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Learn about Bombay Coated and Special Steels Limited’s DRHP refiling, issue structure, business model, financial context and key regulatory milestones in its IPO journey.
Bombay Coated and Special Steels Limited IPO update: Bombay Coated and Special Steels Limited (BCSSL), a Mumbai-based steel processing centre, has refiled its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a proposed mainboard initial public offering. The refiled DRHP includes updated disclosures and a revised issue size, with proceeds primarily aimed at debt reduction and capital equipment acquisition.
Bombay Coated and Special Steels Limited first filed its DRHP with SEBI on September 26, 2025, proposing to raise funds through a fully fresh issue of around 1.5 crore equity shares. On January 28, 2026, the company refiled its IPO papers with SEBI. The refiled DRHP appeared under SEBI’s “Draft Offer Documents filed with SEBI – Public Issues” dated January 30, 2026.
The DRHP provides an overview of the proposed IPO and sets out the company’s financials, governance framework, and business outlook.
The IPO filing of Bombay Coated and Special Steels Limited marks the continuation of its public listing process with a revised structure and updated disclosures. As per the refiled Draft Red Herring Prospectus submitted to Securities and Exchange Board of India, the company proposes to raise ₹191 crore entirely through a fresh issue of equity shares. There is no offer for sale component, which means the entire net proceeds, after deducting issue-related expenses, are intended for utilisation by the company.
The equity shares are proposed to be listed on National Stock Exchange of India Limited and BSE Limited, subject to regulatory observations and stock exchange approvals. Smart Horizon Capital Advisors Private Limited has been appointed as the Book Running Lead Manager. The price band, minimum lot size, and final number of shares will be disclosed in the Red Herring Prospectus (RHP) closer to the IPO opening date.
As per the refiled DRHP, the proposed IPO is expected to comprise the following components:
| Particulars | Details |
|---|---|
Issue Type |
Fresh Issue of Equity Shares (100% fresh issue) |
Issue Size |
₹191 crore |
Offer for Sale |
None |
Face Value |
As per DRHP |
Proposed Listing |
NSE and BSE |
Price Band |
To be announced in RHP |
Price Band |
To be announced in RHP |
Lot Size |
To be disclosed |
BRLM |
Smart Horizon Capital Advisors Private Limited |
These details reflect indicative disclosures available at the DRHP stage and are subject to change based on SEBI observations and final approvals.
Bombay Coated and Special Steels Limited is engaged in the business of processing steel coils into value-added products for downstream industrial customers.
The company acts as an intermediary between primary steel manufacturers and end-users. It transforms steel coils into slit coils, blanks, sheets and other processed formats that are used by original equipment manufacturers (OEMs) and original design manufacturers (ODMs) in sectors such as home appliances, commercial appliances and general engineering.
BCSSL operates four processing facilities located at:
Bhiwandi, Maharashtra
Wada, Maharashtra
Ghiloth, Rajasthan
Sri City, Andhra Pradesh
Together, the facilities span a combined operational area as disclosed in the DRHP. The units are ISO 9001:2015 certified for processing, marketing and supply of processed steel products. The Ghiloth facility also holds a GEM 4 green-facility certification, reflecting certain sustainability benchmarks.
The company operates modern processing lines, including slitting, cut-to-length, shearing and embossing lines. Its geographic spread enables proximity to major industrial clusters and supports timely delivery to customers.
According to the refiled DRHP, the net proceeds from the fresh issue are proposed to be utilised towards the following key objectives:
| Fund Allocation | Amount (₹ crore) | Purpose |
|---|---|---|
Repayment/Prepayment of Borrowings |
125 |
Reducing outstanding debt levels and interest burden |
Acquisition of Capital Equipment Under Lease |
18 |
Financing purchase of equipment currently under lease to improve cost efficiency and ownership |
General Corporate Purposes |
Balance |
Supporting working capital, business development, and other strategic requirements |
These allocations relate to the proposed utilisation of proceeds from the fresh issue, and no portion of the proceeds will be distributed to existing shareholders.
