Coal India Share Price Surges To Two-Month High — Here's Why

Shares of Coal India are in focus on the back of its arm Bharat Coking Coal Ltd (BCCL)'s IPO closing with a final subscription of 145 times on the third day of bidding on Tuesday. The issue, which is also the first main-board IPO of 2026, witnessed record-breaking demand across investor categories.

The stock was up close to 3% at Rs 439.90 apiece. The share price has risen 10.23% in the first 14 days of the year, and 19.11% in the past 12 months.

Of the 25 analysts, tracked by Bloomberg, who have coverage on this stock, 14 have a 'buy' call, six have a 'hold' rating, and five have a 'sell' stance on the stock, with a downside potential of 8.3% at a 12-month target price of Rs 404.30.

BCCL has created history in India’s primary markets, with its initial public offering attracting an unprecedented 90 lakh applications, the highest ever for a PSU IPO.

The BCCL IPO drew bids worth Rs 1.17 lakh crore, translating into an overall subscription of 146.87 times, making it the second-most subscribed PSU IPO by subscription multiple and the third-most bid-for PSU IPO by total capital committed.

Market participants noted that the issue witnessed one of the highest subscription levels seen in recent public offerings, underscoring strong confidence in the company and the broader PSU investment theme.

The Rs 1,300-crore issue was entirely an offer for sale of 46.57 crore equity shares by promoter Coal India Ltd. The price-band of the IPO was Rs 21-Rs 23.

The allotment of shares to IPO investors will be done tentatively on Jan. 14, and it will be credited to the demat account on Jan. 15. Bharat Coking Coal will list on the BSE and NSE on Jan. 16.

Demand for the BCCL IPO was driven primarily by qualified institutional buyers and high-net-worth individuals, both of whom showed extraordinary appetite for the issue. The QIB portion was subscribed a staggering 310.81 times, while the non-institutional investor category saw subscriptions of 258.16 times.