Bharat Coking Coal IPO sees strong Day 1 demand at 2.50x subscription; GMP points to a 60% premium

The IPO is entirely an offer for sale by Coal India, which currently holds a 100% stake in Bharat Coking Coal. The price band is set at ₹21–₹23 per share, and the issue aims to raise ₹1,071 crore at the upper end.

Bharat Coking Coal (BCCL) IPO, the first mainboard public issue of 2026, opened for subscription today, January 9, and will remain open till January 13. The IPO is entirely an offer for sale by Coal India Limited, with a price band of ₹21–₹23 per share and a total issue size of ₹1,071 crore at the upper end. Ahead of the opening, BCCL raised ₹273.1 crore from anchor investors. The issue has been reserved 50% for QIBs, 35% for NIIs, and 15% for retail investors. The grey market premium is currently around ₹9.25, indicating a potential listing near ₹32.25 and an expected gain of about 40%. BCCL is India’s largest producer of coking coal, operating 34 mines across Jharkhand and West Bengal, and benefits from stable demand, predictable cash flows, and strong positioning within the domestic energy value chain.