Bharat Coking Coal Debuts with 96% Surge, Valued at $2.2 Billion
By Cygnus | 19 Jan 2026
MUMBAI – Shares of Bharat Coking Coal Ltd (BCCL), a subsidiary of state-run Coal India, delivered a strong debut on Monday as investor appetite remained firm for infrastructure-linked assets and public sector listings. The listing also marked the first mainboard IPO of 2026.
The stock listed on the National Stock Exchange (NSE) at ₹45.00, a 95.65% premium over its issue price of ₹23. On the BSE, it opened slightly higher at ₹45.21, translating into a gain of 96.57% over the issue price.
Following the sharp opening pop, the stock saw profit booking and pared some gains, trading in the ₹41–₹43 range during the session. At the listing price, the metallurgical coal producer was valued at approximately $2.2 billion (around ₹20,000 crore).
Steel Proxy Trade
The issue’s strong response reflects BCCL’s position as a major domestic supplier of coking coal, a critical raw material for steel manufacturing and infrastructure development.
“Lower ticket price, reasonable valuations, and strong parentage have driven the surge,” said Sunny Agrawal, Head of Fundamental Equity Research at SBICAPS Securities. “The company serves as a proxy player for Indian steelmakers.”
Record Demand
The ₹1,071 crore IPO was subscribed nearly 147 times, attracting bids worth approximately ₹1.17 lakh crore (around $13 billion), signaling deep demand across investor categories.
Outlook
While the debut underscores strong interest in PSU-backed listings and steel-linked themes, analysts say longer-term performance will depend on broader steel demand trends, coal supply dynamics, and overall market sentiment.
Brief Summary
Coal India subsidiary Bharat Coking Coal Ltd (BCCL) surged nearly 96% on debut, listing near ₹45 versus an issue price of ₹23. The ₹1,071 crore IPO was subscribed nearly 147 times, drawing bids worth around ₹1.17 lakh crore ($13 billion). At the listing price, the company was valued at about $2.2 billion.
Frequently Asked Questions (FAQs)
Q1: What is Bharat Coking Coal (BCCL)?
BCCL is a wholly owned subsidiary of Coal India and a leading domestic producer of coking coal and related products, primarily used in steel manufacturing. It operates mainly in coalfields in eastern India.
Q2: Why did the stock price surge on Day 1?
The surge was driven by strong IPO demand, a low issue price that attracted wide participation, and investor interest in infrastructure- and steel-linked themes.
Q3: How big was the IPO?
The IPO size was ₹1,071 crore, and the offer attracted bids worth about ₹1.17 lakh crore (around $13 billion).
Q4: What does BCCL’s listing mean for investors?
Investors broadly view the stock as exposure to India’s steel and infrastructure expansion theme. Post-listing performance will depend on steel demand, pricing power, and overall market conditions.
