Bharat Coking Coal IPO GMP Indicates Over 40% Listing Pop, Issue Closes Today

Bharat Coking Coal IPO GMP: Bharat Coking Coal's initial public offer (IPO) entered its third and final day on January 13. The public sector undertaking’s (PSU) public issue had opened for subscription on January 9.

The Bharat Coking Coal IPO is receiving strong interest from investors across categories. As on the final day, the issue has received more than 90 times subscription.

Meanwhile, the grey market premium (GMP) of its unlisted shares indicate that investors are in for solid listing gains.

Bharat Coking Coal IPO Details: Issue Size, Price Band, Allotment, Listing Dates

Issue Size: Bharat Coking Coal plans to raise Rs 1,071.11 crore through a book-built issue, which is entirely an offer for sale of 465.70 million equity shares.

Price Band, Lot Size, Minimum Investment: The price band has been fixed between Rs 21 and Rs 23 per share. The lot size is 600 shares, which amounts to a minimum investment of Rs 13,800 for retail investors at the upper end of the price band.

Allotment, Listing Dates: The allotment of its shares is expected to be finalised on January 14, and the shares are likely to list on the BSE and the NSE on January 16.

BRLMs, Registrar: IDBI Capital Markets Services and ICICI Securities are the book-running lead manager to the issue, and KFin Technologies is acting as the registrar.

Bharat Coking Coal IPO Objectives

The company will not receive any proceeds from the offer, as the entire issue is an offer for sale. All the proceeds will go to the promoter selling shareholder, Coal India Limited, which is the sole promoter of Bharat Coking Coal.

Coal India had acquired BCCL shares at Rs 10 apiece. At the upper end of the IPO price band of Rs 23, the promoter is set to make a gain of about 130 per cent.

Bharat Coking Coal IPO Reservation

Bharat Coking Coal has allocated the largest portion of the issue to qualified institutional buyers (QIBs), who will receive 42.50 per cent of total shares offered. This includes 25.50 per cent reserved for anchor investors, while the remaining 17 per cent is set aside for QIBs excluding anchors.

The company has set aside 12.75 per cent of the issue for non-institutional investors (NIIs). Retail investors will get 29.75 per cent of the issue. The company has also reserved 5 per cent for employees and 10 per cent for existing shareholders.

Bharat Coking Coal IPO Subscription Status

The Bharat Coking Coal IPO, as of 2:30 PM, has been subscribed 93.26 times overall. The QIB portion has been booked 103.18 times, the NII category saw 239.03 times subscription, and the retail investor category has been booked 44.60 times.

Employees, who are being offered shares at a discount of Re 1, or 4.35 per cent to the issue price, have subscribed the IPO 4.47 times. There is also a shareholder quota within the IPO for Coal India shareholders, which has been booked 80.44 times.

Bharat Coking Coal IPO GMP Today

The Bharat Coking Coal IPO's GMP, as of 2:00 PM on January 13, stood at Rs 10 per share over the issue price.

Given the current GMP and the upper end of the issue's price band, Rs 23, the Bharat Coking Coal IPO shares are expected to list at Rs 33 apiece on the exchanges. This represents a potential listing gain of 43.48 per cent.

Bharat Coking Coal: India’s Largest Coking Coal Producer

Established in 1972, Bharat Coking Coal Limited (BCCL) is a wholly-owned subsidiary of Coal India Limited, and the country’s largest producer of coking coal.

As of September 30, 2025, the PSU operated 34 mines, including 26 opencast, four underground and four mixed mines. These are primarily located in the Jharia coalfields of Jharkhand and the Raniganj coalfields of West Bengal, together covering a leasehold area of around 288 square kilometres.

Coking coal is the backbone of BCCL’s business. It supplies critical raw material to steel and power producers across the country. As on April 1, 2024, the company had estimated coking coal reserves of nearly 7.9 billion tonnes. In FY25, BCCL accounted for nearly 58.50 per cent of India’s total domestic coking coal production.

Coal production has increased over the past few years, up from 30.51 million tonnes in FY22 to 40.50 million tonnes in FY25. In FY24, production was largely led by coking coal at 39.11 million tonnes, while non-coking coal production stood at nearly 2 million tonnes.

Bharat Coking Coal: Financial Performance

For the half year ended September 30, 2025, Bharat Coking Coal reported a total income of Rs 6,311.51 crore, an Ebitda of Rs 459.93 crore, and a profit after tax (PAT) of Rs 123.88 crore.

For the full year, the Coal India subsidiary's total income came in at Rs 14,401.63 crore, marginally down from 14,652.53 crore in FY24, and up from Rs 13,018.57 crore in FY23. Its Ebitda stood at Rs 2,356.06 crore in FY25, slightly lower from 2,493.89 crore in FY24, and significantly up from Rs 891.31 crore in FY23.

As of September 30, 2025, the coal producer reported a net worth of Rs 5,830.89 crore, with total assets of Rs 18,711.13 crore. The company carried net debt of Rs 1,599.13 crore, and its reserves and surplus stood at Rs 1,006.52 crore.