Blockbuster debut: Bharat Coking Coal shares list at 97% premium; HNI make Rs 2 lk profit
Bharat Coking Coal sold its shares in the price band of Rs 21-23 apiece, applied for a minimum of 600 shares and its multiples to raise Rs 1,068.78 crore between January 09-13.
- Jan 19, 2026,
- Updated Jan 19, 2026 9:57 AM IST
Bharat Coking Coal (BCCL) made a blockbuster debut at Dalal Street on Monday, January 19 as the first mainboard listing nearly turned multibagger on its listing. The Coal India Ltd subsidiary was listed at Rs 45.21 on BSE, a premium of 96.57 per cent over its issue price of Rs 23. Similarly, the stock was listed at a premium of 95.65 per cent over the issue price at Rs 45 apiece on NSE. Listing of Bharat Coking Coal has been much above the expected lines, Ahead of its listing, shares of BCCL were commanding a grey market premium (GMP) of Rs 13-13.25 in the unofficial market, suggesting a listing pop of nearly 55-57 per cent for the investors. As of the issue price, retail investors of Bharat Coking Coal, who got a single lot of 600 equity shares, made a profit of Rs 13,326 on their investment of Rs 13,800. Similarly, HNI investors, who received 15 lots of 9,000 equity shares, made a profit of Rs 1,99,980 on their investment of 2,07,000. Prashanth Tapse, Senior VP of Research at Mehta Equities expects BCCL to list at a price of 32-35. The IPO saw an exceptionally strong subscription. Interest was driven by the scarcity value of the offering, providing a rare opportunity to gain exposure to India’s largest and most integrated player in the coking coal value chain, a critical input for the domestic steel industry, he said. "We recommend allotted investors book profits on 50 per cent of holdings while retaining the balance to participate in longer-term value creation. Non-allotted investors should avoid chasing the stock on listing day and wait for post-listing consolidation, as near-term volatility cannot be ruled out amid a cautious and volatile market environment," he said. The IPO of Bharat Coking Coal ran for subscription between January 09 and January 13. It had offered its shares in the price band of Rs 21-23 per share with a lot size of 600 shares. The company raised a total of Rs 1,071crore via IPO, which was entirely an offer-for-sale (OFS) 46.57 crore equity shares by the President of India on behalf of the Ministry of Coal. The issue of Bharat Coking Coal was overall subscribed a total of 146.87 times, attracting bids nearly Rs 1.17 lakh crore through more than historic 90.31 lakh applications. Investors made bids for a jaw dropping 5,095.56 crore equity shares during the three-day bidding period. Bharat Coking Coal, with highest number IPO application, is showing robust Investor interest, while the valuation at around 8.6 times FY25 earnings appears reasonable for a cash-generative business with stable production and demand visibility, said Mahesh M Ojha, Vice President Research & Business Development at Kantilal Chhaganlal Securities. While near-term sentiment is positive, investors who are willing may hold onto it for the long term, keeping in mind commodity price cyclicality and sector-specific risks. However, short term investors may book partial listing gains and remaining stake can be held with medium-term horizon," he said. Incorporated in 1972, Dhanbad-based Bharat Coking Coal (BCCL) is engaged in the production of coking coal, non-coking coal, and washed coal. Brokerage firms were positive on the issue. IDBI Capital Markets Services and ICICI Securities were the book running lead managers of Bharat Coking Coal IPO and Kfin Technologies was the registrar of the issue.
Bharat Coking Coal (BCCL) made a blockbuster debut at Dalal Street on Monday, January 19 as the first mainboard listing nearly turned multibagger on its listing. The Coal India Ltd subsidiary was listed at Rs 45.21 on BSE, a premium of 96.57 per cent over its issue price of Rs 23. Similarly, the stock was listed at a premium of 95.65 per cent over the issue price at Rs 45 apiece on NSE. Listing of Bharat Coking Coal has been much above the expected lines, Ahead of its listing, shares of BCCL were commanding a grey market premium (GMP) of Rs 13-13.25 in the unofficial market, suggesting a listing pop of nearly 55-57 per cent for the investors. As of the issue price, retail investors of Bharat Coking Coal, who got a single lot of 600 equity shares, made a profit of Rs 13,326 on their investment of Rs 13,800. Similarly, HNI investors, who received 15 lots of 9,000 equity shares, made a profit of Rs 1,99,980 on their investment of 2,07,000. Prashanth Tapse, Senior VP of Research at Mehta Equities expects BCCL to list at a price of 32-35. The IPO saw an exceptionally strong subscription. Interest was driven by the scarcity value of the offering, providing a rare opportunity to gain exposure to India’s largest and most integrated player in the coking coal value chain, a critical input for the domestic steel industry, he said. "We recommend allotted investors book profits on 50 per cent of holdings while retaining the balance to participate in longer-term value creation. Non-allotted investors should avoid chasing the stock on listing day and wait for post-listing consolidation, as near-term volatility cannot be ruled out amid a cautious and volatile market environment," he said. The IPO of Bharat Coking Coal ran for subscription between January 09 and January 13. It had offered its shares in the price band of Rs 21-23 per share with a lot size of 600 shares. The company raised a total of Rs 1,071crore via IPO, which was entirely an offer-for-sale (OFS) 46.57 crore equity shares by the President of India on behalf of the Ministry of Coal. The issue of Bharat Coking Coal was overall subscribed a total of 146.87 times, attracting bids nearly Rs 1.17 lakh crore through more than historic 90.31 lakh applications. Investors made bids for a jaw dropping 5,095.56 crore equity shares during the three-day bidding period. Bharat Coking Coal, with highest number IPO application, is showing robust Investor interest, while the valuation at around 8.6 times FY25 earnings appears reasonable for a cash-generative business with stable production and demand visibility, said Mahesh M Ojha, Vice President Research & Business Development at Kantilal Chhaganlal Securities. While near-term sentiment is positive, investors who are willing may hold onto it for the long term, keeping in mind commodity price cyclicality and sector-specific risks. However, short term investors may book partial listing gains and remaining stake can be held with medium-term horizon," he said. Incorporated in 1972, Dhanbad-based Bharat Coking Coal (BCCL) is engaged in the production of coking coal, non-coking coal, and washed coal. Brokerage firms were positive on the issue. IDBI Capital Markets Services and ICICI Securities were the book running lead managers of Bharat Coking Coal IPO and Kfin Technologies was the registrar of the issue.