Bharat Coking Coal IPO Sees Strong Demand; Experts Flag Listing Gains, Long-Term Risks

Bharat Coking Coal’s IPO, the first mainboard and PSU issue of 2026, has opened to strong investor response with subscriptions crossing five times on the first day. A subsidiary of Coal India, the company benefits from a dominant market share in coking coal and strong demand from the steel sector. Analysts say attractive pricing and valuation have driven interest, with grey market indications pointing to a potential 40–50% listing gain. However, concerns remain around flat revenue growth over the past three years and margin volatility due to operational disruptions. Experts suggest the IPO may suit listing-gain seekers, while long-term investors should closely track execution and capacity expansion plans.