- Price band
- To be announcedNot in this filing
- Issue size
- ₹1,000 Cr
- Face value
- ₹10per equity share
- Lot size
- To be announcedMin. investment shown once set
- Draft filedMon, 2026
- OpensThu, 2026
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue
- Fresh issue
- —
- Offer for sale
- None
- Total issue
- —
- Face value
- ₹10
- Listing at
- NSE, BSE
Source: Draft Red Herring Prospectus dated 5 Oct 2026Updated
Reservation
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Employees | — | — | — |
Source: Draft Red Herring Prospectus dated 5 Oct 2026Updated
Valuation
FY 2025-26, pre-issue- EPS (basic)
- ₹8.1
- EPS (basic) (FY 2024-25)
- ₹7.5
- EPS (basic) (FY 2023-24)
- ₹6.81
- EPS (diluted)
- ₹8.1
- RoNW
- 27.18%
- RoNW (FY 2024-25)
- 34.07%
- RoNW (FY 2023-24)
- 45.88%
- NAV per share
- ₹33.84
- ROCE
- 22.90%
- Debt to equity
- 0.97
P/E and market cap are calculated once the price band is announced.
Source: Draft Red Herring Prospectus dated 5 Oct 2026Updated
Financials
Standalone, restated · ₹ crore| Period ended | 31 Mar 2026FY 2025-26 | 31 Mar 2025FY 2024-25 | 31 Mar 2024FY 2023-24 |
|---|---|---|---|
| Revenue from operations | 2,592.52 | 2,187.82 | 1,494.39 |
| Total income | 2,606.06 | 2,192.52 | 1,496.25 |
| EBITDA | 386.55 | 341.29 | 286.94 |
| Profit after tax | 171.11 | 158.43 | 143.95 |
| Net worth | 797.48 | 617.96 | 452.21 |
| Reserves and surplus | 792.78 | 613.27 | 447.52 |
| Total assets | 1,785.75 | 1,464.98 | 1,078.78 |
| Total borrowing | 770.99 | 624.48 | 513.71 |
FY 2025-26 vs FY 2024-25: revenue +18.5%, profit after tax +8.0%.
Source: Draft Red Herring Prospectus dated 5 Oct 2026Updated
About the company
The company makes sponge iron and semi-finished and finished steel products, including billets and slabs, TMT bars, HR coils, wire rods, ERW pipes and ferro alloys. Its integrated plant is at Raigarh, Chhattisgarh, with a captive 67 MW power plant. It sells mainly in India through direct institutional sales and traders and dealers.
- Incorporated
- 2000
- Industry
- Integrated steel (sponge iron, billets, TMT, HR coils, ERW pipes, ferro alloys)
- Sector
- Metals and Mining
- CIN
- U27102WB2000PLC091975
- Website
- bsstmx.com
Source: Draft Red Herring Prospectus dated 5 Oct 2026Updated
Promoters and shareholders
| Name | Type | Before issue | After issue |
|---|---|---|---|
| Bijay Kumar Agarwal | Promoter | — | — |
| Nachiketa Gift-Ads Private Limited | Promoter | 29.54% | — |
| Richhi Agarwal | Promoter | 0.11% | — |
| Sulochana Agarwal | Selling shareholder | — | — |
| Ashish Agarwal | Selling shareholder | 35.81% | — |
| Parmanand Agarwal | Selling shareholder | 22.99% | — |
Source: Draft Red Herring Prospectus dated 5 Oct 2026Updated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Repayment or prepayment of certain borrowings and accrued interest | 650.00 |
| General corporate purposes | Set with price |
Source: Draft Red Herring Prospectus dated 5 Oct 2026Updated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Shyam Metalics and Energy Limited | ₹38.1 | 28.29× | 37.97% | ₹412.72 |
| Gallantt Ispat Limited | ₹20.07 | 26.86× | 15.73% | ₹137.44 |
| Jai Balaji Industries Limited | ₹1.42 | 44.61× | 5.93% | ₹24.75 |
| Sambhv Steel Tubes Limited | ₹5.05 | 32.13× | 18.35% | ₹35.76 |
| B.S. Sponge LimitedIssuer | ₹8.1 | — | 27.18% | ₹33.84 |
Source: Draft Red Herring Prospectus dated 5 Oct 2026Updated
Strengths and risks
Our summary of what the offer document statesStrengths
- Integrated steel chain from sponge iron to finished steel products.
- Captive 67 MW power plant meets most of the plant's power needs.
- Single manufacturing site in Raigarh, Chhattisgarh near raw material sources.
- Revenue grew from ₹14,943.90 million in FY 2023-24 to ₹25,925.24 million in FY 2025-26.
Risks
- All manufacturing is at one facility in Raigarh, so local disruptions could hit operations.
- Raw material costs are a large share of revenue and depend on a few suppliers.
- Substantial borrowings; part of the issue proceeds is planned for debt repayment.
- Several contingent liabilities, including GST interest and commercial suits, are pending.
Source: Draft Red Herring Prospectus dated 5 Oct 2026Updated
Contacts
Source: Draft Red Herring Prospectus dated 5 Oct 2026Updated
Frequently asked questions
What is the B.S. Sponge IPO price band?
The Draft Red Herring Prospectus does not include a price band. The company announces it by advertisement before the issue opens, and this page is updated when it is filed.
Where will B.S. Sponge shares list?
On NSE and BSE.
Who is the registrar of the issue?
MUFG Intime India Private Limited (SEBI registration INR000004058). Allotment status is checked on the registrar's website.
How do I check the B.S. Sponge IPO allotment status?
Search by PAN, application number or DP/client ID on the registrar's website (MUFG Intime India Private Limited), the NSE website or the BSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹650 Cr for repayment or prepayment of certain borrowings and accrued interest, and the rest for the other stated purposes.
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