Bharat Coking Coal Limited's IPO receives record 90.31 lakh applications on the Final Day
BCCL overall subscribed 146.8o times
QIB 310.81 times, Non-Institutional investors – 258.02 times and retail - 49.25 times
IPO received a record 90.31 lakh applications
The issue generated a demand of close to Rs 1.17 lakh crore
The Initial Public Offering of Bharat Coking Coal Limited was subscribed a massive 146.80 times on the final day of bidding.
The issue received bids of 50,93,16,75,600 shares against the offered 34,69,46,500 equity shares, at a price band of Rs 21 to Rs 23 per share, according to the data available on the stock exchanges.
Retail Portion and Non-institutional portion were subscribed 49.25 and 258.02 times respectively. Qualified Institutional Investors was subscribed 310.81 times. Shareholder reserved portion was subscribed 87.20 times. Employee Portion was subscribed 5.17 times.
The issue received total applications of 90.31 lakh, according to www.chittorgarh.com.
Waaree Energies received 82.65 lakh applications in its IPO, and Tata Tech had 73.38 lakh applications, according to Basis of Allotment filed with the BSE.
The issue kicked off for subscription on Friday, January 9, 2026, and closed for subscription on Tuesday, January 13, 2026.
A day before the opening of the issue, Bharat Coking Coal Limited had raised Rs 273.1 crore from anchor investors.
And the parentage of Coal India, a thriving steel sector and strong fundamentals they remain positive on Bharat Coking Coal.
On the valuation front, at the upper price band, the issue is valued at a P/E of 9 times and 2 times price-to-book value, and there are no comparable Indian peers.
About the Company
The company is the largest coking coal producer in India in Fiscal 2025 in terms of coking coal production, which accounted for 58.50% of the domestic coking coal production in the financial year 2025 (source - CRISIL Report, Industry Overview of the RHP). Its primary product is coking coal, with an estimated reserve of approximately 7,910 million tonnes, as of April 1, 2024, making it one of the largest coking coal reserve holder in India (source - CRISIL Report, Industry Overview on page 200 of the RHP).
The company produces various grades of coking coal, non-coking coal and washed coals for applications primarily in the steel and power industries. It is a wholly-owned subsidiary of Coal India Limited (CIL) and was conferred with Mini Ratna status in 2014.
The table below shows subscription data for all the categories of investors:
Cummulative Demand Schedule
Bharat Coking Coal Limited
Sr.No.
Category
No.of shares offered / reserved
No. of shares bid for
No. of times of total meant for the category
1
Qualified Institutional Buyers (QIBs)
7,91,69,000
24,60,65,19,600
310.81
1(a)
Foreign Institutional Investors (FIIs)
-
7,43,58,59,400
-
1(b)
Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies)
-
10,09,91,44,800
-
1(c)
Mutual Funds
-
1,07,32,60,200
-
1(D)
Others
-
5,99,82,55,200
-
2
Non Institutional Investors(NIIS)
5,93,76,750
15,32,05,17,600
258.02
2.1
Non Institutional Investors(Bid amount of more than Ten Lakh Rupees)
3,95,84,500
10,91,12,11,200
275.64
2.1(a)
Corporates
-
14,70,35,400
-
2.1(b)
Individuals (Other than RIIs)
-
10,20,98,55,600
-
2.1(c)
Others
-
55,43,20,200
-
2.2
Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees)
1,97,92,250
4,40,93,06,400
222.78
2.2(a)
Corporates
-
1,24,50,600
-
2.2(b)
Individuals (Other than RIIs)
-
4,25,81,75,400
-
2.2(c)
Others
-
13,86,80,400
-
3
Retail Individual Investors (RIIs)
13,85,45,750
6,82,35,75,600
49.25
3(a)
Cut Off
-
5,73,92,12,400
-
3(b)
Price Bids
-
1,08,43,63,200
-
4
Employee Reserved
2,32,85,000
12,03,42,000
5.17
4(a)
Employee (Cut off)
-
9,55,20,000
-
4(b)
Employee (Price)
-
2,48,22,000
-
5
Reservation PortionShareholder
4,65,70,000
4,06,07,20,800
87.20
5(a)
RPS (Cut off)
-
3,01,11,14,400
-
5(b)
RPS (Price)
-
1,04,96,06,400
-
Total
34,69,46,500
50,93,16,75,600
146.80
Bharat Coking Coal Limited's IPO receives record 90.31 lakh applications on the Final Day
BCCL overall subscribed 146.8o times
QIB 310.81 times, Non-Institutional investors – 258.02 times and retail - 49.25 times
IPO received a record 90.31 lakh applications
The issue generated a demand of close to Rs 1.17 lakh crore
The Initial Public Offering of Bharat Coking Coal Limited was subscribed a massive 146.80 times on the final day of bidding.
