Bharat Coking Coal IPO fully subscribed in just an hour
Bharat Coking Coal, a Coal India subsidiary, saw its IPO snapped up within the first hour on Friday.
The offer is for 46.57 crore shares, priced at ₹21-23 each, and stays open till Tuesday—no new shares are being issued.
Who's buying?
Non-institutional investors showed the most excitement, subscribing 2.25 times their quota by 10:33am.
Retail investors weren't far behind at 1.76 times, and existing shareholders joined in at 1.55 times.
Qualified Institutional Buyers (QIBs) were less active so far, with just a tiny fraction subscribed.
Before the main launch, 15 anchor investors put in ₹273 crore at the top price.
What does Bharat Coking Coal do?
The company digs up coking coal—a key ingredient for making steel—and supplies it mainly to steelmakers and some power plants.
As of September 2024, it ran 34 mines across India (a mix of underground and opencast), making it a major player in this essential industry.