Bharat Coking Coal IPO booked over 75x on day 3 so far; check latest GMP, reviews & more

The initial public offering (IPO) of Bharat Coking Coal continued to see a bumper demand from the investors on the third and final day of the bidding process, thanks to all-round demand. The issue was overall subscribed more than 8 times on day one and ended day two with nearly 34 times bidding.

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 26,16,67,49,400 equity shares, or 75.42 times, compared to the 34,69,46,500 equity shares offered for the subscription by 1.45 pm on Tuesday, January 13, 2026. The bidding for the issue, which kicked off on Friday, January 09, shall conclude today.

The allocation for non-institutional investors (NIIs) was subscribed 217.46 times, while the portion reserved for retail saw a subscription of 41.92 times. However, the quota set aside for eligible shareholders of Coal India and eligible employees were subscribed 76.06 times and 4.19 times, respectively. The portion for QIBs was booked 48.11 times 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, geographical concentration and the full OFS nature of the issue are the key concerns.

"We believe this valuation adequately reflects the company’s dominant market position, strong reserve base, and long-term growth visibility, offering a favourable risk-reward profile for investors. Investors should also look at IPO offers, which come with 100 per cent OFS is an area of concern for new investors," said Mehta Equities.

Given the company’s irreplaceable position in India’s coking coal supply chain, long-life reserves, strong parentage and alignment with India’s steel growth and energy security objectives," it added with a 'subscribe for listing gains' rating for the Bharat Coking Coal IPO.

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.

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 has seen a sharp fall in its grey market premium (GMP) which has fallen from Rs 16 to Rs 10-11 apeice, signaling a 44-48 per cent upside.

Bharat Coking Coal is the largest producer of coking coal in India. It is installing three new washeries with a combined capacity of 7 MTPA in Patherdih-II, Bhojudih, and Moonidih-New. The existing washery in Moonidih is undergoing renovation, and its capacity will increase from 0.8 MTPA to 1.6 MTPA, said GEPL Capital.

"Based on the FY25 earnings, relative to the company's paid-up capital, the issue is priced at a P/E ratio of 8.64 times. We believe that the company has India’s largest coking coal reserves, has a strong parentage from Coal India, and is expanding its capacity. Therefore, we recommend a 'subscribe' rating for the issue," it adds.

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 Monday, January 19 as the tentative date of listing.