Bharat Coking Coal IPO Day 2: Bidding Resumes Today After Strong Day 1; GMP Steady at ₹10.6

Mumbai, January 12, 2026: Subscription for the initial public offering of Bharat Coking Coal Limited resumes today as markets reopen after the weekend break. The IPO had closed Day 1 (Friday, January 9) with robust demand across investor categories, ending the session at an overall subscription of 8.09 times.

With no bidding activity on Saturday and Sunday due to market holidays, today marks the second active day of bidding, with investor focus now shifting to institutional participation and movement in cut-off bids.

Day 1 Subscription Recap​

At the end of the first day of bidding, the IPO received bids for 280.61 crore equity shares against an issue size of 34.69 crore shares.

• Retail Individual Investors (RII): Subscribed 9.26 times
• Non Institutional Investors (NII): Subscribed 16.39 times
• Shareholder Reservation Portion: Subscribed 10.86 times
• Employee Reserved Category: Subscribed 0.83 times
• Qualified Institutional Buyers (QIBs): Subscribed 0.30 times

Non institutional investors emerged as the most aggressive participants on Day 1, while QIB participation remained relatively subdued, a trend typically seen ahead of the final bidding day.

Anchor Allocation Led by LIC​

Ahead of the IPO opening, Life Insurance Corporation of India emerged as the single largest anchor investor. LIC invested ₹78.00 crore, acquiring 3,39,13,200 equity shares at ₹23 per share. The anchor allocation was finalised on January 8, accounting for 28.56 percent of the total anchor portion.

Grey Market Premium (GMP) Trend Ahead of Day 2​

In the unofficial grey market, the grey market premium (GMP) for the Bharat Coking Coal IPO was reported at ₹10.6 per share as of January 12, 2026, showing no change compared with the previous session. Grey market transactions are unofficial, unregulated, and not part of the stock exchange mechanism. The publisher does not participate in or endorse grey market trading. This content does not constitute investment advice or a recommendation to buy, sell, or hold any securities. Investors should carefully read the offer documents and consult their financial advisors before making investment decisions.

GMP Movement Snapshot​

• January 12, 2026: ₹10.6 (unchanged)
• January 11, 2026: ₹10.6 (up)
• January 10, 2026: ₹10.4 (up)
• January 9, 2026 (IPO opening day): ₹10.0
• January 8, 2026: ₹9.25

Based on the upper IPO price of ₹23, the current GMP implies an unofficial grey market indication of around ₹33.6 per share, translating into an estimated premium of about 46 percent over the issue price. Estimated profit per lot, based on current GMP levels, stands at approximately ₹6,360.

IPO Timeline​

• Issue Opens: January 9, 2026
• Day 2 Bidding: January 12, 2026
• Issue Closes: January 13, 2026
• Allotment: January 14, 2026
• Listing Date: January 16, 2026

About the Company​

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 located in the Jharia coalfields of Jharkhand and the Raniganj coalfields of West Bengal. The company plays a key role in supporting India’s steel and core industrial sectors.