Bharat Coking Coal IPO Day 2 Update, GMP, Subscription, Price Band and Listing Outlook

The Bharat Coking Coal IPO has become one of the most talked about public issues in January 2026. Strong grey market premium, heavy retail interest and very high HNI demand have pushed this issue into the spotlight. As a Coal India backed company with a monopoly style position in domestic coking coal, investors are watching every update closely.

Bharat Coking Coal Limited is not a new name in the coal sector. It is the largest coking coal producer in India and a key supplier to the steel and power industry. With this IPO, Coal India is selling part of its holding to unlock value and increase public participation in one of its most profitable subsidiaries.

Key takeaways In Bharat Coking Coal IPO

• Bharat Coking Coal IPO is a 100 percent Offer for Sale by Coal India
• The issue size is about Rs 1,071 crore
• Price band is fixed at Rs 21 to Rs 23 per share
• Minimum retail application is 600 shares costing Rs 13,800 at upper band
• Day 2 subscription crossed 33 times overall
• GMP is around Rs 10 to Rs 11 indicating listing near Rs 33 to Rs 34
• Listing is expected on January 16, 2026

Bharat Coking Coal IPO basic details

The Bharat Coking Coal IPO opened for subscription on January 9, 2026 and will close on January 13, 2026. It is a full Offer for Sale where Coal India is selling 46.57 crore equity shares. The company itself will not receive any money from this issue.

The price band has been fixed at Rs 21 to Rs 23 per share. Retail investors must apply for at least one lot of 600 shares. At the upper price band, this comes to Rs 13,800 which makes it a low ticket IPO compared to many recent PSU issues.

The basis of allotment is expected to be finalised on January 14. Shares will be credited on January 15. The stock is scheduled to list on BSE and NSE on January 16.

Bharat Coking Coal GMP today and grey market trend

Grey Market Premium has remained strong since the IPO opened. Early GMP was in the range of Rs 9 to Rs 11. On January 12, it was reported around Rs 10.6 to Rs 10.85.

This puts the expected listing price near Rs 33 to Rs 34 when added to the upper issue price of Rs 23. That means a possible listing gain of around 45 percent to 48 percent.

Here is how the current GMP based listing looks.

Issue Price	GMP	Estimated Listing Price	Listing Gain
Rs 23	Rs 10.6 to Rs 10.85	Rs 33.6 to Rs 33.85	46 to 47 percent

Grey market prices show unofficial demand but the consistent premium reflects strong trader and retail interest in this IPO.

Also Read: Amagi Media Labs IPO GMP Today: Amagi IPO GMP Hits 10%₹398 Listing Price?

Bharat Coking Coal IPO subscription status Day 2

The IPO saw heavy demand from the first day. On Day 1, it was subscribed about 8 times. On Day 2, the demand increased sharply driven mainly by retail and HNI investors.

By the end of Day 2, the overall subscription was around 33 to 34 times. Some mid day numbers were lower but the final trend showed strong buying.

Here is the latest Day 2 subscription data.

Category	Subscription
QIB	1.44 times
NII or HNI	96.36 times
Retail	26.94 times
Employee	2.62 times
Shareholder	44.03 times
Total	33.67 times

The HNI category has shown extreme demand close to 100 times. Retail participation has also been very strong above 25 times. Shareholder quota for Coal India investors is also heavily oversubscribed.

Why Bharat Coking Coal Is Getting So Much Interest?

Bharat Coking Coal is not a small coal company. It is India’s largest producer of coking coal with a market share of 58.5 percent in FY25. Coking coal is a critical raw material for steel making. India plans to increase its steel production capacity to about 300 million tonnes by FY2031. This creates a strong long term demand for domestic coking coal.

The company operates 34 mines across Jharia and Raniganj coalfields. It holds nearly 7,910 million tonnes of geological coal reserves. This gives it a long operating life and strong supply security.

BCCL also benefits from its parent Coal India. Coal India is the world’s largest coal producer with about 74 percent share of India’s coal output. This gives BCCL access to capital, technology, skilled workforce and policy support.

Financial Performance & Business Strength

Bharat Coking Coal has shown strong financial improvement in the last few years. From FY23 to FY25, revenue increased from Rs 12,624 crore to Rs 13,803 crore. EBITDA jumped from Rs 497 crore to Rs 1,757 crore. PAT rose to Rs 1,240 crore with a CAGR of 36.6 percent.

The company has zero debt and a strong balance sheet. Return ratios peaked in FY24 and remained healthy in FY25. This financial stability adds to investor confidence.

In the first half of FY26, profits dipped due to heavy rains and higher costs. This has created some short term caution but does not change the long term business position.

Expansion plans and future outlook

BCCL plans to expand its washery capacity from 13.65 MTPA to 20.65 MTPA. This will improve coal quality and recovery. The Moonidih washery will double its capacity from 0.8 MTPA to 1.6 MTPA.

The company is also working on reviving old underground mines and monetising idle assets using modern mining technology. These steps are expected to support production growth towards 56 million tonnes by 2030.

Demand for coking coal is expected to grow from about 67 million tonnes in FY25 to around 138 million tonnes by FY35. Domestic production remains much lower which keeps import dependence high. BCCL stands to benefit from this gap.

Risks investors should know

Despite strong demand, there are risks. Around 84 percent of coal extraction is done by contractors. This creates cost and execution risk. The top 10 customers contribute about 84 to 89 percent of revenue which makes the company dependent on a few large PSU buyers.

Coking coal is a cyclical commodity. Prices depend on steel demand and global markets. Import competition and regulatory changes can also impact margins. ESG and climate policies may increase compliance costs over time.

The IPO is also a pure OFS. This means no fresh capital is coming into the company. Some investors prefer issues that bring new funds for growth.

Should you apply for Bharat Coking Coal IPO

Based on GMP, subscription and valuation, the IPO is clearly being treated as a listing gain opportunity. Brokerages have given subscribe ratings mainly for short term gains.

At the upper band of Rs 23, the stock is valued around 8.6 times FY25 earnings and 5.5 times EV EBITDA. These numbers look reasonable for a dominant PSU in a high demand sector.

For short term investors, the strong GMP and heavy oversubscription point to a high chance of listing gains. For long term investors, the company offers scale and reserves but the business remains cyclical and exposed to commodity swings.

Tags: bharat coking coal ipo, bccl ipo gmp, bharat coal ipo, grey market premium, coal india ipo, ipo gmp live

About Author