NewsIPOBharat Coking Coal IPO Commands 45% Premium After 147x Subscription; Amagi IPO Opens with 4% GMPBharat Coking Coal IPO Commands 45% Premium After 147x Subscription; Amagi IPO Opens with 4% GMP
Bharat Coking Coal's ₹1,071 crore IPO achieved exceptional 147x subscription with grey market premiums of 43-45%, making it the first mainboard IPO of 2025. The Coal India subsidiary's shares are trading at ₹10.30 premium, indicating potential listing gains of 44.78%. Meanwhile, Amagi Media Labs' ₹1,789 crore IPO opened with 6% subscription and modest 4% grey market premium despite raising ₹805 crore from anchor investors including major mutual funds.
*this image is generated using AI for illustrative purposes only.
Two major IPOs are currently capturing market attention with contrasting investor responses. Bharat Coking Coal Ltd, a subsidiary of Coal India, has witnessed unprecedented demand, while Amagi Media Labs opened its public issue with moderate initial subscription.
Bharat Coking Coal IPO Sees Exceptional Demand
The ₹1,071 crore IPO of Bharat Coking Coal Ltd concluded with remarkable investor enthusiasm, achieving nearly 147 times subscription on the final day of bidding. The issue was fully subscribed within minutes of opening on Friday, demonstrating strong market confidence in the Coal India subsidiary.
| Parameter: | Details |
|---|---|
| Issue Size: | ₹1,071 crores |
| Price Band: | ₹21-23 per share |
| Subscription: | 147 times |
| Company Valuation: | Over ₹10,700 crores |
| Market Status: | First mainboard IPO of 2025 |
Strong Grey Market Performance
The exceptional subscription levels are reflected in robust grey market activity, where Bharat Coking Coal shares are trading at significant premiums. Market tracking platforms report varying premium levels, with Investorgain quoting a grey market premium of ₹10.30 per share, indicating potential listing gains of approximately 44.78%. IPO Watch has pegged the premium at around 43%, while other platforms suggest premiums reaching 45%.
The listing represents part of the government's divestment programme in the coal sector, aimed at unlocking value in Coal India's subsidiaries and improving transparency through market participation.
Amagi Media Labs IPO Opens with Modest Response
In contrast, the ₹1,789 crore IPO of Amagi Media Labs recorded 6% subscription on its first day of bidding. The Bengaluru-based cloud software-as-a-service firm, which helps media companies distribute and monetise digital video content, has set its price band at ₹343-361 per share.
| Parameter: | Details |
|---|---|
| Issue Size: | ₹1,789 crores |
| Price Band: | ₹343-361 per share |
| Day 1 Subscription: | 6% |
| Company Valuation: | Over ₹7,800 crores |
| Bidding Period: | January 13-16 |
Amagi's Anchor Investor Success
Despite the modest public response, Amagi Media Labs successfully raised approximately ₹805 crore from anchor investors prior to the public offering. The anchor investor base includes prominent institutional investors such as SBI Mutual Fund, ICICI Prudential Mutual Fund, and HDFC Mutual Fund, indicating institutional confidence in the company's prospects.
Grey market tracking platforms indicate Amagi shares are commanding a premium of around 5%, with Investorgain quoting a grey market premium of ₹17.00 per share, implying potential listing gains of approximately 4.71%.
Market Outlook
The contrasting reception of these two IPOs highlights varying investor appetite across sectors. While Bharat Coking Coal's exceptional subscription reflects strong interest in the coal sector and government divestment opportunities, Amagi's moderate initial response suggests investors are taking a measured approach to the SaaS sector despite strong anchor investor participation.
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