Bharat Coking Coal Limited, the subsidiary of Coal India Limited, has achieved remarkable investor response for its ₹1,071 crore initial public offering, which concluded on Tuesday, January 13. The IPO garnered exceptional subscription levels, positioning it as the second-most subscribed public sector undertaking IPO in Indian market history.

Subscription Performance Overview

The final subscription data reveals the overwhelming investor interest in the Coal India subsidiary's public offering:

Historical PSU IPO Subscription Rankings

Bharat Coking Coal's subscription performance places it among the most successful PSU IPOs, though it narrowly missed the top position:

Category-wise Subscription Analysis

The IPO witnessed strong participation across all investor categories, with institutional investors leading the charge:

Institutional Investors: This category demonstrated the highest enthusiasm, subscribing 310.8 times their allocated portion. They placed bids for 2,460 crore shares against the 7.91 crore shares reserved for them.

Non-Institutional Investors: Close behind institutional investors, this segment achieved 258x subscription by bidding for 1,532 crore shares compared to their allocation of 5.93 crore shares.

Retail Investors: Individual investors showed substantial interest with 49.2x subscription. The retail portion, comprising 35% or 13.85 crore shares of the total issue, received bids for 682.3 crore shares.

Coal India Shareholders: Eligible shareholders of the parent company, who held shares on or before January 1, 2026, placed bids for 406.7 crore shares against their reserved quota of 4.65 crore shares.

Bid Value Comparison

In terms of total bid value, Bharat Coking Coal's IPO ranks third among PSU offerings:

Next Steps

The share allotment process is scheduled to take place on Wednesday, January 14, following the conclusion of the highly successful bidding period. The exceptional subscription levels across all investor categories demonstrate strong market confidence in the Coal India subsidiary's business prospects and growth potential.

Bharat Coking Coal Limited's debut initial public offering has concluded with remarkable investor enthusiasm, marking a strong start to the mainboard IPO activity for 2025. The Coal India subsidiary's ₹1,071.11 crore public issue achieved significant oversubscription across all investor categories during its three-day bidding period from January 9-13, 2025.

Subscription Performance Across Categories

The IPO demonstrated exceptional demand across all investor segments, with institutional and high-net-worth investors showing particularly strong interest.

Grey Market Premium and Pricing Details

The company's shares are trading at a premium in the grey market, reflecting positive investor sentiment ahead of the official listing.

Company Operations and Market Position

Bharat Coking Coal Limited, incorporated in 1972, operates as a significant player in India's coal mining sector. The company maintains extensive mining operations across two major coalfields, with substantial reserve holdings positioning it among India's largest coking coal companies.

The company's mining operations span across the Jharia coalfield in Jharkhand and the Raniganj coalfield in West Bengal. These facilities produce various grades of coking coal, non-coking coal, and washed coal primarily serving the steel and power sectors.

IPO Structure and Timeline

The public offering represents an entirely offer-for-sale transaction by promoter Coal India Limited, meaning all proceeds will flow to the Maharatna public sector undertaking rather than the company itself. According to the prospectus, the listing aims to provide the benefits associated with being a publicly traded entity.

Investors can expect the share allotment process to be finalized on January 14, 2025, with subsequent listing on both BSE and NSE exchanges.