Bharat Coking Coal Ltd (BCCL) made a stellar debut on Dalal Street, nearly doubling investor wealth on listing day. On the BSE, the shares listed at Rs 45.21, a premium of 96.57% over the issue price of Rs 23 apiece, valuing the company at Rs 21,054.30. On the NSE, the stock debuted at Rs 45, showing a 95.65% listing gain.
BCCL’s debut was better than street expectations as the PSU stock was trading at a 60% premium in the grey market. It also defied weak sentiment in the broader equity market as benchmark indices -NSE Nifty and BSE Sensex- are down nearly 0.70% as of 10.30 am on Monday.
“The stellar listing was driven by strong fundamentals, BCCL’s strategic importance in India’s steel and metallurgical coal supply chain, and a positive outlook for the coal and core infrastructure sector. Strong IPO oversubscription across categories clearly translated into aggressive buying interest on debut,” said Shivani Nyati, Head of Wealth at Swastika Investmart.
She added, “Traders and short-term investors may consider book profits. Long-term investors may continue to hold the stock with a stop-loss of Rs 35, keeping a medium-to-long-term perspective.”
BCCL’s IPO, the mainboard issue of calendar year 2026 had received a strong response from investors. The IPO was booked nearly 147 times.
The qualified institutional buyers (QIBs) 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.
The price band for the IPO was fixed at Rs 21-23 per share, valuing the company at Rs 10,700 crore at the upper end of the price band.
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, a subsidiary of state-owned Coal India, was incorporated in 1972 to mine and supply coking coal concentrated in mines at Jharia, Jharkhand and Raniganj, West Bengal, coalfields.