CHENNAI: India’s largest coking coal producer Bharat Coking Coal Ltd drew strong investor interest on Friday as its initial public offering was oversubscribed on the very first day of bidding, marking a confident start to the country’s mainboard IPO calendar for 2026.
The public issue, the first mainboard listing of the year, also represents the first-ever flotation by a company in India’s coking coal mining segment, a sector that sits at the heart of the country’s steel and infrastructure industries. The brisk response signalled solid appetite for resource-linked assets, especially those tied to domestic supply chains that are seen as critical to India’s industrial expansion.
Market participants said demand was driven by a mix of institutional and retail investors, encouraged by the company’s dominant position in coking coal production and its role in reducing India’s dependence on imports. Coking coal is a key raw material for steelmaking, and India has long relied on overseas suppliers despite being one of the world’s largest steel producers.
The strong opening day response also reflects a broader revival in primary market sentiment after a cautious end to 2025, when global volatility and high interest rates dampened new listings. The early oversubscription suggests investors are willing to commit fresh capital to companies linked to core economic sectors, especially those benefiting from government-led infrastructure and manufacturing drives.
The company is expected to use the IPO proceeds to expand mining capacity, improve logistics and fund new projects aimed at boosting domestic coking coal output. Analysts say this could help stabilise input costs for Indian steelmakers over the medium term, while also strengthening the country’s energy and raw materials security.
With the book already fully covered on day one, attention now turns to how much the issue will be oversubscribed by the close of bidding, a key indicator of pricing power and listing-day performance. If momentum holds, the offering could set a positive tone for the rest of India’s IPO pipeline in 2026.