Bharat Coking Coal Limited's highly anticipated stock market debut has been postponed by three days due to administrative reasons. The listing, originally scheduled for January 16, will now take place on January 19 following the deferment caused by local body elections in Maharashtra.

Market Closure and Revised Schedule

The Indian stock exchanges will observe a trading holiday on January 15 due to municipal corporation elections in Maharashtra. Both BSE and NSE have issued revised circulars confirming the market closure across all segments.

The BSE circular specified that trading in equity segment, equity derivatives, commodity derivatives, and electronic gold receipts will remain suspended on January 15.

Exceptional IPO Response

The Bharat Coking Coal Limited IPO generated one of the strongest subscription responses in India's primary market history. The public offering attracted unprecedented investor interest, demonstrating robust confidence in the company's prospects.

The overwhelming response resulted in bids worth over ₹1.10 lakh crore, with investors bidding for shares at the upper end of the price band. The issue also established a new record for investor participation with 90.31 lakh applications.

Grey Market Premium and Listing Expectations

The IPO is currently commanding a grey market premium of ₹14, representing approximately 61% premium over the upper issue price of ₹23. Based on this trend, market participants estimate the stock to list around ₹37 per share.

The strong GMP reflects positive sentiment in unofficial markets and indicates expectations of healthy listing gains. However, the final listing price may vary depending on overall market conditions and demand dynamics on the listing day.

Company Profile and Market Position

Bharat Coking Coal Limited holds a dominant position as India's largest producer of coking coal and the country's primary domestic source of prime coking coal. The company operates as a critical supplier of raw materials for the steelmaking industry.

At the upper price band, the IPO values the company at a market capitalization of approximately ₹10,711 crore. On post-issue capital, the valuation translates to roughly 6.4x EV/EBITDA, which analysts consider reasonable given the company's substantial reserve life, operational scale, and monopolistic position in a segment with high entry barriers.

Bharat Coking Coal Limited's highly anticipated IPO listing has been postponed by three days to January 19 from the earlier scheduled date of January 16, with the delay attributed to BMC elections. The Coal India subsidiary's public offering concluded its bidding period on January 13 with remarkable investor interest.

Exceptional Subscription Numbers

The ₹1,071.00 crore IPO achieved extraordinary subscription levels, narrowly missing the record for the most subscribed IPO by a state-run company. According to final data from the NSE, the issue was subscribed 146.80 times overall.

Strong Institutional Demand

Institutional investors demonstrated overwhelming confidence in the offering, driving the subscription numbers significantly higher. The institutional portion witnessed exceptional demand, far exceeding the allocated quota.

The three-day bidding period saw sustained investor interest across all categories, with institutional investors leading the charge. The strong response reflects market confidence in the coal sector and the company's prospects as a subsidiary of Coal India.

Market Impact

The postponement due to BMC elections ensures that the listing will take place in a more conducive market environment. The exceptional subscription levels position Bharat Coking Coal Limited among the most successful state-run company IPOs in recent times, setting a positive tone for the upcoming listing on January 19.