Bharat Coking Coal’s IPO Creates History
Bharat Coking Coal Ltd (BCCL) has made history in India’s primary markets, with its initial public offering attracting an unprecedented 90 lakh applications, the highest ever for a PSU IPO. This overwhelming response has underscored the strong confidence in the company and the broader PSU investment theme.
Record-Breaking Demand
The issue, which is also the first main-board IPO of 2026, witnessed record-breaking demand across investor categories. The BCCL IPO drew bids worth Rs 1.17 lakh crore, translating into an overall subscription of 146.87 times, making it the second-most subscribed PSU IPO by subscription multiple and the third-most bid-for PSU IPO by total capital committed.
Market participants noted that the issue witnessed one of the highest subscription levels seen in recent public offerings. To understand the dynamics of the IPO market and how to navigate it, readers can visit our page on IPO market in India for more insights.
Investor Participation
Demand for the BCCL IPO was driven primarily by qualified institutional buyers and high-net-worth individuals, both of whom showed extraordinary appetite for the issue. The QIB portion was subscribed a staggering 310.81 times, while the non-institutional investor category saw subscriptions of 258.16 times.
Retail participation was also robust, with the retail individual investor segment subscribed 49.33 times, reflecting strong interest from smaller investors despite the issue being heavily dominated by large-ticket bids. The Coal India shareholder quota witnessed a subscription of 87.29 times, while the employee portion was subscribed 5.18 times.
For investors looking to understand the retail participation in IPOs and how it impacts the market, our detailed analysis provides valuable insights.
Most Subscribed PSU IPOs
With this response, BCCL now ranks among the most subscribed PSU IPOs in Indian history. By subscription multiple, the top PSU IPOs stand as follows: Mazagon Dock Shipbuilders (2020) at 157.41 times, followed closely by Bharat Coking Coal Ltd (2026) at 146.87 times, and IRCTC (2019) at 111.91 times. Other notable names on the list include HUDCO (2017) and Cochin Shipyard (2017).
To learn more about PSU IPOs in India and their performance, our comprehensive guide offers a detailed overview.
New Benchmark for Investor Participation
In terms of investor participation, BCCL’s 90 lakh applications set a new benchmark. The previous high was held by Waaree Energies, whose IPO in late 2024 had garnered 82.65 lakh applications, now a distant second.
The Rs 1,300-crore issue was entirely an offer for sale of 46.57 crore equity shares by promoter Coal India Ltd. The price-band of the IPO was Rs 21-Rs 23.
For information on Coal India Ltd shares and their performance, our market analysis section provides the latest updates.
Allotment and Listing
The allotment of shares to IPO investors will be done tentatively on Jan. 14, and it will be credited to the demat account on Jan. 15. Bharat Coking Coal will list on the BSE and NSE on Jan. 16.
The book running lead managers to the IPO are IDBI Capital Markets & Securities Ltd. and ICICI Securities Ltd.
Understanding the process of IPO allotment and listing is crucial for investors. Our explanatory article breaks down the process and what investors can expect.
Conclusion
The success of the Bharat Coking Coal IPO underscores the strong appetite for PSU offerings in the Indian market. As investors look to diversify their portfolios and capitalize on the growing demand for coal and related services, such IPOs offer a unique opportunity for growth. For the latest updates on the Indian stock market trends and IPO news, stay tuned to our financial news section.
