Bharat Coking Coal IPO sees 24x demand by Day 2, strong listing buzz

Bharat Coking Coal’s IPO is receiving a very strong response from investors. On the second day of bidding, January 12, the issue was already subscribed over 24 times, showing high demand for the ₹1,071-crore public issue.

Grey Market Premium (GMP):
Ahead of its stock market debut, Bharat Coking Coal’s unlisted shares are trading at a 43.48% premium in the grey market, or about ₹33 above the IPO price, as per Investorgain data. Although the GMP has slightly cooled from 46% yesterday and 45% the day before, it still reflects strong investor optimism.

About the IPO:
The company is raising ₹1,071.11 crore through this IPO, which is completely an offer for sale of 46.57 crore equity shares by its promoter, Coal India. The issue opened on January 9 and will close on January 13, with a price band of ₹21 to ₹23 per share.

At the upper price band, Bharat Coking Coal is valued at over ₹10,700 crore. Investors need to apply for a minimum of 600 shares, which means a minimum investment of ₹12,600, with bids allowed in multiples thereafter.

Key Dates:

• Allotment: Expected on January 14
• Listing: Scheduled on January 16 on both BSE and NSE