MUMBAI, Jan 19, 2026, 01:27 IST
- Bharat Coking Coal will make its debut on the BSE and NSE on Jan. 19 after its IPO saw robust demand
- Grey market activity points to a listing premium near 50% or more, even though the market isn’t official
- Local media analysts warn that a steep early jump might prompt profit-taking.
Shares of Bharat Coking Coal Ltd (BCCL), a Coal India arm, are set to start trading Monday following an IPO that saw one of the highest subscription levels for a government-backed issue in recent memory. Grey market premiums point to a potential 54% gain over the offer price. 1
This listing kicks off the mainboard calendar for 2026 and provides an early read on demand for government-backed deals, especially since investors are still quick to avoid anything priced too steeply.
India’s push to sell stakes in state-run firms has returned to the forefront, as officials scramble to advance sales amid trading pauses triggered by events and choppy market swings disrupting timelines.
Live Hindustan reported that the Rs 1,071.11-crore offer ran from Jan. 9 to Jan. 13, with pricing set between Rs 21 and Rs 23 per share. The lot size stood at 600 shares, while employees received a Rs 1-per-share discount. This offer-for-sale raised roughly Rs 273.13 crore from anchor investors. IDBI Capital Markets served as lead manager, and Kfin Technologies was the registrar. 2
Traders and bankers keep a sharp eye on the grey market premium (GMP) — the unofficial, unregulated arena where trades take place ahead of a listing. Though it moves quickly, it holds no formal standing with the exchanges.
Moneycontrol quoted Prashanth Tapse, research analyst at Mehta Equities, saying, “We expect BCCL to list at a price of Rs 32–35, implying a premium of 39–52 percent over the issue price.” 3
NSE data cited by Livemint showed a whopping overall subscription of 146.87 times, with the institutional book (QIB) surging to 310.81 times and retail investors coming in at around 49 times. Total bids amounted to nearly Rs 1.17 lakh crore. Livemint pointed out that this deal is strictly an offer-for-sale of 46.57 crore shares, meaning the proceeds go to promoter Coal India—not the company. 4
The Week noted the debut was delayed by a market holiday for civic elections. It put grey market premiums in the range of Rs 13.2 to 14.2 per share, though it warned these numbers could change before trading begins. 5
BCCL’s debut adds a second coal player to the market alongside Coal India. Investors are likely to size it up against other state-run resource firms like miner NMDC, plus commodity stocks linked to steel that move with global demand.
But a robust GMP isn’t a sure thing for the day ahead. If risk appetite fades once markets open or early investors decide to cash out, the trade can collapse quickly — and because this IPO is an offer-for-sale, no fresh capital hits the company to support new initiatives.
Monday’s first hour will be key: keep an eye on the opening price, any institutional selling, and whether volumes stay strong after the initial spike.