The DRHP contains detailed audited financial statements, including revenue, EBITDA, profit after tax and key ratios. Secondary reports focus primarily on the offer structure and objectives of the issue.
A simplified financial context table is provided below:
| Fiscal Year / Period | Revenue from Operations (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) | Notes / Highlights |
|---|---|---|---|---|
FY2023 |
590.87 |
38 |
16 |
Audited financials disclosed in DRHP filed with SEBI |
FY2024 |
755.26 |
49 |
21.14 |
Reflects performance across four processing facilities |
Latest Interim Period (e.g., H1 FY2025 / FY2026) |
491.51 |
Not separately disclosed |
11.01 |
Interim results and key ratios available in updated DRHP |
*Detailed year-wise financial statements, including audited figures, are available in the DRHP and should be referred to for complete financial information.
The IPO journey of Bombay Coated and Special Steels Limited includes an initial DRHP filing in 2025 and a refiling in early 2026 with an updated issue size.
| Milestone / Stage | Date (or Status) | Details |
|---|---|---|
Initial DRHP filed with SEBI |
September 26, 2025 |
First DRHP filed proposing a 100% fresh issue of around 1.5 crore equity shares with no OFS |
Refiled DRHP submitted to SEBI |
January 28, 2026 |
IPO papers refiled to raise ₹191 crore via a fresh issue only |
Refiled DRHP listed on SEBI “Public Issues” page |
January 30, 2026 |
Reflected under Draft Offer Documents filed with SEBI – Public Issues |
SEBI review and observations |
Ongoing / Awaited |
Refiled DRHP under regulatory review |
Filing of Red Herring Prospectus (RHP) |
To be announced |
RHP to disclose price band, lot size and final schedule |
IPO Opening Date |
Not yet announced |
Bidding window to be declared post regulatory clearance |
IPO Closing Date |
To be announced |
To be notified along with the opening date |
Listing on NSE/BSE (tentative) |
To be announced |
Proposed listing on both exchanges upon completion of formalities |
Note: Investors should refer to official filings for final IPO dates to learn more about the company's IPO listing details and price, and listing timelines.
Check other upcoming ipo’s here : Upcoming IPO
This content is for informational purposes only and the same should not be construed as investment advice. Bajaj Finserv Direct Limited shall not be liable or responsible for any investment decision that you may take based on this content.
Sources
LiveMint — IPO News and Updates, https://www.livemint.com/market/ipo
Economic Times — IPO News: Latest IPO News, Upcoming IPO, https://economictimes.indiatimes.com/markets/ipo
Financial Express — IPO News, https://www.financialexpress.com/market/ipo-news/
NDTV Profit — IPOs, https://www.ndtvprofit.com/ipos
Business Today — IPO Corner: Latest IPO News & Analysis, https://www.businesstoday.in/markets/ipo-corner
Bombay Coated and Special Steels Limited IPO filed with SEBI on September 26, 2025. The company subsequently refiled its updated DRHP on January 28, 2026, proposing to raise ₹191 crore through a 100% fresh issue.
The refiled IPO is structured as a 100% fresh issue of equity shares aggregating ₹191 crore. There is no offer for sale component, and all net proceeds will be utilised by the company.
Bombay Coated and Special Steels Limited is a steel processing company that converts steel coils into value-added products such as slit coils, blanks and sheets for OEMs and general engineering customers. It operates four ISO-certified facilities across Maharashtra, Rajasthan and Andhra Pradesh.
The primary objectives include repayment or prepayment of borrowings (approximately ₹125 crore), acquisition of capital equipment under lease (around ₹18 crore) and utilisation of the remaining funds for general corporate purposes.
The equity shares are proposed to be listed on NSE and BSE, subject to regulatory approvals. The IPO opening and closing dates, along with the price band and lot size, will be announced in the Red Herring Prospectus and exchange notifications
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