Bharat Coking Coal IPO subscribed 28.47 times so far on Day 2: Check price band, lot size and more

Bharat Coking Coal IPO: Bharat Coking Coal Ltd's initial public offering has been receiving a favourable response from investors, with the issue being subscribed 28.47 times so far on Monday, January 12, the second day of subscription.

The initial share sale received bids for 9,87,64,20,000 shares against the offer size of 34,69,46,500 shares, as per the data available on the stock exchanges until 3:06 pm.

The part reserved for retail investors was subscribed 24.03 times, while the non-institutional investors' (NIIs) category saw subscription of 79.06 times. The qualified institutional buyers' quota was booked 62%.

The shareholder-reserved portion was subscribed 37.69 times and the employee portion 2.10 times.

The issue, with a price band of ₹21 to ₹23 per share, will close on January 13. Before the IPO, the company raised ₹273.1 crore from anchor investors. A lot consists of 600 shares.

At the upper price band, the IPO is valued at around 9 times price-to-earnings and about 2 times price-to-book value, as per offer documents. It will raise ₹1,071 crore solely via an offer for sale (OFS) by promoter Coal India.

Bharat Coking Coal IPO: Allotment and listing date

Bharat Coking Coal is the largest producer of coking coal in India, holding about 58.5% share of domestic coking coal output in FY25. It is a wholly-owned unit of Coal India and has estimated coal reserves of about 7,910 million tonnes.

IDBI Capital Markets & Securities and ICICI Securities are the IPO's book-running lead managers, while KFin Technologies serves as the registrar. The company's shares will be listed on the National Stock Exchange (NSE) and the BSE.

Bharat Coking Coal IPO GMP

According to media reports and investorgain.com, unlisted shares of Bharat Coking Coal are trading at ₹33.85, reflecting a grey market premium of 47.17%, or ₹10.85, over the upper price band of ₹23.