Bharat Coking Coal's initial public offering enters its final day today, January 13, 2026, with investors showing strong appetite for the Coal India subsidiary's public issue. The ₹1,071 crore mainboard IPO has generated significant interest across investor categories, with subscription levels indicating robust demand.

Subscription Status Shows Strong Investor Interest

The public issue has witnessed overwhelming response from investors across all categories. By 5:00 PM on the second day of bidding, the subscription data revealed strong participation:

The exceptionally high subscription in the NII segment demonstrates strong confidence from high-net-worth individuals and smaller institutions in the company's prospects.

Grey Market Premium Recovers

Bharat Coking Coal shares have shown recovery in the grey market after experiencing declines in previous sessions. The current grey market premium stands at ₹11, representing a turnaround from recent negative sentiment. Market observers attribute this recovery to improved secondary market conditions and the strong investor response to the public issue.

The rebound in Indian stock markets and positive investor sentiment toward the IPO have contributed to the trend reversal in grey market trading.

Brokerage Recommendations Favor Subscription

Multiple leading brokerages have assigned positive ratings to the Bharat Coking Coal IPO based on the company's fundamentals and market position:

Anand Rathi has assigned a 'subscribe' rating, noting the company's strong market share and fair valuation at 8.64x P/E on FY25 earnings at the upper price band. The brokerage highlighted the company's consistent track record and superior financial metrics while recommending the IPO for listing gains.

Marwadi Shares and Finance also recommends subscription, pointing to the company's position as India's largest coking coal producer. Based on TTM September 2025 EPS of ₹1.32 on a post-issue basis, the company is expected to list at approximately 17x P/E with a market capitalization of ₹10,711 crores.

Other prominent brokerages supporting the IPO include Adroit Financial Services, DRChokesy, Kantilal Chhaganlal Securities, Aditya Birla Money, Axis Capital, Canara Bank Securities, GEPL Capital, Mehta Equities, Nirmal Bang, Swastika Investmart, and Ventura Securities.

IPO Structure and Timeline

The public issue details and key dates are structured as follows:

As a subsidiary of Coal India, Bharat Coking Coal benefits from strong parentage and access to substantial coal reserves, positioning it as a key player in India's coking coal sector. The company's market leadership and growth potential have been key factors in analyst recommendations favoring subscription to the public issue.

Bharat Coking Coal's initial public offering has witnessed overwhelming investor response as it enters its final day of subscription on January 13. The issue, which opened on January 9, has attracted significant interest across all investor categories, with grey market indicators suggesting strong listing performance potential.

Subscription Performance and Investor Response

By the end of the second day of bidding, the IPO achieved remarkable subscription levels across different investor categories:

The strong response from non-institutional investors, who subscribed nearly 96 times their allocated portion, demonstrates significant market confidence in the company's prospects.

Pricing and Grey Market Premium

Bharat Coking Coal has set a price band of ₹21 to ₹23 per share, making it accessible to retail investors with a minimum lot size of 600 shares, requiring an investment of ₹13,800 at the upper price band. The stock currently commands a grey market premium of ₹10.60, suggesting an estimated listing price of ₹33.60 based on the upper price band of ₹23. This indicates potential listing gains of approximately 46.09% per share, though grey market premiums remain volatile and reflect unlisted market sentiment.

Issue Structure and Shareholding

The IPO represents an entirely offer-for-sale transaction through which Coal India is divesting a 10% stake in its wholly-owned subsidiary. Key details of the issue structure include:

Business Operations and Growth Plans

Bharat Coking Coal stands as India's largest coking coal producer, commanding approximately 58.50% of domestic output in FY25. The company's operations are strategically located in the Jharia coalfield in Jharkhand and the Raniganj coalfield in West Bengal. According to Manoj Kumar Agarwal, Chairman and Managing Director, the company currently produces 40.50 million tonnes annually and has ambitious plans to scale production to 56 million tonnes by 2030.

The growth strategy encompasses several key initiatives:

• Expanding open cast mining operations
• Reviving underground operations using modern technologies including continuous miners
• Monetising old and stopped underground mines
• Amalgamating smaller open cast mines into larger, more efficient operations

Timeline and Market Listing

IDBI Capital and ICICI Securities serve as the book running lead managers for the issue. The IPO timeline progresses as follows:

The strong subscription numbers and positive grey market sentiment position Bharat Coking Coal for a potentially successful market debut, reflecting investor confidence in India's largest coking coal producer.