The Initial Public Offering of Bharat Coking Coal Limited was subscribed 8.09 times on the first day of bidding, demonstrating strong demand from retail and non-institutional investors along with shareholder reserved portion for this IPO.

The issue received bids of 2,80,61,36,400 equity shares against the offered 34,69,46,500 equity shares, according to data available on the stock exchanges.

Retail Portion and Non-institutional portion were subscribed 9.26 and 16.39 times respectively. Qualified Institutional Investors was subscribed 0.30 times. Shareholder reserved portion was subscribed 10.86 times. Employee Portion was subscribed 0.83 times.

The issue kicked off for subscription on Friday, January 9, 2026 and will close 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. 

Some of the marquee institutions that participated in the anchor include Life Insurance Corporation, Societe Generale, Copthall Mauritius Investment Ltd, Citrine Fund, M7 Global Fund PCC – ASAS Global Opportunities Fund, Maybank Securities and Rajasthan Global Securities Private Ltd.  

Amongst equity- oriented schemes, the company has allocated shares to UTI Dividend Yield Fund and other schemes of UTI, Nippon Life India Trustee – A/C Nippon India Small Cap Fund and Bandhan Small Cap Fund.

Leading brokerage firms like Canara Bank Securities and SBI Securities have given a “Subscribe” rating to the issue highlighting the company is the largest producer of coking coal in India, which has a key application in the steel sector.  The company has also planned to increase the capacity of washeries by 7 million tonnes per annum.

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.