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BCCL IPO Shakes the Market: 15x Subscribed in 2 Days

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BCCL 

“India’s coking coal giant sparks massive IPO frenzy in 2026.”

 

Bharat Coking Coal Limited (BCCL), a subsidiary of Coal India, has entered the stock market spotlight with its ₹1,071 crore IPO, launched on January 9, 2026. This is the first mainboard IPO of 2026, and it has already created strong buzz among investors.

The IPO is a 100% offer-for-sale (OFS), where Coal India is selling a 10% stake. The price band is fixed at ₹21–23 per share, and the issue will remain open till January 13, 2026.

📅 IPO Timeline at a Glance

  • Open: January 9, 2026

  • Close: January 13, 2026

  • Allotment: January 14, 2026

  • Shares Credit: January 15, 2026

  • Listing: January 16, 2026 (BSE & NSE)

Before opening to the public, BCCL raised ₹273 crore from anchor investors on January 8, showing early confidence.

📊 Subscription Status (Day 2 Update)

As of January 12 (around 11 AM), the IPO was subscribed 15.86 times overall.

  • Retail Investors: 15.60x

  • Non-Institutional Investors (NII): 38.94x

  • Qualified Institutional Buyers (QIB): 0.36x

The IPO was fully subscribed within just 30 minutes on Day 1, mainly driven by strong NII demand. Employees also get a ₹1 discount per share, adding extra attraction.

💰 Key Financial Highlights

BCCL is India’s largest coking coal producer, holding 58.5% domestic market share in FY25. The company operates 34 mines across Jharkhand and West Bengal, with total reserves of 7,910 million tonnes.

  • FY25 Revenue: ₹14,402 crore

  • FY25 PAT: ₹1,240 crore (down from ₹1,564 crore in FY24)

  • H1 FY26 Revenue: ₹6,312 crore

  • H1 FY26 PAT: ₹124 crore

At the upper price band, BCCL’s market cap stands near ₹10,711 crore, with a P/E ratio of 43x and RoNW of 20.83%.

📈 GMP & Expert Outlook

The grey market premium (GMP) is currently between ₹10.85–11.5, indicating a 47–50% potential listing gain. This suggests a possible listing price of ₹33.85–34.5, compared to the ₹23 upper band.

Brokerages like SBI Securities have recommended the IPO for listing gains, citing BCCL’s strategic coal reserves and washeries. However, investors should keep an eye on coal sector volatility and borrowings of ₹1,559 crore.

After the IPO, Coal India’s stake will reduce to 90%.

Disclaimer: Yeh views market experts ke hain and not of trueincome. Investment karne se pehle certified advisor se consult zaroor karein.

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BCCL IPO Opens 2026: Retail Investors Rush In as GMP Signals Big Listing Gains

by

BCCL

“India’s First IPO of 2026 Is Here — And Retail Investors Are Already Betting Big.”

Bharat Coking Coal Limited (BCCL), a wholly-owned subsidiary of Coal India, has officially launched its IPO today, January 9, 2026, making it the first mainboard IPO of the year. The issue has already caught strong attention from retail investors, signaling early market excitement.

The BCCL IPO aims to raise ₹1,071.11 crore through a complete Offer for Sale (OFS) of 46.57 crore equity shares by promoter Coal India. There is no fresh issue, meaning the company will not receive new funds from the IPO. Instead, Coal India is partially monetising its stake.

IPO Dates and Key Timelines

The IPO opened for subscription on January 9 and will close on January 13, 2026.

  • Allotment: January 14

  • Refunds: January 15

  • Listing on BSE & NSE: January 16

Before opening to the public, BCCL raised ₹273.1 crore from anchor investors, including LIC and Societe Generale, boosting confidence ahead of the issue.

Price Band and Retail Investment

The IPO price band is fixed at ₹21–₹23 per share.
The lot size is 600 shares, requiring a minimum retail investment of ₹13,800 at the upper price band.

The allocation structure includes:

  • 35% for retail investors

  • 50% for QIBs (including anchors)

  • 15% for NIIs

  • A special shareholder quota for eligible Coal India shareholders as of January 1, 2026

Subscription Status: Strong Retail Demand

On Day 1, the IPO was subscribed over 2.29–2.41 times overall.
Retail investors led the charge with 3.34 times subscription, while the shareholder category was subscribed 2.89 times.

QIB participation (excluding anchors) remained low initially at 0.01 times, which is common in PSU IPOs during early days. The issue was reported to be fully subscribed early, driven mainly by retail and NII demand.

Grey Market Premium (GMP) Signals Strong Listing

The latest GMP ranges between ₹9.4 and ₹16.25 as of January 9 morning. This suggests a 40–70% potential listing gain over the ₹23 upper band. Earlier, GMP stood at ₹11.5 on January 7, indicating sustained interest.

Brokerage Views and Future Outlook

Brokerages like SBI Securities and Canara Bank have recommended subscribing to the IPO. They highlight BCCL’s 80% share in India’s coking coal production and its strategic importance to the steel sector.

BCCL, a Mini Ratna PSU, targets ₹5,000 crore EBITDA and ₹2,900 crore profit by 2030. However, investors should be mindful of risks related to commodity price cycles and regulatory changes.

Interestingly, Coal India shares have already risen 12% in the past month, reflecting positive sentiment ahead of the IPO.

Disclaimer: Yeh views market experts ke hain and not of trueincome. Investment karne se pehle certified advisor se consult zaroor karein.

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