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₹9 GMP, ₹14,924 a Lot: Special Steels IPO Opens Oct 29
The Bombay Coated and Special Steels IPO opens Oct 29 at ₹78 to ₹82, with a GMP of ₹9 (+11.0%). Here are the dates, lot size, financials, debt and what the money will be used for.
The company behind your fridge's steel panels is coming to the stock market. Bombay Coated and Special Steels cuts and shapes steel coils for brands like Haier, IFB and Dixon, and its IPO opens on Oct 29.
New to IPOs? Start with our full guide: How to invest in IPO in India: allotment, GMP and tax. More in IPO investing in India: all guides.
This is general education, not investment advice and not a recommendation to apply for any IPO. Check the RHP and consult a SEBI-registered adviser before you invest.
The grey market is already pricing in a premium of ₹9 a share, or +11.0% over the top price. That is one of the better readings among this week's mainboard IPOs. But most of the money raised will go to paying off loans, and that changes how you should look at it.
Quick answer
- The Special Steels IPO opens Oct 29 and closes Nov 2, at a price band of ₹78 to ₹82 a share.
- One lot is 182 shares, so the minimum retail bid is ₹14,924 at the upper price.
- The GMP is ₹9 (+11.0%), up from ₹0 on Oct 22, as per IPO Khata.
- Of the ₹183.06 crores raised, the biggest planned use is repaying borrowings.
Special Steels IPO: dates, price band and lot size
Short answer: The ₹183.06 crore Special Steels IPO is entirely a fresh issue and opens on Oct 29.
This is a book-built mainboard issue of ₹183.06 crores. It is entirely a fresh issue of 2.23 crore shares, so all of the money goes to the company. No existing shareholder is selling.
Key dates, as listed by Chittorgarh and IPOtick:
- Opens: Thursday, Oct 29
- Closes: Monday, Nov 2, at 5 PM
- Allotment: Nov 3
- Refunds and demat credit: Nov 4
- Listing: Nov 5 (tentative), on BSE and NSE
Smart Horizon Capital Advisors is the lead manager and KFin Technologies is the registrar, so you will check allotment on KFin's IPO status page with your PAN.
How much you need to apply
Short answer: One retail lot costs ₹14,924 at the upper price of ₹82.
IPOtick lists these application sizes at the upper price of ₹82:
- Retail minimum: 1 lot, 182 shares, ₹14,924
- Retail maximum: 13 lots, 2,366 shares, ₹1,94,012
- Small HNI minimum: 14 lots, 2,548 shares, ₹2,08,936
- Big HNI minimum: 68 lots, 12,376 shares, ₹10,14,832
Most small investors will just apply for 1 lot, since allotment in a busy retail book is usually by lottery.
What the company does
Short answer: Bombay Coated and Special Steels, incorporated in December 2019, cuts steel coils into slit coils, blanks and sheets for manufacturers.
Bombay Coated and Special Steels was incorporated in December 2019. It is a steel processing centre: it takes large steel coils and turns them into slit coils, blanks and embossed sheets that manufacturers can use directly.
Its products go into home appliances, refrigeration, cars and auto parts, electrical equipment, pharma cleanrooms and ventilation systems. Customers include Haier Appliances India, IFB Refrigeration, Dixon Electro Manufacturing, Amber Enterprises India and Western Refrigeration.
It runs four plants at Wada and Bhiwandi in Maharashtra, Ghiloth in Rajasthan and Sri City in Andhra Pradesh, spread over 42,209 square metres. Its installed processing capacity was 1,23,153 metric tonnes per annum as of June 30, 2026. It has been an authorised service partner of JSW Steel Coated Products since 2021, which helps it get a steady supply of coils.
As of June 30, 2026, it had 164 personnel, including 160 permanent employees.
The numbers: steady growth, heavy debt
Short answer: Revenue grew 20% and profit 7% between FY25 and FY26, but debt is high.
Between FY25 and FY26, revenue grew 20% and profit after tax rose 7%, according to restated financials on Chittorgarh.
In ₹ crore, total income went from 765.41 in FY24 to 1,058.65 in FY25 and 1,269.83 in FY26. Profit after tax went from 21.14 to 28.67 to 30.54 over the same years. In the three months to June 30, 2026, income was 397.55 and profit was 15.08.
That is a large business with a thin profit on top. The bigger issue is debt, which is what the IPO is mostly meant to fix:
Source: Chittorgarh
Net worth, also in ₹ crore, was 121.58 at March 31, 2026 and 136.62 at June 30, 2026. So borrowings are about double the net worth even after the June drop.
Where the IPO money will go
Short answer: All the money goes to the company, since there is no offer for sale.
From the net proceeds, the company plans to use, in ₹ crore:
- 125.00: repaying or prepaying some borrowings
- 15.77: buying capital equipment it currently uses under lease from Siemens Financial Services
- The rest: general corporate purposes
Paying down loans cuts interest costs, which can lift profit. That is the main reason earnings per share (in ₹) are shown rising from 7.54 before the IPO to 9.60 after it.
Valuation and the GMP
Short answer: At the upper price the P/E is 10.88 before the issue, and the GMP is ₹9.
At the upper price, Chittorgarh shows a P/E of 10.88 before the issue and 8.54 after. The market cap at the offer price is ₹332.10 Cr before the IPO and ₹515.16 Cr after it. IPO Khata lists ROE at 29.92%, ROCE at 16.40% and a price to book of 2.70.
Promoters hold 97.78% today and will hold 63.03% after the issue. The public's share goes from 2.22% to 36.97%.
The GMP moved from ₹0 on Oct 22 to ₹8 on Oct 23, and has been ₹9 since Oct 26. GMP is an unofficial number from the grey market. IPOtick itself notes that its reading had not been updated on the day it was fetched, so treat any GMP as a rough mood check, not a listing price.
Before you apply
Short answer: Look past the ₹9 GMP; it can shrink fast if markets fall during bidding.
- Look past the GMP. A ₹9 premium can shrink fast if markets fall during the bidding window.
- Check the debt story. The IPO helps, but borrowings stay sizeable after the planned repayment.
- Know the customer risk. Demand depends on appliance and auto makers, which can slow in a weak year.
- Read the RHP on the BSE or NSE site before you bid.
FAQs
What is the Special Steels IPO GMP today? IPO Khata shows ₹9, or +11.0% over the ₹82 upper price. It is unofficial and can change daily.
What is the lot size of the Bombay Coated and Special Steels IPO? 182 shares, which is ₹14,924 at the upper price band.
When is the allotment and listing date? Allotment is expected on Nov 3 and listing on Nov 5.
Is this an offer for sale? No. It is entirely a fresh issue, and most of the money is set aside for repaying loans.
This article is for education only and is not investment, tax or legal advice.
Related reading
- How to invest in IPO in India: allotment, GMP and tax
- MK Sons Fine Jewels IPO review
- Which IPO is best to buy today in India
- IPO investing in India: all guides
This is general education, not investment advice and not a recommendation to apply for any IPO. Check the RHP and consult a SEBI-registered adviser before you invest.
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