Bharat Coking Coal IPO Day 2: GMP jumps to 47% as NII demand drives subscription past 27X
- 12th January 2026
- 10:00 AM
- 3 min read
Summary
Bharat Coking Coal’s IPO continued to attract strong investor interest on Day 2 of bidding, led by aggressive buying from non-institutional investors. The issue was subscribed over 27 times, while the grey market premium (GMP) rose to around 47%, pointing to strong listing expectations. The IPO opened on January 9 and will close on January 13.Mumbai | January 12
The initial public offering of Bharat Coking Coal Limited saw intense demand on the second day of bidding, with overall subscription crossing 27 times by 2PM. Interest was highest among the non-institutional and retail investors, while institutional participation remained muted at this stage.
Subscription status on Day 2
As of the latest data available on Day 2, the issue was subscribed 27.86 times overall, led by strong demand from non-institutional investors, followed by retail participation.
Breakdown of demand across investor categories:
-Qualified Institutional Buyers (QIBs): 0.61x
-Non-Institutional Investors (NIIs): 77.29x
-NII (₹2– ₹10 lakh): 84.87x
-NII (Above ₹10 lakh): 73.50x
-Retail Individual Investors (RIIs): 23.56x
-Coal India Shareholder quota: 36.89x
–Employee category: 2.06x
-Overall subscription: 27.86x
The IPO had already seen a strong response on Day 1, when it was subscribed over 8 times within hours of opening, setting the tone for continued momentum.
Grey Market Premium (GMP)
In the grey market, Bharat Coking Coal’s shares continued to trade at a premium. The GMP rose to around ₹10.85 per share, implying a potential listing price of about ₹33.85, compared with the upper issue price of ₹23. This translates into an estimated listing gain of over 47%, based on unofficial market trends.
Note: Grey market premiums are unofficial and only indicative; they do not guarantee listing performance.
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Key IPO details
The Bharat Coking Coal IPO opened for subscription on January 10 and will close on January 13. The shares are expected to list on the BSE and NSE on January 16.
The price band has been fixed at ₹21–23 per share. The company seeks to raise ₹1,071 crore through its public issue.
The issue is a pure offer for sale (OFS) of 46.57 crore shares by the promoter, Coal India Limited, meaning the company itself will not receive any proceeds from the IPO.
Ahead of the issue, Bharat Coking Coal raised ₹273.1 crore from anchor investors, providing early support to the offering.
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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