Bombay Coated and Special Steels lists at Rs 91 against Rs 82 issue price

The Development

Bombay Coated and Special Steels Limited, a Mumbai-based steel processing company, listed on the National Stock Exchange and BSE on November 5, 2026. Per NSE trade data, the stock opened at Rs 91 on the NSE against an issue price of Rs 82, a premium of 10.98%. It touched a high of Rs 95.55 during the session and closed at Rs 94.81, 15.62% above the issue price. The shares trade in the NSE's BE series, under trade-for-trade settlement.

The issue was a fresh issue of equity shares aggregating up to Rs 183.06 crore (Rs 1,830.57 million), per the red herring prospectus dated October 21, 2026 filed with SEBI. The book was open from October 29 to November 2, 2026, at a price band of Rs 78 to Rs 82 per share, and the issue price was fixed at the upper end.

Per consolidated bid data published on the NSE issue information page, the issue was subscribed 60.77 times at close, with qualified institutional buyers at 35.50 times, non-institutional investors at 158.32 times and retail individual investors at 33.73 times.

The Company

Per the RHP, the company is "a steel processing centre engaged in the business of converting steel coils" into value-added products. Its operations cover precision slitting, cut-to-length processing, shearing and embossing, producing slit coils, blanks and embossed products for original equipment manufacturers (OEMs) and original design manufacturers (ODMs). The promoters are Vijaykumar Himatrai Gupta, Nitin Vijaykumar Gupta and Bhawna Nitin Gupta, per the offer document.

The company discloses that the home and commercial appliances sector accounted for 86.54% of revenue from sale of products in fiscal 2026, with air conditioners alone at 46.85%. It names Haier Appliances India, Dixon Electro Manufacturing, Amber Enterprises India and EPack Durable among its customers, and identifies Amber Enterprises India as its largest customer for fiscal 2026.

Per the restated financial information in the RHP, revenue from operations was Rs 1,266.82 crore in fiscal 2026, against Rs 1,055.71 crore in fiscal 2025 and Rs 755.26 crore in fiscal 2024. Restated profit was Rs 30.54 crore in fiscal 2026, Rs 28.67 crore in fiscal 2025 and Rs 21.14 crore in fiscal 2024. For the three months ended June 30, 2026, revenue was Rs 397.08 crore and profit Rs 15.08 crore. Net worth stood at Rs 136.62 crore and total borrowings at Rs 273.69 crore as at June 30, 2026.

The Offer Structure

The issue was entirely a fresh issue with no offer-for-sale component, so the proceeds go to the company rather than to selling shareholders. Per the RHP, the company proposes to use Rs 125 crore to repay or pre-pay certain borrowings and Rs 15.77 crore to finance the acquisition of capital equipment held under lease arrangements with Siemens Financial Services Private Limited, with the balance for general corporate purposes, capped at 25% of gross proceeds.

The face value is Rs 10 per share and the bid lot was 182 shares, a minimum application of Rs 14,924 at the issue price, per the NSE issue information. The issue included an anchor reservation of 65,97,500 equity shares, per the NSE record. Smart Horizon Capital Advisors Private Limited was the sole book running lead manager and KFin Technologies Limited the registrar. BSE was the designated stock exchange.

Readers working through the arithmetic of an allotment at the issue price can use Oquilia's lumpsum calculator or CAGR calculator. Earlier primary-market coverage is on the /news desk.

Risk Factors

The RHP lists dependence on a single supplier as its first risk factor: the company sourced about 86.65% of its steel coil requirements in fiscal 2026 from JSW Steel Coated Products Limited and/or its holding company, and discloses that any disruption in that supply could materially affect its business.

Among the other risk factors the company discloses are customer concentration, with its top ten customers contributing 71.33% of revenue from operations in fiscal 2026, and raw material costs, which accounted for 90.51% of total expenses in the same year. The company also discloses heavy dependence on the home and commercial appliances sector.

The RHP further lists past discrepancies in statutory filings with the Registrar of Companies and other non-compliances under the Companies Act, 2013, a "high debt-to-equity ratio", negative cash flows from investing and financing activities, and legal proceedings involving the company, its promoters, directors and certain promoter group members.

What Happens Next

With listing complete, the issue has moved through every stage of the primary-market process: RHP filing, price band announcement, anchor book, the three-day bidding window, basis of allotment, refunds and unblocking of funds for unsuccessful applicants, and credit of shares to demat accounts ahead of trading. Price discovery now takes place on the exchanges in the normal course.

As a listed company, Bombay Coated and Special Steels is now subject to SEBI's listing obligations and disclosure requirements, including quarterly results and event-based disclosures through the exchanges. The RHP also requires the company to report on the use of the issue proceeds against the stated objects, which will appear in its exchange filings.

FAQ

Should I apply for this IPO?

Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The bidding window for this issue closed on November 2, 2026, and the shares now trade on the exchanges. The RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges.

What were the price band and lot size?

The price band was Rs 78 to Rs 82 per share and the issue price was fixed at Rs 82, per the NSE record. The minimum bid was one lot of 182 shares, or Rs 14,924 at the issue price. Retail individual investors could bid up to Rs 2 lakh.

How many times was the issue subscribed?

Per consolidated NSE bid data, the issue was subscribed 60.77 times overall. Qualified institutional buyers bid for 35.50 times their portion, non-institutional investors 158.32 times and retail individual investors 33.73 times.

What will the company do with the money raised?

Per the RHP, Rs 125 crore is earmarked for repayment or pre-payment of certain borrowings and Rs 15.77 crore for acquiring capital equipment currently held under lease from Siemens Financial Services. The remainder is for general corporate purposes, capped at 25% of gross proceeds.

Where can I read the RHP?

The red herring prospectus dated October 21, 2026, and the abridged prospectus are on SEBI's public-issues filings page. The NSE and BSE also host the document on their issue information pages, along with the anchor allocation report.

This report is based on the red herring prospectus filed with SEBI and exchange data from the NSE. It was surfaced via coverage aggregated on Google News.