Steels has officially refiled its Draft Red Herring Prospectus (DRHP) with the market regulator, SEBI. A key highlight of this updated filing is the increase in the total offer size, which has been raised to ₹191 crore from the earlier planned ₹132 crore. This entire offering consists of a fresh issuance of equity shares, meaning no existing shareholders are selling their stakes, and the capital will go directly toward company growth.
How does the company plan to utilize the ₹191 crore raised from the public?
The company has a clear roadmap for the IPO proceeds, focusing primarily on financial deleveraging. Approximately ₹125 crore will be used to repay or prepay existing high-interest debt, which was recorded at ₹273.6 crore as of September 2025. Furthermore, ₹18 crore is set aside for the acquisition of critical capital equipment that is currently being used under lease, with the balance allocated for general corporate purposes and operational scaling.
What is the core business model and operational reach of the company?
Bombay Coated and Special Steels acts as a specialized intermediary in the steel industry, converting raw steel coils into high-precision products like slit coils and sheets. Since 2021, they have served as an authorized partner for JSW Steel Coated Products. The company operates strategically located processing units in Maharashtra (Wada and Bhiwandi), Rajasthan (Ghiloth), and Andhra Pradesh (Sri City), allowing them to serve a diverse range of OEMs and industrial manufacturers across India.
What do the recent financial performance figures reveal about the company?
The company is entering the market on a strong financial footing. In the fiscal year ending March 2025, it reported a significant revenue jump of nearly 40%, reaching ₹1,055.7 crore. During the same period, net profit grew by 35.6% to ₹28.7 crore. Continuing this momentum, the first half of the 2026 fiscal year (ending September 2025) saw the company generate a turnover of ₹491.5 crore with a profit of ₹11 crore.
Who are the key managers and where will the shares be listed?
Smart Horizon Capital Advisors is managing the IPO as the sole Book Running Lead Manager, while KFin Technologies has been appointed as the registrar for the issue. Following the completion of the offering, the company’s equity shares are scheduled to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).