Bharat Coking Coal IPO: The Bharat Coking Coal Limited (BCCL) IPO has concluded with an overwhelming response from investors, recording bids worth over ₹1.14 lakh crore. As the bidding window closed on January 13, 2026, the focus has now shifted from subscription numbers to the highly anticipated allotment process.
The ₹1,071.11 crore public issue, which is entirely an Offer for Sale (OFS) by its parent company Coal India Limited, was subscribed 143.85 times overall, turning the allotment into a high-stakes lottery for many participants.
Subscription Breakdown: A Final Day Blitz
The subscription data reveals a dramatic “Day 3” surge, largely fueled by institutional powerhouse bids. What started as a steady interest on Day 1 (8.18x) snowballed into a massive frenzy by the final hour.
1. QIB Demand Skyrockets
Qualified Institutional Buyers (QIBs) displayed a classic “wait-and-watch” strategy, only to flood the exchanges with bids on the final day. The QIB segment ended at a massive 310.81 times subscription.
- Day 1: 0.30x
- Day 2: 1.44x
- Day 3 (Final): 310.81x
2. The High-Stakes NII & Retail Race
The Non-Institutional Investor (NII) category, which includes High Net-Worth Individuals, saw a record 258.02 times subscription. Meanwhile, the Retail category—often the heartbeat of an IPO—closed at 49.25 times.
- Retail Reality: Statistically, with nearly 50 bids for every available lot, the retail allotment is effectively a 1-in-49 lottery.
- Shareholders & Employees: The special quota for Coal India shareholders was booked 87.20 times, while the employee portion saw a comparatively modest 5.17 times subscription.
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Key Financials & Market Dominance
Investors are backing more than just a name. BCCL is India’s largest producer of coking coal, a critical ingredient for the domestic steel industry.
- Market Share: BCCL accounted for 58.5% of India’s domestic coking coal production in FY25.
- Reserves: The company holds approximately 7.91 billion tonnes of coking coal reserves.
- Financial Health: For FY25, the company reported a revenue of ₹14,401 crore with a Profit After Tax (PAT) of ₹1,240 crore. It remains a debt-free entity at the operational level, which is a significant draw for long-term investors.
GMP and Expected Listing Gains
The Grey Market Premium (GMP) has remained resilient despite the massive oversubscription. As of the final day, the GMP is trading at ₹10.70.
Against the upper price band of ₹23, the grey market is signaling a tentative listing price of ₹33.70. If these trends hold, investors could be looking at a listing gain of approximately 46%.
Critical Dates: What Happens Next?
If you have applied for the BCCL IPO, mark these dates in your calendar:
| Milestone | Expected Date |
| Allotment Finalization | January 14, 2026 |
| Refund Initiation | January 15, 2026 |
| Demat Credit of Shares | January 15, 2026 |
| Stock Market Listing | January 16, 2026 |
Disclaimer: Grey market premium is not regulated by SEBI or stock exchanges. This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research or consult financial experts before investing.
Yogesh Kolhe is a market and business news author with a focus on the automobile sector and gold and silver price movements, offering readers practical insights into industry and market trends.
