Mumbai’s stock market witnessed a blockbuster debut on Monday as Bharat Coking Coal Limited (BCCL) shares rocketed onto the BSE at ₹45.21, nearly doubling the IPO price of ₹23 with a staggering 96.57% premium. On the NSE, the stock listed at ₹45, marking a 95.65% jump that sent investors into a frenzy.
The IPO, which closed on the third day of bidding, was subscribed an overwhelming 145 times, driven primarily by massive demand from large institutional investors. As the first main-board IPO of 2026, it was fully subscribed on day one, shattering records across retail, non-institutional, and qualified institutional buyer categories. Bids poured in totaling ₹1.17 lakh crore, pushing the final subscription to 146.87 times.
Market experts are buzzing about this rare level of enthusiasm, the highest seen in recent public issues. It underscores robust investor confidence in PSUs and this coal giant specifically. The ₹1,300 crore offer-for-sale saw promoter Coal India offload 46.57 crore equity shares at a price band of ₹21-23, managed by IDBI Capital and ICICI Securities.
Financially, BCCL posted a net profit of ₹1,240 crore for FY25 ending March 31, down from ₹1,564 crore in FY24 but up sharply from ₹665 crore in FY23. H1 FY26 profit after tax stood at ₹124 crore, compared to ₹749 crore last year. Operational revenue hit ₹13,803 crore in FY25, with production peaking at 39.11 million tonnes of coking coal in FY24, reflecting a 5.80% CAGR from FY23-25.
This explosive listing signals a bright future for BCCL, bolstered by efficient heavy machinery use and expanding capacities. Investors are eyeing sustained growth in India’s coal sector amid rising energy demands.