Bharat Coking Coal IPO Closes Today After Strong Investor Response
The initial public offering of Bharat Coking Coal Ltd is drawing to a close today, Tuesday, January 13. This IPO has captured significant attention from investors across the market.
Subscription Figures Show Robust Demand
By the end of the second day of bidding on Monday, January 12, the Bharat Coking Coal IPO was subscribed an impressive 33.60 times. This indicates a very high level of investor interest in the offering.
The IPO opened for bidding on Friday, January 9. It achieved full subscription within mere minutes of the opening bell. By the close of that first day, the issue was already booked 8.09 times.
Anchor Investment and Financial Details
Prior to the public opening, the company secured strong backing from anchor investors. On Thursday, January 8, Bharat Coking Coal Ltd mobilized over ₹273 crore from these institutional investors.
The IPO is structured as a pure offer for sale. Coal India, which holds 100% ownership in Bharat Coking Coal, is the sole selling shareholder. The total proceeds from the sale are expected to reach ₹1,071 crore. This calculation is based on the highest price within the set band.
The price band for the share sale has been fixed between ₹21 and ₹23 per equity share. Investors can apply for a minimum lot size of 600 shares. Any additional applications must be made in multiples of 600 shares thereafter.
Current Market Sentiment
The grey market premium, or GMP, for the Bharat Coking Coal IPO shares stands at ₹10.6 as of today. This premium reflects the market's anticipation of a strong listing performance once trading begins on the stock exchanges.
All proceeds from this ₹1,071 crore offer will be directed to Coal India. The parent company will utilize these funds according to its corporate requirements and strategic plans.
The financial community is now watching closely as the book-building process concludes. The final subscription numbers and the listing date are eagerly awaited by market participants.
