The initial public offering of Bharat Coking Coal Ltd. closed with a final subscription of 145 times on the third day of bidding on Tuesday, led by demand from institutional buyers. The first IPO of 2026 was fully subscribed on the launch day.
The Rs 1,300-crore issue was entirely an offer for sale of 46.57 crore equity shares by promoter Coal India Ltd. The price-band of the IPO was Rs 21-Rs 23.
The allotment of shares to IPO investors will be done tentatively on Jan. 14, and it will be credited to the demat account on Jan. 15. Bharat Coking Coal will list on the BSE and NSE on Jan. 16.
The book running lead managers to the IPO are IDBI Capital Markets & Securities Ltd. and ICICI Securities Ltd.
Bharat Coking Coal Subscription Details
The Bharat Coking Coal IPO has been subscribed 146.81 times on Tuesday.
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Qualified Institutional Buyers (QIBs): 310.81 times
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Non-Institutional Investors (NIIS): 258 times
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Retail Individual Investors: 49.26 times
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Employee reserved: 5.17 times
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Reservation for shareholders: 87.21 times
Bharat Coking Coal IPO GMP
Bharat Coking Coal IPO’s latest grey market premium is at Rs 10.6, according to Investorgain website. The GMP indicates a listing price of Rs 33.6 apiece, which means upon listing, Bharat Coking Coal may offer 46% additional gains to investors.
Note: GMP does not represent official data and is based on speculation.
Financial Performance
BCCL posted a net profit of Rs 1,240 crore for the financial year ended March 31, 2025, compared with Rs 1,564 crore in FY24 and Rs 665 crore in FY23. For the first half of FY26, profit after tax stood at Rs 124 crore, sharply lower than Rs 749 crore reported in the corresponding period of the previous year.
The company’s revenue from operations in FY25 was Rs 13,803 crore, against Rs 14,246 crore in FY24 and Rs 12,624 crore in FY23. For the first half of FY26, revenue stood at Rs 5,659 crore, compared with Rs 6,846 crore in the corresponding period last fiscal.
BCCL has steadily increased its production capacity through the strategic deployment of heavy earth-moving machinery and registered a record coking coal output of 39.11 million tonnes in FY24. The company has maintained a compound annual growth rate of 5.80% in coking coal production from FY23 to FY25.
. Read more on IPOs by NDTV Profit.