Bharat Coking Coal Limited has created history in India's primary markets with its initial public offering attracting an unprecedented 90 lakh applications, marking the highest ever recorded for a PSU IPO. The ₹1,300 crore issue, which is also the first main-board IPO of 2026, witnessed record-breaking demand across all investor categories, drawing bids worth ₹1.17 lakh crore and achieving an overall subscription of 146.87 times.

Record-Breaking Subscription Numbers

The BCCL IPO has established new benchmarks in the Indian primary market landscape. The issue's performance places it among the most successful PSU offerings in recent history, ranking as the second-most subscribed PSU IPO by subscription multiple and the third-most bid-for PSU IPO by total capital committed.

Institutional and HNI Demand Drives Success

The extraordinary response was primarily driven by qualified institutional buyers and high-net-worth individuals, both demonstrating exceptional appetite for the issue. The QIB portion's subscription of 310.81 times and the non-institutional investor category's 258.16 times subscription reflect strong institutional confidence in the company and the broader PSU investment theme.

Retail participation remained robust despite being overshadowed by large-ticket institutional bids. The retail individual investor segment's 49.33 times subscription indicates solid interest from smaller investors, while the Coal India shareholder quota witnessed substantial demand at 87.29 times subscription.

Historical PSU IPO Rankings

BCCL now ranks prominently among the most subscribed PSU IPOs in Indian market history. The top PSU IPOs by subscription multiple include Mazagon Dock Shipbuilders (2020) leading at 157.41 times, followed by Bharat Coking Coal Limited (2026) at 146.87 times, and IRCTC (2019) at 111.91 times.

In terms of investor participation, BCCL's 90 lakh applications set a new benchmark, surpassing the previous record held by Waaree Energies, whose IPO garnered 82.65 lakh applications.

IPO Structure and Timeline

The ₹1,300 crore issue comprised entirely an offer for sale of 46.57 crore equity shares by promoter Coal India Limited. The IPO was priced within a band of ₹21 to ₹23 per share. Share allotment to IPO investors is scheduled tentatively for January 14, with shares to be credited to demat accounts on January 15. The company is set to list on both BSE and NSE on January 16.

IDBI Capital Markets & Securities Limited and ICICI Securities Limited served as the book running lead managers for the offering.

Bharat Coking Coal Limited is set to finalize the allotment of its highly oversubscribed initial public offering today, following one of the most robust subscription responses seen in recent PSU IPOs. The ₹1,071.00 crore public issue, which concluded on January 13, 2026, generated exceptional investor interest with a 147x oversubscription and attracted over 90.30 lakh applications. The strong response has been accompanied by a healthy grey market premium, keeping listing expectations elevated.

Allotment Status Check Process

Investors who participated in the IPO can verify their allotment status through two official channels once the basis of allotment is completed. The primary method involves visiting the Kfin Technologies allotment portal at ipostatus.kfintech.com, where investors need to select Bharat Coking Coal Limited from the dropdown menu and enter their PAN, application number, or DP ID to view their status.

Alternatively, investors can check their allotment on the BSE India website by selecting 'Equity' under Issue Type, choosing Bharat Coking Coal Limited from the dropdown, and entering their application number and PAN details before clicking search.

Subscription Details and Allotment Odds

The exceptional demand for the IPO is reflected in the subscription numbers across all investor categories. The issue received bids for nearly 5,093.17 crore shares against the offer size of approximately 346.90 million shares, resulting in the 147x overall subscription by the final day.

The heavy oversubscription across all categories indicates tight allotment odds, particularly for retail investors who may face the possibility of partial or no allotment despite the strong interest shown.

Timeline and Listing Schedule

Refunds for unsuccessful applicants are scheduled to be initiated on January 16, although the original schedule indicated January 15. The delay is attributed to January 15 being declared a settlement holiday due to municipal elections in Maharashtra. The stock is expected to list on both BSE and NSE on January 16, though official confirmation for this date is still pending.

Grey Market Performance

Bharat Coking Coal Limited shares are currently trading at a grey market premium of approximately ₹10.60, which represents a substantial 46.00% premium over the issue price of ₹23.00. While grey market trends remain unofficial and can fluctuate rapidly, such a significant premium suggests strong expectations for the company's market debut.

IPO Structure and Valuation

The book-built issue was entirely an offer for sale of 46.57 crore shares by Coal India Limited, with no fresh issue component. The price band was set between ₹21.00 and ₹23.00 per share, with the final pricing at the upper end of the band.

The combination of aggressive institutional bidding, record application numbers, and strong grey market performance has maintained high listing expectations, though investors are advised to consider broader market conditions and volatility factors beyond grey market premiums.