Bombay Coated IPO Opens 29 October at ₹78–82 — Startup Funding India, October 2026

Bombay Coated and Special Steels Ltd opened its ₹183.1 crore IPO on 29 October, closing on 2 November, at a price band of ₹78–82 per share. The issue consists entirely of fresh equity shares, and the company raised anchor investment on 28 October, a day before opening, in a busy week for startup funding in India in the primary market.

The company plans to use ₹125 crore of the proceeds for debt repayment, and ₹15.7 crore for acquiring capital equipment under existing lease arrangements with Siemens Financial Services, with the remainder for general corporate purposes.

Incorporated in 2019, Bombay Coated converts steel coils into value-added products through slitting, cut-to-length processing, shearing and embossing, serving equipment makers across consumer durables, appliances, automotive and infrastructure, with plants in Maharashtra, Rajasthan and Andhra Pradesh.

The offer is part of a wave of five IPOs opening together this week, aiming to raise nearly ₹2,600 crore in total, following a busy month in which Jio Platforms launched India's largest public issue at ₹30,213 crore. So far in 2026, 104 companies have raised over ₹1.4 lakh crore through IPOs, according to market reporting.

For founders, the use of proceeds tells the real story: more than two-thirds of this issue goes to balance-sheet repair rather than expansion. That is a legitimate reason to list — a cleaner balance sheet lowers borrowing costs and funds growth later — but investors will judge it on whether the deleveraged company then grows.