Bharat Coking Coal IPO Day 3 GMP Live: NIIs power Bharat Coking Coal IPO - Check Day 3 subscription status, GMP and more

Qualified Institutional Buyers (QIBs) -- 89.15

Non Institutional Investors(NIIS) -- 237.21

Retail Individual Investors (RIIs) -- 44.17

Employee Reserved -- 4.42

Reservation Portion Shareholder -- 79.71

Total -- 89.57

Qualified Institutional Buyers (QIBs) -- 1.54

Non Institutional Investors(NIIS) -- 134.06

Retail Individual Investors (RIIs) -- 31.30

Employee Reserved -- 2.96

Reservation Portion Shareholder -- 53.33

Total -- 43.58

BCCL is India's largest producer of coking coal, accounting for 58.5 per cent of total domestic output in FY25. With estimated reserves of 7.91 billion tonnes and a network of 34 operational mines, the company ranks among the largest holders of coking coal reserves in the country. Historically, BCCL has delivered steady financial growth, recording a revenue, EBITDA and PAT CAGR of 4.6 per cent, 88.1 per cent and 36.6 per cent, respectively, over the FY23-FY25 period.

Looking ahead, the company is expanding its washery capacity to 20.65 MTPA from the current 13.65 MTPA through the addition of new washeries and the modernisation of the existing Moonidih washery. The renovation will double Moonidih's operating capacity from 0.8 MTPA to 1.6 MTPA.

At the upper end of the price band of Rs 23, the issue is valued at an EV/EBITDA multiple of 6.4 times on a post-issue basis. Based on this valuation and the company's fundamentals, investors are advised to subscribe to the issue at the cut-off price.

Despite temporary disruptions in the first half of FY26 due to heavy rainfall, Bharat Coking Coal has delivered stable revenues and a sharp expansion in EBITDA margins, rising from 4 per cent in FY23 to 13 per cent in FY25. This improvement has been supported by a near-zero net debt balance sheet. Valuations remain reasonable at 5.6 times FY25 EV/EBITDA, leading to a continued recommendation to "Subscribe" to the issue.

Bharat Coking Coal offers a compelling investment opportunity in India's structurally constrained coking coal market. The company's leadership position as the largest domestic producer, strong parentage under Coal India Limited, and long-term demand visibility from India's 300 MTPA steel capacity target by FY2031 provide strong structural support. With geological reserves of 7,910 million metric tonnes and annual production of around 40 million tonnes, the company is well positioned to meet rising domestic demand. Planned washery expansions are also expected to enhance the product mix and improve margins over the medium term.

The basis of allotment for the Bharat Coking Coal IPO is scheduled to be finalised on Wednesday, January 14, 2026. Refunds will be initiated on Thursday, January 15, and shares will be credited to the demat accounts of successful allottees on the same day. The company's shares are expected to list on the BSE and NSE on Friday, January 16.

The basis of allotment for the Bharat Coking Coal IPO is scheduled to be finalised on Wednesday, January 14, 2026. Refunds will be initiated on Thursday, January 15, and shares will be credited to the demat accounts of successful allottees on the same day. The company's shares are expected to list on the BSE and NSE on Friday, January 16.

Canara Bank Securities said that given Bharat Coking Coal's strong association with Coal India, a buoyant steel industry, and solid fundamentals, it maintains an optimistic outlook on the company. However, the brokerage flagged concerns around seasonal variability, noting that performance in the first half of the year was impacted by heavy rainfall in the Dhanbad region. Despite this, Canara Bank Securities has advised investors with a medium-to-high risk appetite to "Subscribe" to the IPO with a long-term investment perspective.

Bharat Coking Coal was India's largest coking coal producer in fiscal 2025, according to a Crisil report. The company produces multiple grades of raw coking and non-coking coal, as well as washed coal and by-products, catering mainly to the steel, power, and cement sectors. Since its inception in 1972, Bharat Coking Coal has significantly expanded its operations, with coal production rising from 30.51 million tonnes in fiscal 2022 to 40.50 million tonnes in fiscal 2025, marking a 32.74 per cent increase over fiscal 2022. On the financial front, the company reported revenue of Rs 13,802 crore and a profit of Rs 1,204 crore in FY25.

A mix of global and domestic institutions took part in the anchor round of the company's IPO. Participants included Life Insurance Corporation, Societe Generale, Copthall Mauritius Investment Ltd, Citrine Fund, M7 Global Fund PCC - ASAS Global Opportunities Fund, Maybank Securities, and Rajasthan Global Securities. Out of the total allocation, 7.17 crore shares were allotted to three domestic mutual funds across eight schemes.

Bharat Coking Coal Limited is India's largest producer of coking coal, accounting for around 58.5 per cent of the country's domestic coking coal output in FY25. The company is a wholly owned subsidiary of Coal India Limited and has estimated coal reserves of nearly 7,910 million tonnes.

As per BSE figures, the Qualified Institutional Buyers (QIBs) portion was subscribed 1.44 times, while Non-Institutional Investors (NIIs) showed overwhelming interest with 96.36 times subscription. The Retail Individual Investors (RIIs) category was subscribed 26.94 times, the Employee Reserved portion 2.62 times, and the Shareholder Reservation portion 44.03 times. Overall, the issue was subscribed 33.67 times.

Good morning and welcome to Moneycontrol. Today is the last day of Bharat Coking Coal's public offer. On Day 2, the IPO witnessed a stellar response from investors, driven largely by robust participation from non-institutional investors.