Bombay Coated IPO Secures ₹54.1 Cr in Anchor Round Led by IMAP India and LRSD Capital.

Bombay Coated and Special Steels has successfully completed its anchor book allocation, raising INR 54.10 crore from institutional investors on October 28, 2026. The IPO committee approved the allotment of 65,97,500 equity shares at the upper price band of INR 82 per share. Notably, the allocation saw significant participation, led by IMAP India Capital Investment Trust’s Catalyst New India Fund, which absorbed nearly 37% of the allocated portion. This was complemented by strong interest from LRSD Capital, which secured over 26% of the shares, highlighting favorable conditions in the institutional segment.

The IPO will open for public bidding from October 29 and will close on November 2, 2026. The company is looking to raise a total of INR 183.06 crore through a fresh issuance of shares, with the price band set between INR 78 and INR 82 per share. Notably, there is no offer-for-sale component. The company’s management has indicated that a large portion of the proceeds will be utilized for the repayment of outstanding borrowings, alongside allocations for capital equipment acquisitions and general corporate purposes. This strategic focus on deleveraging suggests a commitment to strengthening the balance sheet ahead of future growth.

The robust anchor book and the company’s consistent revenue growth—showcasing revenues increasing from INR 755.26 crore in FY 2024 to INR 1,266.82 crore in FY 2026—could create an appealing investment proposition for retail investors. As the bidding window opens, market sentiment will be closely monitored to gauge demand levels among individual investors. This IPO presents a timely opportunity for retail participants to invest in a company that not only operates in the specialty steel sector but also shows a positive financial trajectory and strategic initiatives to enhance operational efficiencies.

Source: The Economic Times

(Expert Note: This report was prepared by the Wealthova IPO team.)