BCCL IPO Set to List Today; GMP Signals 55% Listing Pop
BCCL IPO Set to List Today; GMP Signals 55% Listing Pop
BCCL's IPO shows strong demand and a promising debut, with GMP hinting at a hefty listing gain as the coal producer hits the mainboard.
Bharat Coking Coal Ltd (BCCL), a Coal India Ltd subsidiary, is set to make its stock market debut today, marking the first mainboard listing of 2025. The IPO was priced in a band of Rs 21-23 per share with a lot size of 600 shares, aiming to raise around Rs 1,068-1,071 crore via an offer-for-sale by the President of India on behalf of the Ministry of Coal. Ahead of listing, the grey-market premium has fluctuated, with GMP around Rs 12-13.25 over the weekend, suggesting a listing pop of roughly 55-57 percent. Earlier GMP stood at Rs 9-10 during bidding, climbed to Rs 13.5 during allotment, and eased to Rs 12.25-12.5 over the weekend. Analysts expect a listing price around Rs 32-35 per share. The issue was exceptionally well subscribed, with bids running about 146.87 times and total bids worth around Rs 1.17 lakh crore across more than 90 lakh applications. Investors were drawn by the scarcity value of the offering and the strategic position as India’s largest coking coal producer, underpinned by continued steel capacity expansion in the country. Beyond the IPO, there is talk of Coal India weighing further subsidiary listings if BCCL’s success reinforces confidence within the group, according to officials familiar with the discussions.
