Bharat Coking Coal Ltd’s(BCCL) $118.65 million IPO, the first Indian mainboard listing of 2026, was fully subscribed on the first day of bidding on Friday.
The Coal India unit, the country’s largest producer of coking coal—a key steelmaking fuel—received bids for 913.5 million shares as of 11:24 a.m. IST against 346.9 million shares on offer, exchange data showed.
BCCL is going public as India, the world’s second-largest crude steel producer, seeks to reduce its import dependence amid rising demand and efforts to secure new supply sources.
Coal India is selling all the shares on offer, which equates to a 10% stake.
Retail investors bid for 504.1 million shares, about 3.64 times the number of shares allocated to them.
The offering comes as the Indian government is pursuing divestment plans to unlock value in state-owned firms, with public sector banks and energy firms at the forefront.
India was the world’s second-largest primary equity issuance market in 2025, raising $21.8 billion through 367 deals in 2025, data compiled by LSEG showed.
BCCL’s revenue fell 3% to 138.03 billion rupees in fiscal 2025, while its net profit declined 20% to 12.4 billion rupees, according to its prospectus.
The company operates mines mainly across eastern India in the states of Jharkhand and West Bengal. It had total reserves of about 1,495.4 million tonnes as of March 31, 2025.
ICICI Securities and IDBI Capital Markets and Securities are the book-running lead managers for the offering.
Reuters
