The initial public offering of Bharat Coking Coal (BCCL) was fully subscribed within minutes of opening for bidding on Friday, January 9, reflecting strong investor interest in the state-run coking coal producer. The issue, which opened today, will remain available for subscription until Tuesday, January 13.
Bharat Coking Coal, a wholly owned subsidiary of Coal India, has fixed the IPO price band at Rs 21 to Rs 23 per share. The public issue is entirely an offer for sale (OFS) of 46.57 crore equity shares, aggregating to Rs 1,071.11 crore at the upper end of the price band. There is no fresh issue component, which means the company will not receive any proceeds from the IPO. The entire proceeds will go to the promoter, Coal India, which is offloading part of its stake through the offer.
As per consolidated data available on the NSE till 10:29 am on Day 1, the issue was subscribed 1.04 times, with bids received for 35.94 crore shares against 34.69 crore shares on offer. The non-institutional investors (NII) segment saw strong demand and was subscribed 1.88 times, while the retail investors’ portion was booked 1.37 times. The quota reserved for qualified institutional buyers (QIBs) was also witnessing steady participation early in the session.
The IPO lot size has been fixed at 600 shares, and investors can apply in multiples thereafter. Of the net offer, 50% has been reserved for QIBs, 35% for retail investors, and 15% for NIIs, in line with regulatory norms.
Bharat Coking Coal is India’s largest producer of coking coal, a key raw material used in steelmaking. The rapid subscription on the opening day highlights investor appetite for PSU listings, particularly those linked to the core commodities and infrastructure ecosystem.