The Bharat Coking Coal Limited (BCCL) IPO received a strong response on its opening day, getting fully subscribed within hours of launch. As of 11:59 am on January 9, 2026, the issue was subscribed 3.32 times overall, reflecting robust investor interest.
The retail investor portion was subscribed 4.50 times, while the non-institutional investor (NII) segment saw even stronger demand at 5.32 times. The qualified institutional buyer (QIB) category, excluding anchor investors, was subscribed 0.02 times at the time of reporting.
The IPO opened for subscription on January 9, 2026, and will close on January 13, 2026. The allotment is expected on January 14, and shares are proposed to list on the BSE and NSE on January 16, 2026.
The Bharat Coking Coal IPO is a book-built issue of Rs 1,071.11 crore, comprising 46.57 crore shares offered entirely through an offer for sale (OFS). There is no fresh issue component, meaning the company will not receive any proceeds from the IPO.
The price band has been fixed at Rs 21–23 per share, with a lot size of 600 shares. At the upper end of the band, retail investors need to invest a minimum of Rs 13,800 for one lot.
For small NIIs, the minimum application is 15 lots (9,000 shares) amounting to Rs 2.07 lakh, while big NIIs must apply for at least 73 lots (43,800 shares) worth Rs 10.07 lakh.
IDBI Capital Markets Services Ltd is the book-running lead manager for the issue, and Kfin Technologies Ltd is the registrar.
According to market sources, the grey market premium (GMP) for the IPO currently stands at around Rs 10.6, as of January 9, 2026 (10:53 am). Based on the upper price band of Rs 23, the estimated listing price is around Rs 33.6 per share, indicating a potential listing gain of about 46%.
The GMP has edged higher during the day, tracking strong subscription numbers. However, investors are advised to note that GMP is an unofficial indicator and can change during the bidding period.
According to a report by Master Capital Services Limited, India’s coal production reached about 1,048 million metric tonnes in FY25, up from 997 million metric tonnes in FY24, and is projected to grow at a CAGR of 7.6% to reach 1,514 million metric tonnes by FY30.
Coking coal demand, driven mainly by steel production, stood at around 67 million metric tonnes in FY25 and is expected to rise sharply to 160 million metric tonnes by FY35. Against this backdrop, Bharat Coking Coal Limited, a subsidiary of Coal India Limited, is strategically positioned as India’s largest coking coal producer, supporting the domestic steel industry and aligning with the AtmaNirbhar Bharat goal of reducing import dependence.
Analysts believe that rising steel capacity, strong policy support, and long-term demand visibility make the IPO attractive for investors with a medium-to-long-term horizon, while strong Day 1 subscription and positive GMP point to potential listing gains.
