Bharat Coking Coal IPO Allotment Results Go Live Today
Investors are now turning their attention to the allotment status of the Bharat Coking Coal Limited initial public offering. The IPO closed on Tuesday with strong investor interest. Today, on January 14, the allotment process is taking place.
Shareholders can check if they received an allotment through the stock exchanges or the registrar. The status is available on the BSE, NSE, or through Kfin Technologies, which is handling the registration.
Subscription Details Show Overwhelming Demand
The Bharat Coking Coal IPO witnessed massive subscription across all investor categories. Qualified institutional buyers led the charge, subscribing their portion 310.81 times. Non-institutional investors followed closely with 258.02 times bids.
Retail investors showed solid interest, subscribing their quota 49.25 times. Employee and shareholder portions also saw healthy demand, with 5.17 and 87.20 times subscriptions respectively.
Overall, the IPO was subscribed 146.80 times. This created a total demand of nearly ₹1.17 lakh crore for the ₹1,071-crore offer.
IPO Structure and Pricing Details
The entire offer was an offer for sale by Coal India, the promoter. This means all proceeds from the share sale will go directly to the Maharatna public sector undertaking, not to Bharat Coking Coal itself.
According to the company's prospectus, the listing aims to help realize the benefits of being a publicly traded entity. The price band was set at ₹21 to ₹23 per share. Investors could apply in lots of 600 shares or multiples thereof.
Gray Market Premium Indicates Strong Listing
The gray market premium for BCCL shares has surged to ₹13.4 today. This suggests the shares are trading at ₹13.4 above the upper end of the offer price range.
At this premium, Bharat Coking Coal shares could potentially list at ₹36.4. This represents a significant 58% premium over the offer price. Market watchers are closely monitoring these developments.
Stay tuned for all the latest live updates on the Bharat Coking Coal IPO allotment status as the day progresses.
