Bharat Coking Coal IPO Listing Shifts to Jan 19 Amid Election Delays
Overview
Bharat Coking Coal Ltd.'s initial public offering listing is postponed to January 19 from January 16, directly due to the Brihanmumbai Municipal Corporation (BMC) election results. The IPO garnered exceptional demand, subscribed 146.8 times, and is poised for a strong market debut with a grey market premium indicating a 46% potential gain.
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IPO Listing Delayed Due to BMC Elections
The market debut of Bharat Coking Coal Ltd., a significant subsidiary of state-owned Coal India Ltd., has been rescheduled. The company will now list on January 19, 2026, a shift from its originally planned January 16 debut. This postponement is attributed to the Brihanmumbai Municipal Corporation (BMC) election results, which are slated for announcement on January 16.
Record Subscription Levels
The ₹1,071 crore Bharat Coking Coal IPO closed on January 13, attracting immense investor interest. It narrowly missed breaking the record for the most subscribed IPO by a public sector company. Final data revealed a subscription rate of 146.8 times. Investors bid for over 5,093 crore shares against the 34.69 crore shares offered.
Institutional investors led the charge, subscribing their portion a staggering 310.8 times. Retail investors showed robust enthusiasm, subscribing nearly 49 times their allocated quota. Even the employee and shareholder categories saw high demand, with subscriptions at 5 times and 87 times, respectively. Market observers noted this broad-based interest as a positive sign.
Strong Market Anticipation
Demand for Bharat Coking Coal's shares has fueled expectations of a powerful listing performance. The grey market premium (GMP) currently hovers around ₹10.6, suggesting a potential 46% increase over the issue price of ₹23. This indicates strong investor confidence in the company's valuation and future prospects.
The IPO structure was an offer-for-sale, where Coal India Ltd. divested 10% of its stake in Bharat Coking Coal. Post-listing, Coal India's shareholding will decrease to 90%, remaining comfortably above regulatory minimums. Bharat Coking Coal stands as India's foremost producer of coking coal, contributing approximately 58.5% to the nation's output in FY25. Its primary operational bases are the Jharia coalfield in Jharkhand and the Raniganj coalfield in West Bengal.
