Shares of Bharat Coking Coal Ltd. debuted on the BSE at a 96.57% premium at Rs 45.21 apiece, and on the National Stock Exchange at Rs 45 per share, marking a 95.65% premium to the IPO price of Rs 23.
The public issue closed with a final subscription of 145 times on the third day of bidding, led by demand from institutional buyers. The first IPO of 2026 was fully subscribed on the launch day. The issue, which is also the first main-board IPO of 2026, witnessed record-breaking demand across investor categories.
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 book running lead managers to the IPO are IDBI Capital Markets & Securities Ltd. and ICICI Securities Ltd.
BCCL posted a net profit of Rs 1,240 crore for the financial year ended March 31, 2025, compared with Rs 1,564 crore in FY24 and Rs 665 crore in FY23. For the first half of FY26, profit after tax stood at Rs 124 crore, sharply lower than Rs 749 crore reported in the corresponding period of the previous year.
The company's revenue from operations in FY25 was Rs 13,803 crore, against Rs 14,246 crore in FY24 and Rs 12,624 crore in FY23. For the first half of FY26, revenue stood at Rs 5,659 crore, compared with Rs 6,846 crore in the corresponding period last fiscal.
BCCL has steadily increased its production capacity through the strategic deployment of heavy earth-moving machinery and registered a record coking coal output of 39.11 million tonnes in FY24. The company has maintained a compound annual growth rate of 5.80% in coking coal production from FY23 to FY25.
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