Mumbai, January 9, 2026: The initial public offering of Bharat Coking Coal Limited achieved full subscription within hours of opening on Friday, reflecting strong investor appetite for the Government of India owned coal producer. As of 10:39 AM IST, the IPO was subscribed 1.46 times, with bids for 50.76 crore equity shares against the issue size of 34.69 crore shares.
The early oversubscription was led by robust participation from retail investors and non institutional bidders, while institutional demand is expected to build closer to the issue closing.
Strong Early Demand Across Key Categories
Retail Individual Investors showed healthy traction in the opening session, with the retail portion subscribed 1.99 times. Bids were received for 27.52 crore shares against an allocation of 13.85 crore shares, indicating broad based participation from small investors at the outset.Non Institutional Investors emerged as the strongest segment in early trade, subscribing their portion 2.46 times. Within this category, applications in the ₹2 lakh to ₹10 lakh range were subscribed 3.28 times, while bids above ₹10 lakh stood at 2.04 times, signalling confidence from high value investors.
The Shareholder reservation portion was subscribed 1.77 times, reflecting continued interest from eligible shareholders. The Employee quota remained under subscribed at 0.16 times in the early hours, which is typical during the initial phase of bidding.
The Qualified Institutional Buyer segment saw limited participation at 0.01 times in early trade, a trend commonly observed on Day 1 as large institutions usually place bids closer to the end of the issue period.
Overall Subscription Snapshot (as of 10:39 AM IST)
| Category | Shares Offered | Shares Bid For | Subscription |
|---|---|---|---|
| QIB | 7,91,69,000 | 6,24,600 | 0.01x |
| Non Institutional Investors | 5,93,76,750 | 14,57,79,600 | 2.46x |
| Retail Individual Investors | 13,85,45,750 | 27,52,29,000 | 1.99x |
| Employee Reserved | 2,32,85,000 | 36,57,600 | 0.16x |
| Shareholder Reserved | 4,65,70,000 | 8,24,04,000 | 1.77x |
| Total | 34,69,46,500 | 50,76,94,800 | 1.46x |
IPO Details and Timeline
The IPO is being offered in a price band of ₹21 to ₹23 per share, with a market lot of 600 shares, translating into a minimum investment of ₹13,800 at the upper band. The issue will remain open for subscription until January 13, 2026, with allotment expected on January 14, share credit and refunds on January 15, and listing scheduled for January 16, 2026.Anchor Backing Sets the Tone
Ahead of the public issue, Bharat Coking Coal raised ₹273.13 crore from anchor investors at ₹23 per share, providing a strong institutional backdrop to the IPO and contributing to positive early sentiment on the opening day.About Bharat Coking Coal Limited
Bharat Coking Coal Limited was incorporated in 1972 as a Government of India enterprise and operates as a subsidiary of Coal India Limited. The company is a key supplier of coking coal to India’s steel sector, with operations concentrated in the Jharia coalfields of Jharkhand and the Raniganj coalfields of West Bengal. It operates a mix of opencast and underground mines along with coal washeries and plays a strategic role in supporting the country’s core industrial ecosystem.With the IPO fully subscribed within hours of opening, market participants will now closely watch how institutional demand shapes up over the remaining days of the issue.
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