The initial public offering of Bharat Coking Coal Ltd (BCCL), a Coal India subsidiary, was subscribed 33.6 times on the second day of bidding on Monday, reflecting strong demand from non-institutional and retail investors, exchange data showed.The Rs 1,071-crore issue received bids for 11,65,79,29,200 shares against 34,69,46,500 shares on offer, according to data available with the NSE, PTI reported.The portion reserved for non-institutional investors was subscribed 96.17 times, while the retail individual investor category was booked 26.90 times. The qualified institutional buyers (QIB) segment saw subscription of 1.44 times.The IPO was fully subscribed within minutes of opening for bidding on Friday.Ahead of the issue, Bharat Coking Coal Ltd had mobilised over Rs 273 crore from anchor investors, the company said on Thursday.The public issue — the first mainboard IPO of 2026 — will close for subscription on Tuesday. The price band has been fixed at Rs 21–23 per share, valuing the company at over Rs 10,700 crore at the upper end.As per the red herring prospectus (RHP), the IPO 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 strategy in the coal sector, aimed at unlocking value in Coal India’s subsidiaries and improving transparency through market-linked governance.In its prospectus, the company said the IPO would help it achieve the benefits of listing.Incorporated in 1972, Bharat Coking Coal Ltd is engaged in mining and supplying coking coal, with operations concentrated in the Jharia coalfields of Jharkhand and the Raniganj coalfields of West Bengal.The issue comes amid a strong primary market cycle. In 2025, companies raised a record nearly Rs 1.76 lakh crore through IPOs, surpassing the Rs 1.6 lakh crore mobilised by 90 firms in 2024 and the Rs 49,436 crore raised by 57 companies in 2023, supported by robust liquidity and resilient investor sentiment.
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