The initial public offering of Bharat Coking Coal Limited (BCCL) is seeing a cooling of investor enthusiasm as its grey market premium (GMP) has slipped below 50 percent, indicating a shift in overall market sentiment.
Market participants say the decline in GMP reflects broader weakness in equity markets and cautious investor positioning ahead of the issue. While the IPO had earlier generated strong buzz in the unofficial market, recent volatility has weighed on expectations of listing gains.
IPO Details
| Total Issue Size | 46,57,00,000 shares (aggregating up to ₹1071.11 Cr) |
| Offer For Sale | 46,57,00,000 shares (aggregating up to ₹1071.11 Cr) |
| Face Value | ₹10/- Per Share |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE , NSE |
| Share Holding Pre Issue | 4,657,000,000 shares |
| Share Holding Post Issue | 4,657,000,000 shares |
Bharat Coking Coal Limited (BCCL), a wholly owned arm of Coal India Limited, is engaged in the mining and production of coking coal, non-coking coal, and washed coal. As of March 31, 2025, the company operates 32 mines comprising 25 opencast, three underground, and four mixed mines across the Jharia coalfields in Jharkhand and the Raniganj coalfields in West Bengal. These operations span a total leasehold area of 288.31 square kilometres.
Coking coal remains BCCL’s core product, primarily supplied to the steel and power industries. As of April 1, 2024, the company held estimated coking coal reserves of about 7,910 million tonnes and accounted for 58.50 percent of India’s total domestic coking coal production in FY 2025.
BCCL’s operations extend beyond mining to include coal washeries, monetisation of idle washeries under the WDO model, revival of discontinued underground mines through the MDO model, and solar power generation for both captive use and grid supply.
The company has recorded steady growth in coal output, with production rising from 30.51 million tonnes in FY 2022 to 40.50 million tonnes in FY 2025. In FY 2024, BCCL produced 39.11 million tonnes of coking coal and 1.99 million tonnes of non-coking coal.
