The initial public offering (IPO) of Bharat Coking Coal Limited was subscribed 8.09 times on the first day of bidding on Friday, January 9, 2026, driven by strong demand from retail investors, non-institutional investors and existing shareholders.
The issue received bids for 2,80,61,36,400 equity shares against an offer size of 34,69,46,500 shares, according to data available on the stock exchanges.
The retail investors’ portion was subscribed 9.26 times, while the non-institutional investors’ category saw robust demand with a subscription of 16.39 times. The shareholder-reserved portion was booked 10.86 times, while the employee segment was subscribed 0.83 times. The qualified institutional buyers (QIB) category was subscribed 0.30 times on the first day.
The IPO opened for subscription on Friday and will close on January 13. Ahead of the issue opening, the company raised ₹273.1 crore from anchor investors.
At the upper end of the price band, the issue is valued at around nine times its price-to-earnings ratio and about two times its price-to-book value, as per the offer documents. The IPO is an offer for sale by Coal India Limited and is expected to raise ₹1,071 crore.
Bharat Coking Coal Limited is the country’s largest producer of coking coal, accounting for nearly 58.5 per cent of domestic coking coal output in FY25. It is a wholly owned subsidiary of Coal India Limited and holds estimated coal reserves of around 7,910 million tonnes.