Bharat Coking Coal IPO Check Day 3 subscription status, GMP

Bharat Coking Coal IPO has received a massive response from investors, with the issue subscribed nearly 90 times overall. Demand was strongest from Non-Institutional Investors, who applied for over 237 times their allotted shares. Institutional investors also showed strong interest with close to 89 times subscription, while retail investors subscribed their portion more than 44 times. Even the employee and shareholder categories saw healthy participation.

BCCL is India’s largest coking coal producer, contributing nearly 59% of the country’s total output in FY25. The company has strong fundamentals, backed by 7.9 billion tonnes of reserves and 34 operational mines. Over recent years, BCCL has shown consistent growth, with steady increases in revenue and strong improvement in profitability.

Looking ahead, BCCL is focused on expansion. It plans to increase its washery capacity from 13.65 MTPA to 20.65 MTPA by adding new facilities and upgrading existing ones. As part of this, the Moonidih washery capacity will double, improving efficiency and output.

At the top price of ₹23 per share, the IPO is priced at a reasonable EV/EBITDA multiple of 6.4x. Considering the company’s market leadership, strong financial performance, and growth plans, analysts recommend subscribing to the IPO at the cut-off price.