Bharat Coking Coal IPO: Final day to bid! Issue subscribed over 140x so far, should you apply?

BCCL IPO: The initial public offering (IPO) of Coal India's subsidiary, Bharat Coking Coal Ltd, entered its final day of public bidding on Tuesday, January 13, 2025, with the issue subscribed 140.55 times the public offer so far, according to the provisional exchange data. The issue is entirely an offer-for-sale (OFS) of shares with no fresh issue component.

BCCL IPO subscription status

As of 3:30 pm, investors have bid for around 4,868 crore shares against the total shares on offer, including 2,308 crore, 1,508 crore, and 646 crore shares from institutional buyers, investors and the retail category, respectively.

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Specifically, QIB, NII and RII quotas have booked 291.62, 253.97 and 46.63 times the net offer, respectively. The bidding is still underway, and the final subscription figures will be available around 7 pm.

BCCL IPO details

Bharat Coking Coal's maiden public offer is a book-building issue of Rs 1,071 crore, consisting entirely of an offer-for-sale (OFS) of 46.57 crore shares.

According to the company's RHP, IDBI Capital Markets Services Ltd and ICICI Securities Ltd are the book-running lead managers, and Kfin Technologies Ltd is the registrar of the issue.

The IPO has reserved 50 per cent, 15 per cent and 35 per cent of the net offer for the QIB, NII and retail investor categories, respectively.

BCCL IPO price band

The Bharat Coking Coal IPO has the price band fixed at Rs 21 to Rs 23 per equity share, giving the company a market valuation of around Rs 10,711 crore.

What is minimum investment for retail category to apply in BCCL IPO?

The minimum investment required for investors in the retail category is Rs 13,800 (based on the price band's upper limit), which is equal to a lot size of 600 shares.

The company said it has raised Rs 273.1 crore from anchor investors ahead of the issue. BCCL allotted 11,87,53,500 equity shares to anchor investors at Rs 23 per share, as per the upper end of the price band.

BCCL IPO allotment date and listing timeline

The basis of allotment of the IPO shares is expected to be finalised on January 14, 2026, while the stock is likely to list on the BSE, NSE on January 16, 2026.

What's in it for Coal India investors?

The investors who own shares of Coal India Ltd—the parent company—can apply under the shareholder quota for its subsidiary company, Bharat Coking Coal Ltd, as well as under the retail category to boost their allotment chances.

The shareholder quota in an initial public offering (IPO) is a portion of shares that is reserved for current owners of a particular company, typically for the company that is going to be listed or for the parent company that is promoting the IPO.

Should apply?

Earlier, sharing his key insights on the Bharat Coking Coal IPO, Zee Business Managing Editor Anil Singhvi suggested, “For good listing gains, investors should consider investing in the Bharat Coking Coal IPO as valuations are attractive."

About Bharat Coking Coal Limited

BCCL is India’s largest producer of coking coal and accounted for 58.5 per cent of the total domestic coking coal production in FY25. The company holds estimated coking coal reserves of 7.91 billion tonnes, representing about 21.5 per cent of the country’s total coking coal resources.

It operates 34 mines across Jharkhand and West Bengal, including underground, opencast and mixed mines, spread over a leasehold area of 288.3 square kilometres.

Financially, Bharat Coking Coal reported revenue of Rs 13,802 crore and profit of Rs 1,204 crore in FY25. Coal production rose from 30.51 million tonnes in FY22 to 40.50 million tonnes in FY25.