Bharat Coking Coal's public issue continued its remarkable subscription momentum on the final day of bidding, reaching 39.87x overall subscription by 10:15 am on January 13. The ₹1,071.11 crore IPO demonstrated exceptional investor appetite, particularly from non-institutional and retail segments, as the issue prepared to close.

Subscription Details Across Investor Categories

The subscription data revealed overwhelming demand across different investor segments:

Within the non-institutional investor segment, both sub-categories showed strong participation. Bids above ₹10 lakh were subscribed 121.64 times, while the ₹2-10 lakh category achieved 120.95x subscription, reflecting sustained interest from high-net-worth individuals.

IPO Structure and Pricing

Bharat Coking Coal's public issue represents a pure offer for sale (OFS) by promoter Coal India, with no fresh capital raising component:

As a pure OFS, Bharat Coking Coal will not receive any proceeds from the IPO, with the entire amount accruing to the selling shareholder Coal India.

Anchor Investment and Timeline

Prior to the public issue, the company successfully raised ₹273.13 crore from anchor investors on January 8 by allotting 11.87 crore equity shares at ₹23 per share. The anchor investor base included prominent institutional names:

• Life Insurance Corporation of India (largest anchor investor)
• Nippon Life India Mutual Fund
• Bandhan Mutual Fund

The IPO timeline progresses with key dates approaching:

Market Response and Management

The issue gained momentum from the opening day, achieving full subscription within approximately 25 minutes of the bidding window opening on Day 1. Demand intensified consistently through the final session, with institutional interest strengthening from 1.45x to 1.50x subscription during the morning hours of the closing day.

IDBI Capital Markets Services and ICICI Securities serve as the book-running lead managers to the issue, while KFin Technologies acts as the registrar. The shares are scheduled for listing on both BSE and NSE.

Bharat Coking Coal's initial public offering has entered its third and final day of subscription with exceptional investor response, achieving 34.37 times subscription by Tuesday. The ₹1,300 crore issue represents an entirely offer-for-sale transaction, with promoter Coal India divesting up to 46.57 crore equity shares.

The public offer, priced within a band of ₹21-23 per share, allows investors to apply for a minimum of one lot comprising 600 shares, with additional applications in multiples thereof. IDBI Capital Markets & Securities and ICICI Securities Limited serve as Book Running Lead Managers, while KFin Technologies Limited acts as the registrar to the issue.

Strong Subscription Across Categories

The IPO has witnessed robust demand across all investor categories, with particularly strong interest from non-institutional participants:

The issue achieved full subscription on its opening day Friday, demonstrating strong market appetite for the coal sector offering.

Grey Market Premium and Listing Timeline

Bharat Coking Coal's grey market premium currently stands at ₹10.6, according to market sources. This premium suggests a potential listing price of ₹33.6 per share, indicating possible gains of 46.09% for investors at the upper price band. However, grey market premiums are speculative and do not represent official data.

The company has outlined a clear timeline for the listing process:

Bharat Coking Coal will commence trading on both BSE and NSE on January 16.

Financial Performance Overview

The company's recent financial results present a mixed picture. Net profit declined from ₹1,564 crore in FY24 to ₹1,240 crore in FY25, though this remained significantly higher than the ₹665 crore recorded in FY23.

For the first half of FY26, the company reported profit after tax of ₹124 crore, substantially lower than ₹749 crore in the corresponding period of the previous year. Revenue for the same period stood at ₹5,659 crore compared to ₹6,846 crore in the first half of FY25.

Operational Achievements

Despite recent financial challenges, Bharat Coking Coal has demonstrated strong operational performance. The company achieved record coking coal output of 39.11 million tonnes in FY24 through strategic deployment of heavy earth-moving machinery. The company has maintained a compound annual growth rate of 5.80% in coking coal production from FY23 to FY25, reflecting its focus on capacity expansion and operational efficiency.