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What is the story about?
The ₹1,071 crore IPO of Bharat Coking Coal Ltd., a subsidiary of India's largest mining company, Coal India Ltd
. has been fully subscribed within the first 30 minutes of the issue opening for subscription on Friday, January 9.
Subscription has been led by retail and non-institutional investors. The portion reserved for both categories has already been fully subscribed.
The overall issue has already received bids for 35.93 crore shares, compared to 34.69 crore shares on offer, as of 10:25 AM.
Retail shareholders have placed bids for 19.03 crore shares, compared to the 13.85 crore shares on offer, while the Non-Institutional Investors (NIIs) have bid for 11.18 crore shares compared to 5.93 crore shares on offer for them.
The portion reserved for eligible shareholders of Coal India has also been fully subscribed, with bids placed for 5.45 crore shares, compared to 4.65 crore on offer.
Institutional investors have placed bids for 5.53 lakh shares compared to 7.91 crore shares on offer for them.
Ahead of the issue opening for subscription, the company had raised ₹273.1 crore from anchor investors including the likes of Life Insurance Corporation, Societe Generale, Copthall Mauritius Investment Ltd., among others.
Premium in the unlisted market for the Coal India-subsidiary continues to remain strong with reports indicating a range of ₹9.25 per share to as high as ₹16.25 per share. Even at the lower end of this range, the GMP indicates a 40% listing premium for the stock.
However, it must be noted that these reports are only speculative in nature and that the actual listing price may vary from these rates.
The ₹1,071 crore issue is a complete Offer For Sale (OFS), which means parent Coal India will receive all the proceeds and not BCCL.
Price band has been fixed between ₹21 to ₹23 per share. Retail investors can bid for one lot of 600 shares with a minimum investment of ₹13,800. 35% of the issue is reserved for retail investors.
BCCL is part of Coal India's plans to list all of its subsidiaries by financial year 2030, according to reports. The process for the listing of two other Coal India subsidiaries is also in the works.
Subscription has been led by retail and non-institutional investors. The portion reserved for both categories has already been fully subscribed.
The overall issue has already received bids for 35.93 crore shares, compared to 34.69 crore shares on offer, as of 10:25 AM.
Retail shareholders have placed bids for 19.03 crore shares, compared to the 13.85 crore shares on offer, while the Non-Institutional Investors (NIIs) have bid for 11.18 crore shares compared to 5.93 crore shares on offer for them.
The portion reserved for eligible shareholders of Coal India has also been fully subscribed, with bids placed for 5.45 crore shares, compared to 4.65 crore on offer.
Institutional investors have placed bids for 5.53 lakh shares compared to 7.91 crore shares on offer for them.
Ahead of the issue opening for subscription, the company had raised ₹273.1 crore from anchor investors including the likes of Life Insurance Corporation, Societe Generale, Copthall Mauritius Investment Ltd., among others.
Premium in the unlisted market for the Coal India-subsidiary continues to remain strong with reports indicating a range of ₹9.25 per share to as high as ₹16.25 per share. Even at the lower end of this range, the GMP indicates a 40% listing premium for the stock.
However, it must be noted that these reports are only speculative in nature and that the actual listing price may vary from these rates.
The ₹1,071 crore issue is a complete Offer For Sale (OFS), which means parent Coal India will receive all the proceeds and not BCCL.
Price band has been fixed between ₹21 to ₹23 per share. Retail investors can bid for one lot of 600 shares with a minimum investment of ₹13,800. 35% of the issue is reserved for retail investors.
BCCL is part of Coal India's plans to list all of its subsidiaries by financial year 2030, according to reports. The process for the listing of two other Coal India subsidiaries is also in the works.
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