The Bharat Coking Coal (BCCL) IPO continued to see strong momentum on Day 3 of bidding, drawing overwhelming interest from investors across categories. By 10:15 am on Tuesday, January 13, the public issue had already touched 39.87 times subscription, signaling an extraordinary demand for this PSU IPO.
Investors were particularly active in non-institutional and retail segments, while institutional participation also saw gradual accumulation.
Market Performance: Day 3 Highlights
- Overall subscription: 39.87 times
- Non-institutional investors (NII): 121.41 times
- Bids above Rs 10 lakh: 121.64 times
- Rs 2–10 lakh category: 120.95 times
- Retail individual investors (RII): 29.75 times
- Shareholder quota: 49.73 times
- Employee category: 2.85 times
- Qualified institutional buyers (QIBs): 1.50 times (up from 1.45 times earlier)
The numbers reflect strong interest from high-net-worth individuals and retail investors, while institutions continued to accumulate shares steadily as the IPO approached its closing day.
Bharat Coking Coal IPO Details
Bharat Coking Coal’s public issue is a Rs 1,071.11-crore offer for sale of 46.57 crore equity shares by promoter Coal India Ltd, priced in a band of Rs 21–23 per share.
Key points:
- Being a pure offer for sale, the IPO proceeds go solely to Coal India, not the company.
- Funds from the issue will go entirely to the selling shareholder, Coal India.
- The IPO opened with immediate demand, getting fully subscribed within about 25 minutes on Day 1.
Anchor Investor Participation
Ahead of the public issue, anchor investors contributed Rs 273.13 crore by subscribing to 11.87 crore equity shares at Rs 23 per share on January 8.
Major participants included:
- Life Insurance Corporation of India (largest anchor)
- Nippon Life India Mutual Fund
- Bandhan Mutual Fund
The strong anchor subscription set the tone for the IPO, with the momentum continuing through Day 3.
Subscription Breakdown
The BCCL IPO has been drawing attention across categories, with non-institutional investors dominating demand:
- Non-Institutional Investors (NIIs): Record-high subscription indicates robust appetite from high-net-worth individuals.
- Retail Investors (RIIs): Subscribed nearly 30 times, highlighting broad-based interest from smaller investors.
- Shareholder Category: Subscription at 49.73 times, showing strong participation from existing stakeholders.
- QIBs: Subscribed 1.5 times, reflecting steady institutional accumulation.
- Employee Category: Subscribed 2.85 times, indicating moderate interest from internal employees.
This diverse participation underlines the wide appeal of the IPO across investor segments.
IPO Timeline and Allotment
- IPO closes: January 13, 2026
- Allotment finalization: January 14, 2026 (tentative)
- Listing on NSE and BSE: January 16, 2026 (tentative)
Book-running lead managers for the issue: IDBI Capital Markets Services and ICICI Securities
Registrar: KFin Technologies
Summary
The Bharat Coking Coal IPO has emerged as one of the most sought-after PSU issues in recent times. With nearly 40x subscription on Day 3, the response from non-institutional and retail investors remains exceptional. Anchor investors and QIBs also contributed to steady demand, while the offer for sale ensures that all proceeds go to Coal India Ltd.
As the IPO enters its final day, all eyes are on the allotment and listing, with anticipation building among investors across the board.
Source: Moneycontrol
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