MUMBAI, Jan 19, 2026, 01:27 IST
- Bharat Coking Coal is set to debut on BSE and NSE on Jan. 19 following strong demand for its IPO
- Grey market trades suggest a listing premium around 50% or higher, despite the market being unofficial
- Analysts cited in local media warn that a sharp initial surge could trigger profit-taking.
Shares of Bharat Coking Coal Ltd (BCCL), a subsidiary of Coal India, will begin trading on Monday after its IPO attracted one of the strongest subscription rates for a state-run offering in recent years. Grey market premiums suggest a roughly 54% jump above the issue price. (The Economic Times)
This listing matters as it kicks off 2026’s mainboard calendar and offers an early gauge of demand for government-backed offerings, especially when investors remain quick to shun anything priced too high.
India’s drive to divest stakes in state-owned companies is back in the spotlight, with officials striving to push sales forward despite event-driven trading halts and volatile market sessions throwing off schedules.
Live Hindustan reported the Rs 1,071.11-crore offer ran from Jan. 9 to Jan. 13, priced between Rs 21 and Rs 23 per share. The lot size was 600 shares, with employees getting a Rs 1-per-share discount. The issue was an offer-for-sale, raising about Rs 273.13 crore from anchor investors. IDBI Capital Markets acted as lead manager, and Kfin Technologies handled registrar duties. (Live Hindustan)
Traders and bankers watch the grey market premium (GMP) closely — this unofficial, unregulated space where deals happen before a listing. It can swing rapidly and carries no official weight with the exchanges.
Moneycontrol cited Prashanth Tapse, research analyst at Mehta Equities, who said, “We expect BCCL to list at a price of Rs 32–35, implying a premium of 39–52 percent over the issue price.” (Moneycontrol Hindi)
NSE data cited by Livemint revealed an overall subscription of 146.87 times, with the institutional book (QIB) soaring to 310.81 times and retail investors hitting about 49 times. Bids summed up to nearly Rs 1.17 lakh crore. Livemint noted that the deal is purely an offer-for-sale of 46.57 crore shares, so the proceeds will go to promoter Coal India, not the company. (mint)
The Week reported the debut was pushed back due to a market holiday for civic elections. It estimated grey market premiums between Rs 13.2 and 14.2 per share but cautioned this figure might shift ahead of trading. (The Week)
BCCL’s debut brings a second coal stock to the market alongside Coal India. Investors will probably compare it to other state-run resource companies like miner NMDC, as well as commodity names tied to steel that fluctuate with global demand.
But a strong GMP doesn’t guarantee smooth sailing. If risk appetite dips at the open or early investors rush to sell, the trade can unravel fast — and since this IPO is an offer-for-sale, no new capital flows into the business to back fresh projects.
Monday’s opening hour will set the tone: watch the opening price, institutional selling, and if volumes hold strong after that early spike.
