Bharat Coking Coal IPO Day 2: Subscription Soars, GMP at 43%, Should You Invest?

Bharat Coking Coal IPO Day 2: Strong Demand Continues, GMP Signals Solid Listing

KOLKATA: Bharat Coking Coal Limited’s (BCCL) initial public offering (IPO) witnessed a robust response on the very first day of bidding, getting subscribed over 8 times, led by heavy participation from retail investors, non-institutional investors (NIIs), and existing shareholders. As per exchange data, bids were received for 2,80,61,36,400 shares, far exceeding the issue size of 34,69,46,500 equity shares.

BCCL IPO Enters Day 2 with Strong Momentum

On Day 2 of subscription (January 12, 2026), the IPO continued to attract strong investor interest. Overall subscription crossed 11 times by mid-morning, driven primarily by the non-institutional investor category, which was booked more than 27 times. Retail investors also showed healthy participation, with their quota subscribed over 11 times.

Bharat Coking Coal IPO GMP – Latest Update

In the unofficial grey market, Bharat Coking Coal shares are commanding a premium of nearly 43% over the upper issue price. The Grey Market Premium (GMP) is currently estimated at around ₹10.6 per share, indicating expectations of a strong debut on the stock exchanges.

Bharat Coking Coal IPO Price Band and Lot Size

• Price Band: ₹21 – ₹23 per equity share

• Lot Size: 600 shares

• Minimum Retail Investment: ₹13,800

Key Dates for Bharat Coking Coal IPO

• IPO Opening Date: January 9, 2026

• IPO Closing Date: January 13, 2026

• Basis of Allotment: Expected on January 14, 2026

• Tentative Listing Date: January 15, 2026 (BSE & NSE)

Subscription Status Snapshot

Day 2 Subscription (as of 10:09 AM, Jan 12, 2026)

• QIBs: 0.32x

• NIIs: 27.34x

• Retail Investors: 11.60x

• Employees: 1.03x

• Shareholders: 14.30x

• Overall: 11.37x

Day 1 Subscription (Jan 9, 2026)

• QIBs: 0.30x

• NIIs: 16.39x

• Retail Investors: 9.26x

• Employees: 0.83x

• Shareholders: 10.86x

• Overall: 8.08x

Issue Structure and Use of Proceeds

The ₹1,071.11-crore IPO is a 100% Offer for Sale (OFS), where promoter Coal India Limited is divesting up to 46.57 crore equity shares. Since this is an OFS, Bharat Coking Coal will not receive any proceeds from the issue.

Expert Opinion: Should You Subscribe?

Brokerage firm Anand Rathi Research has recommended a “Subscribe” rating, mainly for listing gains. Analysts cite BCCL’s dominant position in India’s coking coal market, strong reserve base, and its strategic importance to the steel industry. However, they caution that valuations at the upper price band appear reasonable, which may cap long-term upside.

About Bharat Coking Coal Limited

Bharat Coking Coal is India’s largest producer of coking coal, contributing nearly 58.5% of domestic coking coal output in FY25, as per CRISIL. The company holds significant geological reserves of around 7,910 million tonnes and supplies coking, non-coking, and washed coal mainly to the steel and power sectors.