Bharat Coking Coal IPO listing pushed to January 19 due to BMC elections

The listing of Bharat Coking Coal Ltd., a subsidiary of Coal India Ltd., has been deferred to January 19 from the earlier scheduled date of January 16 due to the Brihanmumbai Municipal Corporation (BMC) elections.

The BMC election results will be published on January 16, 2026.

Bharat Coking Coal's issue

narrowly missed becoming the most subscribed IPO by a state-run company on record after bidding closed on January 13.

According to the final data on the NSE, the ₹1,071 crore issue was subscribed 146.8 times. The IPO received bids for 5,093 crore shares against an offer size of 34.69 crore shares during the three-day bidding period.

The subscription was led by institutional investors, whose portion was subscribed 310.8 times. Institutions bid for 2,460 crore shares, compared with the 7.91 crore shares reserved for them.

Retail investors subscribed nearly 49 times their allotted quota, while even the typically stable employee segment was subscribed five times. The shareholder category also saw strong demand, with subscriptions reaching 87 times.

Market participants mentioned the unusually high participation, with applications estimated at close to 90 lakh, underscoring the broad-based interest in the PSU IPO.

The depth of demand has strengthened expectations of a robust listing, especially with the grey market premium hovering around ₹10.6, indicating a premium of about 46% over the issue price of ₹23.

The IPO was entirely an offer-for-sale, through which Coal India is divesting a 10% stake in the company.

Following the listing, Coal India's stake will reduce to 90%, which remains well above the minimum public shareholding requirement.

Bharat Coking Coal is India's largest producer of coking coal, accounting for around 58.5% of domestic output in FY25. Its operations are primarily concentrated in the Jharia coalfield in Jharkhand and the Raniganj coalfield in West Bengal.