Bombay Coated and Special Steels Limited

Red Herring Prospectus dated October 21, 2026

Summary

Bombay Coated and Special Steels Limited is proposing to raise ₹183.06 crore through a fresh issue of shares. The price band is ₹78 to ₹82 per share.

About 68% of the fresh issue proceeds go to repayment/pre-payment, in full or in part, of certain borrowings availed by the company, and about 9% to financing the cost towards acquisition of capital equipment under existing lease arrangements with Siemens Financial Services Private Limited. The amount for general corporate purposes is not yet stated.

The review found 2 points to read closely and 12 worth checking.

Read closely

1. A substantial portion of the fresh issue will repay debt
2. Supplier concentration

How the capital was built

• The last priced issue of shares was on 28 Oct 2025: 9,00,091 shares to non-promoter investors at ₹88 each (12 allottees, none stated as linked to the promoters), 2.2% of the pre-issue capital, at 35 times the price of the previous issue about 3 years earlier; it came 12 months before this prospectus.
• From the first priced issue (26 Dec 2019, ₹2.5 in today's shares) to the last, the price per share rose 35 times over 6 years.
• The price band of ₹78 to ₹82 is 0.89 to 0.93 times the last issue price (₹88, 28 Oct 2025).

Conclusion

Of the 2 points to read closely, 1 concerns how the IPO money will be spent and 1 concerns the business, the valuation or the quality of disclosure. These could not be scored automatically and need reading: group entities in the same business; guarantees given for group entities; group companies with no revenue. These wait for the price and the final share count: shares issued shortly before the IPO at a deep discount to the issue price; low promoter holding after the issue; issue price is a large multiple of promoters' cost. The pages to read are 118, 244, 320 and 419.