In a stunning market opener, Bharat Coking Coal Limited’s shares debuted with fireworks on both BSE and NSE, listing at premiums close to 100% over the ₹23 IPO price. BSE saw ₹45.21, a 96.57% surge, while NSE hit ₹45 for 95.65% gains, capping off one of 2026’s hottest IPOs.
Bidding wrapped up with a mind-blowing 146.87x oversubscription on ₹1.17 lakh crore in bids, making it the second-most subscribed PSU IPO by ratio and third by value. Institutional heavyweights led the charge, but every investor class piled in, fully booking the issue on launch day as 2026’s inaugural main-board offering.
Analysts point to this frenzy as proof of unwavering faith in government-owned firms, especially amid BCCL’s solid fundamentals. The pure offer-for-sale raised ₹1,300 crore via Coal India’s sale of 46.57 crore shares, priced ₹21-23, with top merchant bankers steering the process.
BCCL’s balance sheet shines: FY25 net profit at ₹1,240 crore followed ₹1,564 crore in FY24 and ₹665 crore in FY23. H1 FY26 PAT dipped to ₹124 crore from ₹749 crore year-ago. Revenue from operations was ₹13,803 crore in FY25, backed by record 39.11 MT coking coal output in FY24 and consistent production growth.
As shares soar, BCCL’s strategic push on machinery optimization positions it for dominance in coking coal, vital for steelmaking. This debut not only rewards early backers but hints at a bullish PSU rally ahead.