Bharat Coking Coal IPO: Check day 1 subscription status, analysts views, latest GMP & more

The initial public offering (IPO) of Bharat Coking Coal was off to a solid bidding from the investors on the first day of the bidding process, mostly saw bidding from HNI and retail investors. The issue, which kicked off on Friday, January 09, shall close for bidding on Tuesday, January 13.

Bharat Coking Coal is selling its shares in the price band of Rs 21-23 apiece. Investors can apply for a minimum of 600 shares and its multiples thereafter. It is looking to raise Rs 1,068.78 crore via IPO, which is entirely an offer-for-sale (OFS) of up to 46,57,00,000 equity shares by its promoter Coal India Ltd.

According to the data, the investors made bids for 2,11,14,03,600 equity shares, or 6.09 times, compared to the 34,69,46,500 equity shares offered for the subscription by 2.25 pm on Friday, January 09, 2026. The bidding for the issue shall continue for three trading sessions. It is the first mainboard IPO of 2026.

The allocation for retail investors was subscribed 7.41 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 11.52 times. However, the quota set aside for eligible shareholders of Coal India and eligible employees were subscribed 7.41 times and 68 per cent, respectively. The portion for QIBs was booked 25 per cent as of the same time.

Incorporated in 1972, Dhanbad-based Bharat Coking Coal (BCCL) is engaged in the production of coking coal, non-coking coal, and washed coal. The company is a wholly-owned subsidiary of Coal India. It operates a network of 34 operational mines, including four underground, 26 opencast, and four mixed mines as of September 30, 2025.

Brokerage firms are mostly positive views on this IPO with some suggesting to subscribe to it thanks to its strong market share and scale, solid parentage, rising demand and debt free status. On the other hand, stretched valuations and the full OFS nature of the issue are the key concerns.

Within the evolving industry landscape, Bharat Coking Coal Limited is strategically positioned as India’s largest coking coal producer, playing a pivotal role in supporting the domestic steel sector and aligning with the government’s AtmaNirbhar Bharat vision of strengthening energy security, said Master Capital Services.

"With coking coal demand expected to rise sharply alongside steel capacity expansion and a sustained policy focused on reducing import dependence, the company is well placed to benefit from long-term structural demand growth. Investors may consider the IPO as a potential long-term investment opportunity," he said.

Ahead of its IPO, Bharat Coking Coal has raised Rs 273.13 crore from 15 anchor investors as it allocated 11.87 crore equity shares to anchor investors at Rs 23 apeice. At the current valuations, Bharat Coking Coal commands a total market capitalization of Rs 10,711.10 crore.

Bharat Coking Coal has reserved 2,32,85,000 equity shares, or 5 per cent of the issue, for its eligible employees, who will get a discount of Re 1 per share during the bidding period. It has also reserved 4,65,70,000 equity shares, or 10 per cent of the issue, for the eligible shareholders of Coal India, who held its shares in their demat account as of January 02.

BCCL is India’s largest producer of Coking Coal with estimated reserves of 7,910 MMT and a network of 34 operational mines and amongst the largest Coking Coal reserve holders in the country. It is having a strong parentage and maintains a strong financial profile while planning to restore operations in discontinued underground mines through MDO, said Aditya Birla Money.

"With India’s steel capacity expansion driving long‑term coking coal demand, BCCL’s integrated operations, modernization initiatives and stable offtake position is favorable for the company. At the upper price band, BCCL is available at a reasonable valuation of 8.6 time FY25 P/E and 5.5x FY25 EV/ EBITDA. We have a 'subscribe' rating to this issue for listing gains," it added.

Bharat Coking Coal has reserved 50 per cent shares to qualified institutional bidders (QIBs), while it has reserved 15 per cent shares for non-institutional investors (NIIs) of the net offer. Retail investors will have 35 per cent of allocation in the IPO. It jas seen a sharp fall in its grey market premium (GMP) which has fell from Rs 16.25 to Rs 11.5 apeice, signaling a 50 per cent upside.

For the September 2025 quarter, Bharat Coking Coal reported a net profit of Rs 123.88 crore with a revenue of Rs 6,311.51 crore. It reported a net profit of Rs 1,240.18 crore with a revenue of Rs 14,401.63 crore for the financial year ended on March 31, 2025.

IDBI Capital Markets Services and ICICI Securities are the book running lead managers of Bharat Coking Coal IPO and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE with Friday, January 16 as the tentative date of listing.