Bharat Coking Coal IPO Oversubscribed Nearly 147 Times
Investors showed tremendous enthusiasm for the Bharat Coking Coal initial public offering. The IPO, a subsidiary of Coal India, received subscriptions nearly 147 times over. This overwhelming response highlights strong market confidence in the company.
IPO Subscription and Allotment Details
The mainboard IPO opened for subscription from January 9 to January 13. Bharat Coking Coal set the price band between ₹21 and ₹23 per share. The offer comprised an offer for sale of 46.57 crore equity shares, valuing the IPO at ₹1,071.11 crore.
Allotment status has been finalised as of January 14. Investors now eagerly await the listing date. The shares will list on both the Bombay Stock Exchange and the National Stock Exchange.
Listing Date and Grey Market Premium
Bharat Coking Coal shares are scheduled to list on Monday, January 19. Current trends in the unlisted market remain bullish. The grey market premium today stands at ₹13.25 per share.
This GMP indicates shares are trading higher by ₹13.25 than the issue price. It suggests an estimated listing price of ₹36.25 per share. That represents a premium of nearly 58% over the upper end of the IPO price band.
Company Background and Market Impact
Bharat Coking Coal Ltd operates as a wholly-owned subsidiary of Coal India. The company focuses on producing coking coal, non-coking coal, and washed coal. Its successful IPO reflects positive sentiment towards the coal sector and public sector enterprises.
The massive oversubscription rate of 146.87 times, as per NSE data, underscores robust investor appetite. Market participants closely monitor the listing for potential gains. The strong GMP further fuels expectations of a stellar debut on the stock exchanges.
