MUMBAI – The allotment for the Bharat Coking Coal Limited (BCCL) IPO has been finalized today, January 14, 2026 (Wednesday). The public issue of this Coal India subsidiary has set a new benchmark for PSU offerings, concluding with an overall subscription of 143.85 to 146.87 times (based on final exchange data), reflecting massive investor confidence in the coking coal major.

Record-Breaking Subscription Recap

The IPO, which aimed to raise ₹1,071 crore through an entirely Offer for Sale (OFS), saw intense bidding across all investor categories:

• Qualified Institutional Buyers (QIB): Subscribed a staggering 310.81 times.
• Non-Institutional Investors (NII): Booked 240.49 times.
• Retail Investors: Subscribed nearly 49.37 times, receiving over 90 lakh applications.
• Shareholders: The 10% reserved quota for Coal India shareholders saw 87.20 times subscription.

Key Timelines and Listing Details

While the original schedule suggested a quick turnaround, a settlement holiday on January 15 (due to municipal elections in Maharashtra) has slightly adjusted the workflow:

• Basis of Allotment: Finalized today, January 14.
• Refund Initiation: Expected to begin on January 16 (due to the holiday).
• Credit of Shares: Allotted shares will be credited to Demat accounts by January 15-16.

Listing Date: Tentatively scheduled for January 16, 2026, on both BSE and NSE. Note: Some reports suggest this could shift to January 19; investors should monitor exchange notifications.

Grey Market Premium (GMP) and Valuation

Market sentiment remains highly bullish. The Grey Market Premium (GMP) is currently hovering between ₹10.70 and ₹13.40. At the upper price band of ₹23, this indicates a potential listing price of approximately ₹33.70 to ₹36.40, suggesting a listing gain of 46% to 58%.

Analysts from Deven Choksey Research and others have pointed to BCCL's status as a debt-free PSU with a 19% ROE and a dominant 58.5% share in domestic coking coal as primary drivers for this re-rating.