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Bharat Coking Coal IPO Day 2: Should You Apply? Check Subscription Status, GMP Today
Bharat Coking Coal IPO Day 2: Should You Apply? Check Subscription Status, GMP Today
Bharat Coking Coal IPO GMP: The initial public offering (IPO) of Bharat Coking Coal Ltd, an arm of Coal India, is witnessing its second day of bidding today, Monday, January 12. The price band of the Rs 1,071.11-crore IPO has been fixed at Rs 21 and Rs 23. Till 10:10 am on the second day of bidding on Monday, the IPO received a total of 10.67x times subscription, garnering bids for 3,70,20,47,400 shares as against 34,69,46,500 shares on offer.
Its retail category got an 11.24x subscription, while its non-institutional investor (NII) quota got a 24.60x subscription. The qualified institutional buyer (QIB) category received a 0.32x subscription.
At the upper end of the price band, the issue is valued at about 9 times price-to-earnings and around 2 times price-to-book value, as per offer documents. The issue will raise Rs 1,071 crore from this offer for sale by Coal India.
Bharat Coking Coal IPO GMP Today
According to market observers, unlisted shares of Bharat Coking Coal Ltd are currently trading at Rs 33.6 apiece in the grey market, which is a 46.09 per cent premium over the IPO price of Rs 23. It indicates a strong listing. Its listing will take place on January 16, Friday.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium' indicates investors' readiness to pay more than the issue price.
Bharat Coking Coal IPO: Should You Subscribe?
Brokerages tracking the Bharat Coking Coal IPO have largely taken a favourable view, citing a sharp improvement in profitability and reasonable valuations at the upper end of the price band.
In its IPO valuation note, SBI Securities pointed out that the company has delivered revenue, EBITDA and profit after tax CAGRs of 4.6 per cent, 88.1 per cent and 36.6 per cent, respectively, during FY23–FY25. Going ahead, the brokerage highlighted the company's capacity expansion plans, which include increasing washery capacity to 20.65 million tonnes per annum from the current 13.65 MTPA through new washeries, along with the renovation of the Moonidih washery. The Moonidih unit's capacity is expected to double to 1.6 MTPA from 0.8 MTPA. At the upper price band of ₹23, SBI Securities said the issue is valued at a post-issue EV/EBITDA multiple of 6.4 times and recommended subscribing at the cut-off price, factoring in the growth outlook.
Deven Choksey Research also remains positive on the issue, even as it flagged operational challenges such as high ash content in coal and reliance on contractors. The brokerage believes these risks are partly offset by the government's strong push towards coal self-sufficiency, which provides a supportive backdrop for the business. It noted that revenue, EBITDA and PAT CAGRs stood at 4.6 per cent, 88.1 per cent and 36.6 per cent, respectively, over FY23–FY25. At the upper price band, Deven Choksey Research values the company at a post-issue EV/EBITDA multiple of 5.5 times, which it considers attractive given the company's scale and future prospects, and has recommended a subscribe rating.
Anand Rathi Research, meanwhile, said Bharat Coking Coal commands a strong position in its segment and is valued at 8.64 times its FY25 earnings at the upper end of the price band. According to the brokerage, the valuation reasonably reflects the company's consistent operating track record and healthy financial metrics, prompting it to recommend the IPO for potential listing gains.
Bharat Coking Coal IPO: More Details
According to the red herring prospectus (RHP), the maiden public issue is entirely an offer for sale (OFS) of 46.57 crore equity shares by Coal India.
The listing of BCCL is part of the government's broader divestment push in the coal sector, aimed at unlocking value in Coal India's subsidiaries and enhancing transparency through market discipline.
In its prospectus, the company stated that the IPO will help achieve the benefits of listing.
BCCL will make its stock market debut on January 16. The company said that half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
Last year, Central Mine Planning and Design Institute Ltd (CMPDIL), another wholly-owned arm of Coal India, had also filed its draft papers with Sebi for an IPO via the OFS route.
While BCCL is a coal-producing entity, CMPDIL serves as Coal India's technical and planning arm.
Bharat Coking Coal was the largest coking coal producer in India in fiscal 2025, according to a Crisil report. It produces various grades of coking coal, non-coking coal and washed coals for applications primarily in the steel and power industries.
The company was incorporated in 1972 to mine and supply coking coal concentrated in mines located at Jharia, Jharkhand and Raniganj, West Bengal coalfields.
The public sector firm has expanded operations significantly over the years, with coal production increasing from 30.51 million tonnes in fiscal 2022 to 40.50 million tonnes in fiscal 2025, which is an increase of 33 per cent. Its coal production stood at 15.75 million tonnes in the six months ended September 30, 2025, as compared to 19.09 million tonnes in the year-ago period.
The company operates a network of 34 operational mines, including 4 underground mines, 26 opencast mines, and 4 mixed mines as of September 30, 2025.
On the financial front, Bharat Coking Coal's revenues from operations stood at Rs 13,802 crore and profit of Rs 1,204 crore in FY25.
BCCL's issue comes against the backdrop of a blockbuster year for the primary market.
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In 2025, companies raised a record nearly Rs 1.76 lakh crore through IPOs, buoyed by strong domestic liquidity, resilient investor sentiment and a supportive macroeconomic environment. This surpassed the Rs 1.6 lakh crore mobilised by 90 firms in 2024 and the Rs 49,436 crore raised by 57 companies in 2023.
Bharat Coking Coal Ltd (BCCL) on Thursday said it has mobilised over Rs 273 crore from anchor investors, a day before the opening of its initial public offering (IPO). Major anchor investors include Life Insurance Corporation of India, Bandhan Mutual Fund, Nippon India Mutual Fund and UTI Mutual Fund, according to a circular uploaded on the BSE's website.
Source: News18
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