New Delhi: The initial public offering (IPO) of Bharat Coking Coal Ltd, an arm of Coal India, got fully subscribed within minutes of opening for bidding on Friday and later ended the day with 8 times subscription. The Rs 1,071-crore IPO received bids for 2,80,50,57,000 shares against 34,69,46,500 shares on offer, translating into 8.08 times subscription, as per NSE data.
The category for non-institutional investors fetched 16.39 times subscription, while the quota for Retail Individual Investors (RIIs) attracted 9.26 times subscription. Qualified Institutional Buyers (QIBs) portion received 30 per cent subscription. 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 initial public offering (IPO), the first mainboard issue of 2026, will conclude on January 13. The price band for the IPO has been fixed at Rs 21 to Rs 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 located 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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