NEW DELHI: The maiden mainboard initial public offering (IPO) of calendar year 2026 has received an overwhelming response from investors. The IPO of Bharat Coking Coal Limited (BCCL), a subsidiary of state-owned Coal India, was booked nearly 147 times on Tuesday, the final day of bidding.
The qualified institutional buyers (QIB) led the bidding round with their quota booked 310.81 times. The non-institutional investor (NII) quota received 258.02 times the bids, and the retail portion was subscribed 49.25 times.
Going by the grey market trend, the IPO is expected to have a strong debut on the stock exchange. According to data from investorgain, BCCL IPO’s grey market premium (GMP) was Rs 10 on Tuesday. This signals a premium of more than 43% over the issue price of Rs 23 per share.
BCCL’s Rs 1,071-crore IPO is the first mainboard issue of 2026. The price band for the IPO has been fixed at Rs 21-23 per share, and at the higher end, the company is valued at over Rs 10,700 crore.
According to the red herring prospectus (RHP), the public issue is entirely an offer for sale (OFS) of 46.57 crore equity shares by Coal India.
The listing of BCCL is part of the government's broader divestment push in the coal sector, aimed at unlocking value in Coal India's subsidiaries and enhancing transparency through market discipline. The company was incorporated in 1972 to mine and supply coking coal concentrated in mines at Jharia, Jharkhand, and Raniganj, West Bengal, coalfields.