Bombay Coated and Special Steels, the steel processing centre being an intermediary between steel producers and end-users, has filed preliminary papers with the SEBI to raise funds via maiden public issue mainly for debt reduction.
The company proposed to raise entire funds by issuing 1.5 crore new shares with no offer-for-sale component, as per the DRHP filed on September 26.
The Mumbai-based firm specialising in processing steel coils into processed steel products supplies those processed steel products to OEMs (original equipment manufacturers) and ODMs (original device manufacturers) in the home & commercial appliances and general engineering sectors.
It caters mainly to air conditioners, refrigeration, washing machines, water heaters, pharmaceutical cleanrooms, electrical components, air ventilation solutions, and automotive components segments.
The company believes the significant dependency on JSW Steel Coated Products (JSWCPL) for procurement of steel coils is the risk as it sourced 84 percent of steel coils from JSWCPL in FY25.
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Bombay Coated and Special Steels will utilise Rs 120 crore of IPO proceeds for repayment of certain borrowings, Rs 15 crore for acquisition of capital equipment under existing lease arrangements with Siemens Financial Services, and the remaining amount for general corporate purposes.
As of July 2025, the outstanding borrowings were Rs 254 crore, the company in its DRHP said.
The company that competes with listed entities like BMW Industries, Manaksia Coated Metals & Industries, and Shiv Aum Steels has recorded net profit at Rs 28.7 crore for the fiscal 2025, growing 35.6 percent compared to Rs 21.1 crore in previous fiscal 2024. Revenue during the same period increased by 40 percent to Rs 1,055.7 crore, up from Rs 755.3 crore.
Smart Horizon Capital Advisors is the only book running lead manager for the Bombay Coated and Special Steels IPO.
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