Bombay Coated and Special Steels Limited’s Initial Public Offering to Open on 29 October 2026, Price Band set at Rs 78 – Rs 82 Per Equity Share of face value of Rs. 10 each

Price band of Rs 78 – Rs 82 per Equity Share bearing face value of Rs. 10 each (“Equity Shares”)

Bid/Offer Opening Date – 29 October 2026 and Bid/Offer Closing Date – 02 November 2026

Minimum Bid Lot is 182 Equity Shares and in multiples of 182 Equity Shares thereafter

23 October 2026, Mumbai: Bombay Coated and Special Steels Limited has fixed the price band of Rs 78/- to Rs 82/- per Equity Share of face value Rs. 10/- each for its initial public offer.

The Initial Public Offering (“IPO” or “Offer”) of the Company will open on 29 October 2026, for subscription and close on 02 November 2026.

Investors can bid for a minimum of 182 Equity Shares and in multiples of 182 Equity Shares thereafter.

Equity shares outstanding as on date 40,500,091 equity shares of Rs. 10 each.

The IPO, with a face value of Rs 10, is a fresh issue up to Rs 183.1 crore.

The proceeds from its fresh issuance worth Rs 125 crore will be utilized for repayment/pre-payment, in full or in part, of certain borrowings availed by the company, Rs 15.7 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 issue is being made through the book-building process, in line with SEBI ICDR Regulations, with not more than 50% reserved for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NIIs), and not less than 35% for Retail Individual Investors (RIIs).

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, embossed slit coils, blanks, embossed blanks and sheared blanks (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.

For the home and commercial appliances sector, it processes coated steel coils and hot-rolled steel coils into processed steel products used in the manufacture of various appliances. For the general engineering sector, it undertakes specialized processing of non-coated and galvanised plain coils into blanks, used in automotive manufacturing, pharmaceutical cleanroom infrastructure, electrical equipment, and ventilation systems.

In addition to manufacturing processed steel products, the company also performs logistics and inventory management functions. By maintaining adequate inventory levels and offering just-in-time delivery solutions, it 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).

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. It expanded its operations by establishing new manufacturing facilities in western, northern and southern regions.

Its steel processing facilities are strategically located across key industrial regions in India, enabling it to serve a wide spectrum of industries with efficiency and just in time deliveries.

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 it 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 in Maharashtra, Ghiloth in 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 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.

Further, its Ghiloth facility in Rajasthan and Sri City facility in Andhra Pradesh have been recognized as a GEM-4 certified green facility. The locations of its manufacturing facilities have been selected with reference to proximity to customer delivery points. Certain facilities are located near the manufacturing locations of customers such as Western Refrigeration Private Limited, Amber Enterprises India Limited, PG Technoplast Private Limited, EPack Durable Limited, Kruger Ventilation Industries (India) Private Limited, among others.

This proximity enables reduction in logistics time and transportation costs, facilitates operational efficiencies, and supports timely fulfilment of customer requirements. In addition, the clustering of certain facilities within the same state allows for inter-facility movement of materials, thereby reducing freight time and costs as components undergo sequential processing.

The company operate with an aggregate installed processing capacity of 1,23,153 MTPA, computed on a quarterly basis for fiscal 2027, across slitting, cut-to-length, shearing and embossing operations, as of June 30, 2026. Its installed capacity has increased at a compound annual growth rate (CAGR) of approximately 23.83% between Fiscal 2024 and Fiscal 2026.

Further, its long-standing authorised partnership with JSW Steel Coated Products Limited since 2021 provides it with reliable access to quality raw materials and supports its ability to service a diversified customer base. The company has established long-standing relationships with a diverse set of customers. It’s focus on quality, value proposition, timely delivery of its products and the price competitiveness of its offerings have enabled the company to maintain long-term relationships with its customers.

In Fiscal 2026, 2025 and 2024 and the three months ended June 30, 2026, the company served 261, 252, 225 and 178 customers, respectively. These customers span multiple industries, including consumer durables and home appliances, electrical equipment and components, automotive and auto components, HVAC and refrigeration, electronics and electrical manufacturing services, industrial engineering and capital goods, steel processing and metal fabrication, infrastructure, renewable energy and power equipment, FMCG and packaging, as well as general manufacturing and industrial trading enterprises.

Its revenue from operations was Rs 397 crore during June 2026 quarter and it had a net profit of Rs 15 crore.

Its revenue from operations was Rs 1,266.8 crore during FY26 as compared to Rs 755.2 crore during FY24. Its net profit was Rs 30.5 crore during FY26 as compared to Rs 21.1 crore during FY24.

Smart Horizon Capital Advisors Private Limited is the book-running lead manager, and KFin Technologies Limited is the registrar of the offer.

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

Bombay Coated and Special Steels Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its Equity Shares and has filed a red herring prospectus dated 21st October, 2026,  with the RoC. The RHP is made available on the website of the SEBI at www.sebi.gov.in as well as on the website of the BRLM, https://shcapl.com/, the website of the NSE at www.nseindia.com and the website of the BSE at www.bseindia.com and the website of the Company at https://www.bcsspl.in/.

Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risks, please see the section “Risk Factors” beginning on page 30 of the RHP. Potential investors should not rely on the DRHP for making any investment decision but should only rely on the information included in the RHP filed by the Company with the RoC.

LThe Equity Shares offered in the Issue have not been, and will not be, registered under the U.S. Securities Act and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. The Equity Shares offered in the issue are being offered and sold only outside the United States in “offshore transactions” as defined in and in reliance on Regulation S under the U.S. Securities Act (“Regulation S”).

Disclaimer Clause of Securities and Exchange Board of India (“SEBI”): SEBI only gives its observations on the offer documents and this does not constitute approval of either the Issue or the specified securities stated in the Offer Documents. The investors are advised to refer to page 481 of the RHP for the full text of the disclaimer clause of SEBI.

Disclaimer Clause of BSE: It is to be distinctly understood that the permission given by BSE Limited should not in any way be deemed or construed that the RHP has been cleared or approved by BSE Limited, nor does it certify the correctness or completeness of any of the contents of the RHP. The investors are advised to refer to page 483 of the RHP for the full text of the disclaimer clause of BSE.

Disclaimer Clause of NSE: It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Offer Document has been cleared or approved by NSE, nor does it certify the correctness or completeness of any of the contents of the Issue Document. The investors are advised to refer to page 484 of the RHP for the full text of the disclaimer clause of NSE.