Mumbai based Bombay Coated & Special Steels Limited has refiled its Draft Red Herring Prospectus (DRHP) with the capital markets regulator, Securities and Exchange Board of India (SEBI) to raise Rs 191 crore through Initial Public Offering (IPO).

The IPO, with a face value of ₹10, is a fresh issue of shares aggregating up to Rs 191 crore.

The proceeds from its fresh issuance worth Rs. 125 crore will be utilised for prepayment/repayment of certain outstanding borrowings availed by the Company, in part or full; Rs 18 crore for financing the cost towards acquisition of capital equipment under existing lease arrangements with Siemens Financial Services Private Limited, and general corporate purposes.

The company, in consultation with the book-running lead managers, may consider a pre-IPO placement. The pre-IPO placement if completed, the fresh issue size will be reduced.

The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not more than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively. 

Incorporated in 2019, the company is a steel processing centre engaged in the business of converting steel coils into value-added processed steel products.

Its core competencies include precision slitting, cut-to-length processing, shearing, and embossing of steel coils into slit coils and blanks/sheets (collectively referred to as Processed Steel Products).

The company caters to a diversified customer base comprising original equipment manufacturers (OEMs) and original design manufacturers (ODMs). The company, being a steel processing centre (SPC), operates as an intermediary between primary steel producers and end-users by providing value-added processing services.

In addition to manufacturing processed steel products, the company also performs logistics and inventory management functions.

And by maintaining adequate inventory levels and offering just-in-time delivery solutions, the company ensures timely and efficient supply of processed steel products to customers across urban as well as remote locations thereby enhancing supply chain efficiency and cost optimization. (source – CareEdge Report).

One of the promoters of the company, Mr. Vijaykumar Himatrai Gupta, commenced operations in 1983 as a steel trader under the sole proprietorship M/s. Bombay Steels. In 2012, the business expanded into steel processing with the establishment of the Bhiwandi facility, followed by the execution of a service partnership agreement with JSW Steel Coated Products Limited (JSWSCPL) in 2018. Subsequently, on January 29, 2021, the company entered into a Business Transfer Agreement to acquire the running business of M/s. Bombay Steels on a going-concern basis.

This acquisition consolidated over four decades of trading and processing experience into the operations of the company. Thereafter, the Company has entered into a phase of rapid expansion and added steel processing facilities across key manufacturing regions of India. The company expanded its operations by establishing new manufacturing facilities in the western, northern and southern regions of India.

Since 2021, the company has been an authorised service partner of JSW Steel Coated Products Limited and/or its holding Company (JSWSCPL), pursuant to an agreement for the regular supply of steel coils.

The company procures steel coils from JSWSCPL as well as other suppliers and process them using advanced engineering techniques and high-precision machinery to manufacture processed steel products.

Its long-standing and strong supplier relationships ensure stability and reliability in sourcing, enabling us to efficiently and consistently meet customer requirements. (source – CareEdge Report).

The company is a multi-location steel processing centre with manufacturing facilities located at Wada and Bhiwandi, Maharashtra, Ghiloth, Rajasthan, and Sri City in Andhra Pradesh. Its facilities are equipped with steel processing infrastructure, including slitting lines, cut-to-length lines, shearing lines, and embossing lines, designed to achieve operational precision and efficiency. These manufacturing facilities are spread across four strategically located sites in India, aggregating a total area of 42,209 square meters, and are ISO 9001:2015 certified for the processing, marketing, and supply of Processed Steel Products.

The company operates with an aggregate installed processing capacity of 220,506 tonnes per annum, computed on a half-yearly basis for Fiscal 2026, across slitting, cut-to-length, shearing and embossing operations, as of September 30, 2025.

Its installed capacity has increased at a compound annual growth rate of approximately 27.94% between Fiscal 2023 and Fiscal 2025. The company’s revenue from operations was Rs 491.5 crore during the six-months ended September 30, 2025, and its net profit was Rs 11 crore. Its revenue from operations was Rs 1055.7 crore during FY25 vis-a-vis Rs 590.8 crore during FY23. Its net profit was Rs 28.6 crore during FY25 vis-a-vis Rs 15.6 crore during FY23.

Smart Horizon Capital Advisors Private Limited is the book-running lead managers and Kfin Technologies Limited is the registrar of the offer. 

The equity shares are proposed to be listed on BSE and NSE.