Bharat Coking Coal IPO GMP: Grey Market Premium Falls Sharply Ahead Of Jan. 9 Launch; Check Details

The initial public offering (IPO) of Bharat Coking Coal is scheduled to open on Friday, Jan. 9. Ahead of the launch of the IPO, the grey market premium (GMP) has shown a decline. The mainboard public issue will remain open for subscription till Jan. 13. Here’s a look at the latest GMP and other key details of the IPO.

According to InvestorGain, the grey market premium (GMP) for the Bharat Coking Coal IPO stood at Rs 11.5 per share at 9:30 a.m. on Jan. 7. Based on the upper price band of Rs 23, the IPO shares are estimated to be listed at around Rs 34.5. The latest GMP implies an expected listing gain of about 50% per share over the upper limit of the issue price.

Over the last four sessions, the grey market premium (GMP) for the Bharat Coking Coal IPO has shown a downward trend. On Jan. 4, the GMP stood at Rs 16.25, before easing to Rs 13.5 on Jan. 5. The GMP declined further to Rs 11.5 on Jan. 6.

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 is entirely an offer-for-sale (OFS) of 46.57 crore shares.

The IPO price band has been set between Rs 21 and Rs 23 per share. Retail investors can apply for a single lot size of a minimum 600 shares, which translates into an investment of Rs 13,800 at the upper end of the price band.

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

The share allotment is expected to be finalised on Jan. 14. Refunds and credit of shares to the demat accounts are likely to be completed on Jan. 15. The company’s shares are tentatively scheduled to be listed on the BSE and NSE on Jan. 16.

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

Bharat Coking Coal Ltd. (BCCL) was incorporated in 1972. It 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.

The company’s main product is coking coal, primarily supplied to the steel and power industries. As of Sept. 30, 2025, the company operated 34 mines, including four underground mines, 26 opencast mines, and four mixed mines. Its operations are located in Jharia, Jharkhand, and Raniganj, West Bengal.  

Since the IPO is purely an offer-for-sale, Bharat Coking Coal Ltd. will not receive any money from the issue. The entire proceeds of the offer will go to the promoter selling shareholder, with deductions for IPO-related expenses and taxes, which will also be the responsibility of the selling shareholder.

Financials

For the quarter ending Sept. 30, 2025, Bharat Coking Coal reported a total income of Rs 6,311.51 crore, with a profit after tax of Rs 123.88 crore and an Ebitda of Rs 459.93 crore.

For the financial year ending March 31, 2025, the company posted a total income of Rs 14,401.63 crore. Its profit after tax stood at Rs 1,240.19 crore and the Ebitda was Rs 2,356.06 crore.

In the previous financial year ending March 31, 2024, the company’s total income was Rs 14,652.53 crore. The profit after tax was Rs 1,564.46 crore, while the Ebitda reached 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.