Bharat Coking Coal IPO Day 1: Issue subscribed nearly 8 times; check GMP, other key details

The initial public offering (IPO) of Bharat Coking Coal Ltd (BCCL) received a strong response from investors on the first day of bidding, with the issue being subscribed nearly eight times. The IPO opened for subscription on Friday and is scheduled to close on Tuesday, January 13. It is the first mainboard IPO of 2026.

BCCL has fixed the price band for the issue at Rs 21–23 per share. Investors can bid for a minimum lot of 600 equity shares and in multiples thereafter. Through the IPO, the company aims to raise Rs 1,068.78 crore. The issue is entirely an offer-for-sale (OFS) of up to 46.57 crore equity shares by the promoter, Coal India Ltd (CIL).

According to BSE data, the IPO received bids for 275.97 crore equity shares against the 34.69 crore shares on offer, translating into an overall subscription of 7.95 times. The retail individual investors' (RII) portion was subscribed 9.14 times, while the non-institutional investors (NII) category witnessed a subscription of 16.04 times. The quota reserved for eligible shareholders of Coal India was subscribed 10.70 times. The employee reservation portion saw 82 per cent subscription. Meanwhile, the portion set aside for qualified institutional buyers (QIBs) was subscribed 30 per cent on Day 1 so far.

Incorporated in 1972, BCCL is headquartered in Dhanbad, Jharkhand. The company is engaged in the mining and production of coking coal, non-coking coal and washed coal. As of September 30, 2025, BCCL operated 34 mines, comprising four underground mines, 26 opencast mines and four mixed mines. The company is a wholly owned subsidiary of Coal India.

In the grey market, BCCL's unlisted shares were commanding a premium of around Rs 9.85 at the last check. This indicates a potential upside of about 42.83 per cent over the upper end of the issue price band of Rs 23, though grey market premiums are unofficial and subject to change.

Ahead of the IPO, the company raised Rs 273.13 crore from anchor investors by allocating 11.87 crore equity shares at Rs 23 apiece. At the upper price band, BCCL's market capitalisation stands at Rs 10,711.10 crore.

On the financial front, the company reported a net profit of Rs 123.88 crore and revenue of Rs 6,311.51 crore for the quarter ended September 2025. For FY25, its net profit stood at Rs 1,240.18 crore, with revenue of Rs 14,401.63 crore.

IDBI Capital Markets Services and ICICI Securities are acting as the book-running lead managers for the issue, while Kfin Technologies is the registrar. Shares of BCCL are proposed to be listed on both the BSE and NSE, with January 16 set as the tentative listing date.