Bharat Coking Coal makes strong stock market debut, lists at nearly double the IPO price

Mumbai | January 19

Shares of Bharat Coking Coal made a robust debut on the stock exchanges on Monday, listing at a sharp premium over their IPO issue price amid strong investor demand.

On the NSE, Bharat Coking Coal shares opened at ₹45, marking a 95.65% premium to the issue price of ₹23 per share. The stock also debuted strongly on the BSE, where it listed at ₹45.21, up 96.57% from the IPO price.

How much did investors make per lot?

Each IPO lot comprised 600 shares. At the NSE listing price of ₹45, investors who were allotted shares made a gain of ₹27,000 per lot, excluding transaction costs and taxes.

IPO structure and subscription

The ₹1,071.11-crore IPO of Bharat Coking Coal was entirely an offer for sale, involving 46.57 crore equity shares sold by the promoter, Coal India. As there was no fresh issue component, the company did not receive any proceeds from the offering, and the entire amount went to the selling shareholder.

The issue drew extraordinary investor interest, with overall subscription reaching 146.87 times, according to exchange data, making it among the most heavily subscribed state-run offerings in recent years.

Category-wise subscription stood at:

• Qualified Institutional Buyers (QIBs): 310.81 times
• Non-Institutional Investors (NIIs): 258.16 times
• Retail Individual Investors (RIIs): 49.33 times

In total, bids were received for 50.96 crore shares against 7.92 crore shares on offer.

GMP vs issue price
Ahead of the debut, Bharat Coking Coal was trading in the unofficial market at a grey market premium of ₹13–₹14 per share, implying a potential listing gain of around 56–60% over the issue price. The stock’s actual opening near ₹45, or a gain of about 96%, comfortably exceeded those expectations, signalling stronger-than-anticipated buying interest at listing.

Note: Grey market prices are unofficial and serve only as an indicator of market sentiment, not a predictor of listing performance.

Management commentary

Coal India Chairman-cum-Managing Director said the strong response to the IPO has reinforced confidence within the group and provided momentum for potential listings of other subsidiaries.

He said the offering saw full subscription within minutes of opening, with investor interest remaining strong through the bidding period, describing the response as a “confidence booster” for Coal India.

About the company

Bharat Coking Coal is India’s largest producer of coking coal, accounting for about 58.5% of domestic coking coal production in FY25. The company operates as a wholly owned subsidiary of Coal India and plays a critical role in supplying coking coal to India’s steel industry.

As of FY25, the company held estimated coal reserves of nearly 7,910 million tonnes and operated across key coalfields in Jharkhand and West Bengal. Its operations span opencast and underground mining, coal washeries, and the monetisation of idle assets through developer-led models.

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