Bharat Coking Coal IPO: GMP Indicates Nearly 50% Listing Gains Despite Marginal Dip

The grey market premium for Bharat Coking Coal Ltd.'s initial public offering, a subsidiary of Coal India, has softened slightly but still signals robust listing gains ahead of its launch later this week.

According to market observers, Bharat Coking Coal shares were trading at a premium of up to 47.83% in the unofficial market on Tuesday. Data from Investorgain reflected a GMP of Rs 11 per share, suggesting potential listing gains of around 54.78%, while IPO Watch also reported similar premiums.

On Monday, the GMP had surged to nearly 70% after the company announced its price band at Rs 21–Rs 23 per share for the Rs 1,071-crore IPO. At the upper end of the band, the company's valuation exceeds Rs 10,700 crore.

The IPO, the first public issue of 2026, will open for subscription on January 9 and close on January 13. Anchor investor bidding is scheduled for January 8, as per company details.

Bharat Coking Coal IPO Details

As outlined in the red herring prospectus, the entire issue comprises an offer for sale of 46.57 crore equity shares by Coal India, amounting to Rs 1,071.11 crore at the upper price band.

Of the total shares, 35% will be reserved for retail investors. Additionally, 10% of the issue is earmarked for existing shareholders of Coal India. Investors holding Coal India shares on or before January 1, 2026, will qualify for this quota.

The share allotment for Bharat Coking Coal's IPO is expected on January 14, with listing scheduled for January 16.

Founded in 1972, BCCL is India's largest producer of coking coal and among the biggest holders of coking coal reserves in the country, with estimated reserves of around 7,910 million tonnes as of April 1, 2024. The company is a wholly owned subsidiary of Coal India and was granted ‘Mini Ratna' status in 2014.

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