Mumbai, January 13, 2026: The initial public offering of Bharat Coking Coal Limited closed for subscription today with an exceptionally strong response across investor categories. As of 5:03 PM IST, the IPO was subscribed 146.80 times, with bids received for 50,931.48 crore equity shares against the issue size of 34.69 crore shares, according to cumulative data from BSE and NSE.
The sharp jump in subscription on the final day was led by heavy institutional participation, particularly in the Qualified Institutional Buyer segment, alongside sustained demand from non-institutional and retail investors.
Final Subscription Status at Issue Close (5:03 PM IST)
- Qualified Institutional Buyers (QIBs): Subscribed 310.81 times, with bids for 24,606.52 crore shares, marking a significant surge on the closing day.
- Non Institutional Investors (NII): Subscribed 258.02 timesoverall.
- Bids above ₹10 lakh: 275.64 times
- Bids between ₹2 lakh and ₹10 lakh: 222.78 times
- Retail Individual Investors (RII): Subscribed 49.25 times.
- Shareholder Reservation Portion: Subscribed 87.20 times.
- Employee Reserved Category: Subscribed 5.17 times.
Category-wise Subscription Snapshot
| Category | Shares Offered | Shares Bid For | Subscription |
|---|---|---|---|
| QIB | 7,91,69,000 | 24,60,65,19,600 | 310.81x |
| NII | 5,93,76,750 | 15,32,04,72,600 | 258.02x |
| Retail | 13,85,45,750 | 6,82,34,59,200 | 49.25x |
| Employee | 2,32,85,000 | 12,03,41,400 | 5.17x |
| Shareholder | 4,65,70,000 | 4,06,06,90,200 | 87.20x |
| Total | 34,69,46,500 | 50,93,14,83,000 | 146.80x |
Price Band-wise Demand (BSE–NSE)
Bids were largely concentrated at the cut-off and upper end of the price band.- ₹21: 50,950.42 crore shares
- ₹22: 50,930.79 crore shares
- ₹23: 50,919.02 crore shares
- Cut-off bids: 8,845.73 crore shares
Anchor Allocation
Ahead of the IPO opening, Life Insurance Corporation of India emerged as the single largest anchor investor, investing ₹78.00 crore. LIC was allotted 3,39,13,200 equity shares at ₹23 per share under the anchor book finalised on January 8, 2026, accounting for 28.56 percent of the total anchor portion.Grey Market Premium (GMP) at Issue Close
In the unofficial grey market, the grey market premium (GMP) for the Bharat Coking Coal IPO stood at around ₹10.5 per share at the close of bidding on January 13. Based on the upper IPO price of ₹23, this indicates an informal implied price of approximately ₹33.5 per share, translating to an indicative premium of about 46 percent.Day-wise GMP data showed a marginal softening on the final day, even as subscription levels scaled sharply higher due to late institutional participation.
Note: Grey market premium (GMP) figures are shared for informational purposes only and reflect informal, off-market activity. The publisher does not participate in, facilitate, or recommend grey market or sub-to-sub (sub2) trading. GMP is unofficial, unregulated, and subject to change.
What Happens Next
With the subscription period now closed:- The basis of allotment is expected to be finalised shortly.
- Successful applicants will receive equity shares in their demat accounts, while refunds will be initiated for others.
- The equity shares are scheduled to be listed on January 16, 2026.
About Bharat Coking Coal Limited
Bharat Coking Coal Limited is a Government of India enterprise and a subsidiary of Coal India Limited. The company is engaged in the mining and supply of coking coal and non-coking coal, with operations primarily concentrated in the Jharia coalfields of Jharkhand and the Raniganj coalfields of West Bengal. It plays a strategic role in supplying raw material to India’s steel and core industrial sectors.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.