Bharat Coking Coal IPO Sees Massive Demand, Subscribed 147 Times
Bharat Coking Coal, India’s top coking coal miner and a subsidiary of Coal India, received an overwhelming response for its initial public offering (IPO) on Tuesday, with bids worth 1.17 trillion rupees ($12.97 billion). Exchange data showed investors placed bids for 50.93 billion shares, nearly 147 times the shares available in the issue, reflecting strong appetite driven by expectations of sustained demand for coking coal from steelmakers.
The IPO, priced at a size of about $118.7 million, is the first mainboard listing in India this year and consists entirely of a stake sale by its parent company. Market analysts said the strong response highlights continued investor confidence in India’s primary market, even as secondary markets remain volatile. WealthMills Securities director of equity strategy Kranthi Bathini noted that Bharat Coking Coal’s “strong parentage” and sector outlook played a key role in boosting investor interest.
Subscription numbers were led by institutional demand, with qualified institutional buyers bidding 311 times their allotted quota. Meanwhile, non-institutional investors subscribed 258 times, and the retail segment was subscribed 49 times. The strong participation reinforces India’s momentum in public listings after a record fundraising phase, with the country ranking as the world’s second-largest IPO market in 2025 after the U.S., raising $21.8 billion across 367 IPOs, according to LSEG data.
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