IPO listing: investors' big win as shares double, deliver multibagger returns
Mumbai (The Uttam Hindu) – Bharat Coking Coal Limited's (BCCL) initial public offering (IPO) saw a strong listing on the Indian stock market on Monday. The company's shares listed at ₹45.21 on the BSE, representing a 96.57 percent increase over the initial public offering price of ₹23. Meanwhile, the shares listed at ₹45 on the NSE, representing a premium of 95.65 percent.
The company's IPO closed on the third day of bidding and received a total subscription of 145 times. The IPO saw the highest demand from large institutional investors. This was the first IPO of 2026 to be fully subscribed on the first day of launch. It was also the first main-board IPO of 2026 and saw record-breaking demand from all types of investors.
Bharat Coking Coal's initial public offering (IPO) received bids totaling ₹1.17 lakh crore (approximately ₹1.17 trillion). This makes it the second most subscribed PSU IPO in terms of subscriptions, and third in terms of total bid amount.
Stock market experts say that such high demand has been rare for any public issue in recent years. This clearly demonstrates investors' confidence in investing in corporate and public sector undertakings (PSUs).
The ₹1,300 crore (₹13 billion) initial public offering (IPO) was entirely an "offer for sale," with promoter company Coal India Limited selling 465.7 million equity shares. The IPO price band was set between ₹21 and ₹23. IDBI Capital Markets & Securities Limited and ICICI Securities Limited are the book running lead managers for the IPO.
In terms of financial results, Bharat Coking Coal reported a net profit of ₹1,240 crore for the fiscal year ended March 31, 2025. Previously, the company's profit was ₹1,564 crore in fiscal 2024 and ₹665 crore in fiscal 2023. In the first half of fiscal 2026, the company's profit after tax was ₹124 crore, compared to ₹749 crore in the same period last year.
The company's operating income was ₹13,803 crore in fiscal 2025, compared to ₹14,246 crore in fiscal 2024 and ₹12,624 crore in fiscal 2023. In the first half of fiscal 2026, the company's revenue was ₹5,659 crore, compared to ₹6,846 crore in the same period last year.
Bharat Coking Coal has consistently expanded its production capacity through improved utilization of heavy machinery. The company produced a record 39.11 million tons of coking coal in fiscal year 2024. Between fiscal years 2023 and 2025, the company's coking coal production has grown at an average annual rate of 5.80 percent.