Bombay Coated and Special Steels refiles IPO papers for Rs 191-crore fundraise, ups offer size

Mumbai-based steel processing company Bombay Coated and Special Steels has refiled preliminary papers with Securities and Exchange Board of India on January 28 to raise Rs 191-crore via initial public offering, majorly for reducing debt burden. The IPO comprises of entirely fresh issue of shares with no offer-for-sale component, hence the entire offer proceeds (excluding issue expenses) will be received by the company. Bombay Coated will utilise Rs 125 crore of IPO proceeds for repayment of certain borrowings. Further, Rs 18 crore will be spent for acquisition of capital equipment under existing lease arrangements with Siemens Financial Services, and the remainder funds for general corporate purposes. As of November 2025, its total outstanding borrowings were Rs 273.6 crore, increasing from Rs 254 crore in July 2025. Earlier, the company that specialises in processing steel coils into value-added processed steel products had filed draft papers with the capital markets regulator in September 2025 for 1.5-crore equity shares initial public offering (IPO). It was likely raising Rs 132 crore via the said IPO at Rs 88 per share, the price at which it concluded pre-IPO round of Rs 7.92 crore on October 28, 2025. Click Here To Read All IPO News Bombay Coated and Special Steels caters to a diversified customer base comprising original equipment manufacturers (OEMs) and original design manufacturers (ODMs) through its manufacturing facilities at Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan, and Sri City in Andhra Pradesh with processing capacity of 2,20,506 MTPA. Haier Appliances India, IFB Refrigeration, Dixon Electro Manufacturing, Amber Enterprises India, Western Refrigeration, PG Technoplast, EPack Durable, Kruger Ventilation Industries (India), and Elegant Coatings are some of its customers. Since 2021, it has been an authorised service partner of JSW Steel Coated Products. It procures steel coils from JSW Steel Coated Products as well as other suppliers and process them to manufacture processed steel products. Bombay Coated and Special Steels has reported healthy financial performance in the recent past years, with profit at Rs 11 crore on revenue of Rs 491.5 crore for six months period ended September 2025. Profit in the fiscal 2025 grew by 35.6 percent to Rs 28.7 crore, up from Rs 21.1 crore in previous year, while revenue increased nearly 40 percent to Rs 1,055.7 crore, up from Rs 755.3 crore in the same period. The merchant banker managing the Bombay Coated and Special Steels IPO is Smart Horizon Capital Advisors.