Bharat Coking Coal's initial public offering achieved remarkable success on its opening day, with the ₹1,071.11-crore issue becoming fully subscribed within just 25 minutes of trading commencement on January 9. The strong response was primarily driven by retail and non-institutional investors, while institutional participation remained subdued during early trading hours.

Subscription Performance Breakdown

By 10:33 am on the first day, the IPO demonstrated robust demand across multiple investor categories:

The minimal QIB participation of just 1% reflects the typical pattern where institutional investors submit their bids closer to the issue's closing date.

IPO Structure and Pricing Details

The public offering represents an entirely offer-for-sale transaction by promoter Coal India, comprising 46.57 crore equity shares priced between ₹21-23 per share. As a pure OFS structure, Bharat Coking Coal will not receive any proceeds from the IPO, with the entire amount flowing to the selling shareholder.

Anchor Investor Participation

Prior to the public issue, the company successfully raised ₹273.13 crore on January 8 through anchor investor allocation. A total of 11.87 crore equity shares were allotted to 15 anchor investors at ₹23 per share.

Company Profile and Market Position

Incorporated in 1972, Bharat Coking Coal holds the distinction of being India's largest producer of coking coal, a critical raw material for steel manufacturing. The company operates an extensive network of 34 mines across Jharkhand and West Bengal, commanding approximately 58.50% of India's domestic coking coal production in FY25.

The company has demonstrated consistent operational growth, with coal output increasing from 30.51 million tonnes in FY22 to 40.50 million tonnes in FY25. This steady production expansion underscores the company's operational capabilities and market demand for its products.

Issue Timeline and Market Expectations

The IPO subscription period runs from January 9 to January 13, with allotment finalization expected on January 14. Share refunds and credits are scheduled for January 15, followed by a tentative listing on BSE and NSE on January 16. The issue allocation reserves 50% for QIBs, 15% for NIIs, and 35% for retail investors.

Market observers indicate that Bharat Coking Coal shares are trading at approximately 50% premium in the grey market, suggesting strong listing expectations, though such unofficial indicators remain volatile. IDBI Capital Markets Services and ICICI Securities serve as book-running lead managers, while KFin Technologies acts as the registrar for the issue.

Bharat Coking Coal's ₹1,300 crore initial public offering achieved full subscription on its first trading day, demonstrating strong investor interest in the coal mining company. The issue represents an entirely offer-for-sale transaction, with promoter Coal India divesting up to 46.57 crore equity shares.

IPO Structure and Timeline

The public offering is priced within a band of ₹21-23 per share, allowing investors to apply for a minimum of one lot containing 600 shares. IDBI Capital Markets & Securities and ICICI Securities Limited serve as the Book Running Lead Managers, while KFin Technologies Limited acts as the registrar to the issue.

Subscription Performance

The IPO demonstrated varied response across investor categories, with retail and non-institutional segments showing particularly strong demand.

Grey Market Premium Trends

According to Investorsgain website, Bharat Coking Coal's grey market premium reached ₹9.40, suggesting a potential listing price of ₹32.40 per share. This indicates possible additional gains of 40.87% for investors upon listing, though grey market premiums represent speculative data rather than official pricing.

Financial Performance Analysis

Bharat Coking Coal's recent financial results reveal mixed performance trends across different periods.

For the first half of FY26, the company reported revenue of ₹5,659 crore compared to ₹6,846 crore in the corresponding period of the previous year. Profit after tax declined significantly to ₹124 crore from ₹749 crore in the same period last fiscal.

Production Capacity and Growth

Bharat Coking Coal has demonstrated consistent production growth through strategic deployment of heavy earth-moving machinery. The company achieved record coking coal output of 39.11 million tonnes in FY24 and maintained a compound annual growth rate of 5.80% in coking coal production from FY23 to FY25. This production expansion reflects the company's operational capabilities and market positioning in the coking coal segment.