Bombay Coated makes strong debut

Bombay Coated and Special Steels made a positive debut on the stock exchanges today, listing at Rs. 92.02 on the BSE, a premium of 12.22% over its IPO price of Rs. 82. On the NSE, the stock opened at Rs. 91, a premium of 10.98%. The stock subsequently rose to Rs. 96.62 on the BSE and was trading at Rs. 96.50 at 11:23 AM, representing a gain of 17.68% over the issue price. Market capitalisation stood at Rs. 606.25 crore

Trigger

• Strong listing at Rs. 92.02 on the BSE against the IPO price of Rs. 82.
• Rs. 183 crore IPO was subscribed 60.77 times overall.
• QIB subscription stood at 35.50 times, HNI at 158.32 times and retail at 33.73 times.
• Entirely fresh issue, with Rs. 125 crore earmarked for debt repayment.
• FY26 revenue rose 20% YoY to Rs. 1,266.82 crore.
• FY26 EBITDA increased 16% YoY to Rs. 86.09 crore.
• FY26 net profit grew 6.5% YoY to Rs. 30.54 crore, with a thin PAT margin of 2.4%.

Bombay Coated and Special Steels converts steel coils into value-added processed steel products, mainly supplied to air conditioner and home and commercial refrigeration products makers like Amber Enterprises, Western Refrigeration, Haier Appliances, PG Technoplast, Dixon Electro Manufacturing, EPack Durable, IFB Refrigeration among others. Company procures ~85% of its steel coils requirements from JSW Steel Group. 

Our conclusion in the IPO Analysis was - Bombay Coasted and Special Steels appears a promising \nano cap stock, hence, one can consider the IPO, but in small proportion, as current secondary market conditions are not the most favorable, especially for smaller companies.