Bharat Coking Coal IPO Ends Day 1 at 8.09x Subscription; LIC Anchors Issue With ₹78 Crore, GMP at ₹9.5

Mumbai, January 9, 2026: The initial public offering of Bharat Coking Coal Limited closed the first day of bidding on a strong note, with the issue subscribed 8.09 times as of 5:00 PM IST, according to cumulative data from BSE and NSE. The IPO received bids for 280.61 crore equity shares against the issue size of 34.69 crore shares, reflecting broad-based participation across investor categories.

The public issue opened for subscription today and will remain open until January 13, 2026.

LIC Anchor Investment​

Life Insurance Corporation of India has emerged as the single largest anchor investor in the IPO, investing ₹78.00 crore through the allotment of 3,39,13,200 equity shares at the upper end of the price band of ₹23 per share.

The anchor allocation was finalised on January 8, 2026, a day ahead of the IPO opening. LIC’s allocation represents 28.56 percent of the total anchor portion of the issue.

Subscription Status at Close of Day 1 (5:00 PM IST)​

Demand on Day 1 was led by strong participation from retail investors, non institutional investors, and eligible shareholders, while institutional bids also picked up gradually through the session.

• Retail Individual Investors (RII): Subscribed 9.26 times
• Non Institutional Investors (NII): Subscribed 16.39 times
  
  • Above ₹10 lakh: 15.21 times
  • ₹2 lakh to ₹10 lakh: 18.77 times
• Shareholder Reservation Portion: Subscribed 10.86 times
• Employee Reserved Category: Subscribed 0.83 times
• Qualified Institutional Buyers (QIBs): Subscribed 0.30 times

Overall, bids were received for 280.61 crore shares, translating into an 8.09x subscription at the end of Day 1.

Grey Market Premium (GMP) Update​

In the unofficial grey market, the grey market premium (GMP) for the Bharat Coking Coal IPO was reported at ₹9.5 per share on January 9. Based on the upper IPO price of ₹23, the GMP indicates an implied grey market price of around ₹32.5 per share.

GMP levels earlier in the week were reported in the range of ₹11 to ₹13, before moderating closer to the IPO opening. Grey market trends are informal indicators and do not form part of the official price discovery mechanism.

Price Band-wise Demand (BSE–NSE)​

Demand remained evenly spread across the price band, with higher bids recorded near the upper end.

• ₹21: 280.86 crore shares
• ₹22: 280.33 crore shares
• ₹23: 280.03 crore shares
• Cut-off bids: 148.85 crore shares

IPO Timeline​

• Issue Opens: January 9, 2026
• Issue Closes: January 13, 2026
• Allotment: January 14, 2026
• Share Credit and Refunds: January 15, 2026
• Listing Date: 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 critical role in supplying coal to India’s steel and core industrial sectors.

Disclaimer​

The information provided in this article is for news and informational purposes only. Subscription figures, bid data, and anchor allocation details are based on publicly available exchange disclosures as of the time mentioned and are subject to change.

Any reference to grey market premium (GMP) is based on informal, unregulated market information and is not part of the official stock exchange mechanism. Grey market transactions are illegal and not governed by market regulators. The publisher does not participate in, facilitate, or recommend grey market trading.

This content does not constitute investment advice or a recommendation to buy, sell, or hold any securities. Investors should read the offer documents carefully and consult their financial advisors before making investment decisions.