Mumbai, January 12, 2026: The initial public offering of Bharat Coking Coal Limited closed Day 2 of bidding on a sharply stronger note, with overall subscription climbing to 33.67 times by the end of trading on Monday. As of 5:00 PM IST, the IPO received bids for 1,168.00 crore equity shares against the issue size of 34.69 crore shares, based on cumulative data from BSE and NSE.
With no bidding activity over the weekend, Day 2 witnessed an accelerated inflow of applications across all investor categories, including a visible pickup in institutional participation.
Day 2 Subscription Status (as of 5:00 PM IST)
Demand remained broad-based, led by heavy participation from non institutional investors and retail bidders.- Non Institutional Investors (NII): Subscribed 96.36 times
- Bids above ₹10 lakh: 92.98 times
- Bids between ₹2 lakh and ₹10 lakh: 103.13 times
- Retail Individual Investors (RII): Subscribed 26.94 times
- Shareholder Reservation Portion: Subscribed 44.03 times
- Employee Reserved Category: Subscribed 2.62 times
- Qualified Institutional Buyers (QIBs): Subscribed 1.44 times
Category-wise Subscription Snapshot
| Category | Shares Offered | Shares Bid For | Subscription |
|---|---|---|---|
| QIB | 7,91,69,000 | 11,40,47,400 | 1.44x |
| NII | 5,93,76,750 | 5,72,14,71,600 | 96.36x |
| Retail | 13,85,45,750 | 3,73,28,37,000 | 26.94x |
| Employee | 2,32,85,000 | 6,10,15,200 | 2.62x |
| Shareholder | 4,65,70,000 | 2,05,06,59,000 | 44.03x |
| Total | 34,69,46,500 | 11,68,00,30,200 | 33.67x |
Price Band-wise Demand (BSE–NSE)
Bidding remained evenly distributed across the price band, with higher concentration near the cut-off.- ₹21: 1,168.90 crore shares
- ₹22: 1,167.68 crore shares
- ₹23: 1,166.95 crore shares
- Cut-off bids: 471.80 crore shares
LIC Anchor Investment
Ahead of the IPO opening, Life Insurance Corporation of India emerged as the single largest anchor investor, 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, and accounts for 28.56 percent of the total anchor portion of the issue.
Grey Market Premium (GMP) Update
In the unofficial grey market, the grey market premium (GMP) for the Bharat Coking Coal IPO was reported at ₹10.85 per share as of Monday evening, January 12. At the upper IPO price of ₹23, this indicates an informal premium of approximately 47 percent, translating into an estimated grey market price of around ₹33.85 per share.Day-wise GMP data shows a gradual firming trend through Day 2, even as subscription levels scaled new highs.
Note: Grey market premium (GMP) figures are informational indicators based on informal, off-market activity. The publisher does not participate in or recommend grey market or sub-to-sub (sub2) trading. GMP is unofficial, unregulated, and subject to rapid change.
IPO Timeline
- Issue Opens: January 9, 2026
- Day 2 Close: 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 concentrated in the Jharia coalfields of Jharkhand and the Raniganj coalfields of West Bengal. It plays a key role in supplying coal 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.