New Delhi: The initial public offering of Bharat Coking Coal Ltd got subscribed a massive 146.81 times on the final day of bidding on Tuesday, led by heavy investors' participation. The Rs 1,071-crore IPO received bids for 50,93,44,51,200 shares against 34,69,46,500 shares on offer, as per NSE data.
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The portion meant for qualified institutional buyers (QIBs) attracted a whopping 310.81 times subscription. Non-institutional investors' quota fetched 258.04 times subscription, and the category for retail individual investors (RIIs) received 49.26 times subscription. The IPO of Bharat Coking Coal Ltd got fully subscribed within minutes of opening for bidding on Friday. Bharat Coking Coal Ltd (BCCL) on Thursday said it has mobilised over Rs 273 crore from anchor investors.
The company's Rs 1,071-crore IPO is the first mainboard issue of 2026. The price band for the IPO has been fixed at Rs 21-23 per share, and at the higher end, the company is valued at over Rs 10,700 crore. According to the red herring prospectus (RHP), the public issue is entirely an offer for sale (OFS) of 46.57 crore equity shares by Coal India.
The listing of BCCL is part of the government's broader divestment push in the coal sector, aimed at unlocking value in Coal India's subsidiaries and enhancing transparency through market discipline. In its prospectus, the company stated that the IPO will help achieve the benefits of listing. The company was incorporated in 1972 to mine and supply coking coal concentrated in mines at Jharia, Jharkhand, and Raniganj, West Bengal, coalfields. BCCL's issue comes against the backdrop of a blockbuster year for the primary market.
In 2025, companies raised a record nearly Rs 1.76 lakh crore through IPOs, buoyed by strong domestic liquidity, resilient investor sentiment and a supportive macroeconomic environment. This surpassed the Rs 1.6 lakh crore mobilised by 90 firms in 2024 and the Rs 49,436 crore raised by 57 companies in 2023.
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