The issue received bids of 50,93,16,75,600 shares against the offered 34,69,46,500 equity shares, at a price band of Rs 21 to Rs 23 per share, according to the data available on the stock exchanges.
Retail Portion and Non-institutional portion were subscribed 49.25 and 258.02 times respectively. Qualified Institutional Investors was subscribed 310.81 times. Shareholder reserved portion was subscribed 87.20 times. Employee Portion was subscribed 5.17 times.
The issue received total applications of 90.31 lakh, according to www.chittorgarh.com.
Waaree Energies received 82.65 lakh applications in its IPO, and Tata Tech had 73.38 lakh applications, according to Basis of Allotment filed with the BSE.
The issue kicked off for subscription on Friday, January 9, 2026, and closed for subscription on Tuesday, January 13, 2026.
A day before the opening of the issue, Bharat Coking Coal Limited had raised Rs 273.1 crore from anchor investors.
And the parentage of Coal India, a thriving steel sector and strong fundamentals they remain positive on Bharat Coking Coal.
On the valuation front, at the upper price band, the issue is valued at a P/E of 9 times and 2 times price-to-book value, and there are no comparable Indian peers.
About the Company
The company is the largest coking coal producer in India in Fiscal 2025 in terms of coking coal production, which accounted for 58.50% of the domestic coking coal production in the financial year 2025 (source - CRISIL Report, Industry Overview of the RHP). Its primary product is coking coal, with an estimated reserve of approximately 7,910 million tonnes, as of April 1, 2024, making it one of the largest coking coal reserve holder in India (source - CRISIL Report, Industry Overview on page 200 of the RHP).
The company produces various grades of coking coal, non-coking coal and washed coals for applications primarily in the steel and power industries. It is a wholly-owned subsidiary of Coal India Limited (CIL) and was conferred with Mini Ratna status in 2014.
The table below shows subscription data for all the categories of investors:
Cummulative Demand Schedule
Bharat Coking Coal Limited
Sr.No.
Category
No.of shares offered / reserved
No. of shares bid for
No. of times of total meant for the category
1
Qualified Institutional Buyers (QIBs)
7,91,69,000
24,60,65,19,600
310.81
1(a)
Foreign Institutional Investors (FIIs)
-
7,43,58,59,400
-
1(b)
Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies)
-
10,09,91,44,800
-
1(c)
Mutual Funds
-
1,07,32,60,200
-
1(D)
Others
-
5,99,82,55,200
-
2
Non Institutional Investors(NIIS)
5,93,76,750
15,32,05,17,600
258.02
2.1
Non Institutional Investors(Bid amount of more than Ten Lakh Rupees)
3,95,84,500
10,91,12,11,200
275.64
2.1(a)
Corporates
-
14,70,35,400
-
2.1(b)
Individuals (Other than RIIs)
-
10,20,98,55,600
-
2.1(c)
Others
-
55,43,20,200
-
2.2
Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees)
1,97,92,250
4,40,93,06,400
222.78
2.2(a)
Corporates
-
1,24,50,600
-
2.2(b)
Individuals (Other than RIIs)
-
4,25,81,75,400
-
2.2(c)
Others
-
13,86,80,400
-
3
Retail Individual Investors (RIIs)
13,85,45,750
6,82,35,75,600
49.25
3(a)
Cut Off
-
5,73,92,12,400
-
3(b)
Price Bids
-
1,08,43,63,200
-
4
Employee Reserved
2,32,85,000
12,03,42,000
5.17
4(a)
Employee (Cut off)
-
9,55,20,000
-
4(b)
Employee (Price)
-
2,48,22,000
-
5
Reservation PortionShareholder
4,65,70,000
4,06,07,20,800
87.20
5(a)
RPS (Cut off)
-
3,01,11,14,400
-
5(b)
RPS (Price)
-
1,04,96,06,400
-
Total
34,69,46,500
50,93,16,75,600
146.80
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