New Delhi: The Initial Public Offering (IPO) of Bharat Coking Coal Limited (BCCL), a subsidiary of Coal India, has generated tremendous investor enthusiasm. Within just two days, the IPO has been oversubscribed 33.6 times, with retail and non-institutional investors showing exceptional interest. Today marks the final day for public subscription.
The ₹1,071 crore IPO saw a massive response from investors across categories. According to NSE data, while 34,69,46,500 shares were on offer, the total bids received amounted to a staggering 11,65,79,29,200 shares.
Breaking down the subscription:
- Non-Institutional Investors: 96.17 times
- Retail Individual Investors: 26.90 times
- Qualified Institutional Buyers (QIBs): 1.44 times
The IPO was fully subscribed within minutes of opening on Friday. Prior to the issue, BCCL had raised over ₹273 crore from anchor investors.
First Mainboard IPO of 2026
This is the first mainboard IPO of 2026. The share price has been fixed in the ₹21–23 per share range, valuing the company at over ₹10,700 crore at the upper price band. As per the Red Herring Prospectus (RHP), the IPO comprises a complete Offer for Sale (OFS) of 46.57 crore equity shares by Coal India.
BCCL’s listing is part of the government’s broader divestment strategy in the coal sector, aimed at unlocking the value of Coal India’s subsidiaries while enhancing market-based governance and transparency. The company has stated in its prospectus that the IPO will help it realize the benefits of listing.
A Legacy in Coal Mining
Established in 1972, Bharat Coking Coal Limited is primarily engaged in mining and supplying coking coal, with operations focused in Jharia (Jharkhand) and Raniganj (West Bengal). This IPO comes amid a strong primary market cycle, following record fundraising in 2025, when companies raised approximately ₹1.76 lakh crore through IPOs. For comparison, in 2024, 90 companies raised ₹1.6 lakh crore, while 57 companies raised ₹49,436 crore in 2023.
With the IPO closing today, investors eager to participate in this landmark issue have their final opportunity to bid.
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