The Indian IPO market has witnessed significant activity with two major offerings currently in progress - Bharat Coking Coal IPO and Amagi Media Labs IPO. While Bharat Coking Coal IPO concludes today and has attracted considerable investor interest as the inaugural mainboard listing of 2026, Amagi Media Labs IPO appears to be experiencing a more subdued response from market participants.

Bharat Coking Coal IPO Details

Bharat Coking Coal IPO represents a pure offer for sale by Coal India, which holds complete ownership of the company. The issue parameters are structured as follows:

All proceeds from the BCCL IPO will be directed to Coal India, making this a significant divestment in the coal sector. The company represents the first public offering from this vital industrial sector, contributing to investor enthusiasm.

Amagi Media Labs IPO Structure

Amagi Media Labs IPO comprises a combination of fresh issue and offer for sale components. The issue breakdown includes:

The offer for sale component involves 2.70 crore shares from existing shareholders, calculated at the upper price band.

Grey Market Premium Analysis

The grey market premium serves as an indicator of investor sentiment and willingness to pay above the issue price. Current market dynamics show:

Bharat Coking Coal IPO GMP:

Amagi Media Labs IPO GMP:

Market Sentiment and Trends

Both IPOs are experiencing downward trends in their grey market premiums based on recent trading sessions. Bharat Coking Coal shows stronger premium percentage despite the declining trend, while Amagi Media Labs demonstrates more modest premium expectations. The grey market premium reflects investor readiness to pay above the issue price, providing insights into potential listing performance expectations.

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.