Bharat Coking Coal IPO Day 2: Subscription Crosses Over 22 Times, GMP Jumps 44%; Should You Apply?

The initial public offering of Bharat Coking Coal continued to draw overwhelming demand on the second day of bidding, reinforcing strong market appetite for the Coal India subsidiary. By January 12, the Rs 1,071-crore public issue had already been subscribed to more than 22 times, signalling high investor confidence ahead of its closing.

Data available showed bids for nearly 417.48 crore shares against an offer size of just 34.69 crore shares. This robust response places the IPO among the most keenly watched primary market offerings of the year so far.

Strong Subscription Across Investor Segments

The Bharat Coking Coal IPO was subscribed 22.39 times overall by 12:59 pm on January 12, 2026, the second day of bidding. Retail investors subscribed to their portion 20.08 times, while the QIB (excluding anchor investors) segment saw 0.46 times subscription. The Non-Institutional Investors (NII) category led the demand, with bids reaching 59.07 times the shares reserved for them.

Grey Market Signals Strong Listing Prospects

Investor optimism is also reflected in the grey market. Ahead of listing, Bharat Coking Coal’s unlisted shares were trading at a grey market premium (GMP) of Rs 10.3, last updated Jan 12th 2026 11:54 am, according to the grey market tracking website, Investorgain. With the price band of 23.00, Bharat Coking Coal IPO's estimated listing price is Rs 33.3 (cap price + today's GMP). The expected percentage gain/loss per share is 44.78 per cent.

Issue Details, Valuation And Timeline

The IPO is entirely an offer for sale of 46.57 crore equity shares by promoter Coal India, aimed at raising Rs 1,071.11 crore. The issue is open for subscription from January 9 to January 13, with a price band of Rs 21–23 per share. At the upper end, the Mini Ratna PSU is valued at over Rs 10,700 crore.

Investors are required to apply for a minimum of 600 shares, translating to an investment of Rs 12,600 at the top end of the band. Allotment is expected to be finalised on January 14, while listing on the BSE and NSE is scheduled for January 16.

What Brokerages Are Saying

Brokerage firm Anand Rathi has advised investors to ‘subscribe’ to the issue for potential listing gains, citing the company’s strong industry position and fair valuation at around 8.64x FY25 earnings. It added that the valuation already factors in the firm’s consistent performance and superior financial metrics.

Deven Choksey has also maintained a ‘Subscribe’ rating, recommending the IPO for long-term investors. The brokerage suggested targeting post-listing stability with potential gains of 1.5–2x, while highlighting the company’s defensive yield and growth opportunities linked to India’s domestic coal push.

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