⁠Bharat Coking Coal IPO GMP Today: Here’s What Grey Market Signals Ahead Of Jan. 9 Opening

The initial public offering (IPO) of Bharat Coking Coal Ltd. will open for subscription on Friday, Jan. 9. The bidding window for the mainboard issue will close on Tuesday, Jan. 13. Incorporated in 1972, Bharat Coking Coal Ltd. (BCCL) is a wholly owned subsidiary of Coal India Ltd. The company is engaged in the production of coking coal, non-coking coal and washed coal.

With the IPO set to open this week, investors are closely tracking key aspects of the mainboard issue, including the grey market premium (GMP).

According to InvestorGain, the latest grey market premium (GMP) for the Bharat Coking Coal IPO stood at Rs 16.25 per share as of 9:00 a.m. on Jan. 5. With an upper price band of Rs 23, the latest GMP reflects an estimated listing price of Rs 39.25. The GMP indicates an expected listing gain of 70.65% per share over the upper limit of the issue price.

Note: GMP does not represent official data and is based on speculation.

The Bharat Coking Coal IPO is a book-built issue of Rs 1,071.11 crore. The IPO comprises entirely an offer-for-sale (OFS) of 46.57 crore shares, without any fresh issuance of shares.

The price band for the Bharat Coking Coal IPO has been set between Rs 21 and Rs 23 per share. The lot size for an application is 600 shares. The retail investors are required to apply for at least a single lot size, amounting to a minimum investment of Rs 13,800 per application, based on the upper end of the price band.

For small non-institutional investors (NIIs), the minimum investment is 15 lots, or 9,000 shares, amounting to Rs 2,07,000, while big NIIs must apply for at least 73 lots, or 43,800 shares, translating to an investment of Rs 10,07,400.

The allotment of shares is expected to be finalised on Wednesday, Jan. 14. Refunds and credit of shares to investors’ Demat accounts are likely to be completed by Thursday, Jan. 15. Shares of Bharat Coking Coal Ltd. are tentatively scheduled to be listed on the BSE and NSE on Friday, Jan. 16.

IDBI Capital Markets Services Ltd. is the book-running lead manager for the issue, while KFin Technologies Ltd. has been appointed as the registrar.

Bharat Coking Coal Ltd.’s primary product is coking coal, which is mainly supplied to the steel and power sectors. As of Sept. 30, 2025, the company operated 34 mines, comprising four underground mines, 26 opencast mines and four mixed mines. Its operations are spread across Jharia in Jharkhand and Raniganj in West Bengal. The company is engaged in both opencast and underground mining, supported by coal washeries.

As this is an entirely offer-for-sale issue, the company will not receive any proceeds from the IPO. All funds raised will go directly to the promoter selling shareholder, after deducting offer-related expenses and applicable taxes.

For the quarter ending Sept. 30, 2025, Bharat Coking Coal reported a total income of Rs 6,311.51 crore and a profit after tax of Rs 123.88 crore. Its Ebitda stood at Rs 459.93 crore in the period under review.

For the financial year ended March 31, 2025, the company’s total income stood at Rs 14,401.63 crore, with a profit after tax of Rs 1,240.19 crore and an Ebitda of Rs 2,356.06 crore. In the previous financial year ended March 31, 2024, the company’s total income stood at Rs 14,652.53 crore and net profit at Rs 1,564.46 crore. The company’s Ebitda stood at Rs 2,493.89 crore.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.