The Bharat Coking Coal (BCCL) IPO is currently open for subscription, with the issue period running from January 9 to January 13, 2026. Day 2 has seen significant investor interest, so let's delve into the subscription status, grey market premium (GMP), and provide an overview to help you decide whether to apply.

Subscription Status

The Bharat Coking Coal IPO has witnessed strong demand since its launch. On Day 1, the IPO was subscribed 8.09 times overall. The momentum continued into Day 2, with the issue being subscribed over 12 times within minutes of the commencement of bidding.

Here's a breakdown of the subscription status as of January 12, 2026, 10:19 AM:

• Overall: 12.15 times
• Retail Category: 12.33 times
• QIB Category: 0.33 times
• NII Category: 29.34 times

The strong subscription numbers, particularly in the NII category, indicate robust investor confidence in the IPO.

Grey Market Premium (GMP)

The grey market premium (GMP) is an unofficial indicator of the expected listing price of a stock. As of January 12, 2026, the GMP for Bharat Coking Coal IPO is around ₹10.6. This suggests a potential listing price of ₹33.6 apiece, approximately 46.09% higher than the IPO price of ₹23. Some sources indicate a GMP of ₹11, translating to a 46% premium over the issue price.

It's important to remember that the GMP is not a guaranteed indicator and is subject to market volatility.

Key IPO Details

• IPO Date: January 9 to January 13, 2026
• Total Issue Size: ₹1,071 Cr
• Price Band: ₹21 to ₹23 per share
• Lot Size: 600 Shares
• Minimum Investment: ₹13,800
• Listing Date: January 16, 2026 (Tentative)

Should You Apply?

Here are some factors to consider before applying for the Bharat Coking Coal IPO:

• Strengths: BCCL is the largest producer of coking coal in India, holding a 58.50% share of domestic production in FY25. It possesses substantial coking coal reserves of about 7,910 million tonnes. The company also has strong FY25 profitability ratios, with a ROCE of 30.13% and a RoNW of 20.83%.
• Risks: The IPO is entirely an offer for sale (OFS), meaning the company will not receive any fresh capital for expansion. The company's profitability has shown some weakness in the half-year ended September 30, 2025.
• Valuation: The IPO is priced at a P/E of 8.64x on FY25 earnings, but when considering the annualized H1 FY26 profits, it stands much higher at 43.23x.
• GMP: The current GMP indicates positive market sentiment and potential listing gains.

Expert Opinion

Anand Rathi Research has assigned a "Subscribe" rating to the IPO, mainly for listing gains. SBI Securities also recommends subscribing to the IPO.

Conclusion

The Bharat Coking Coal IPO has garnered significant attention, with strong subscription numbers and a positive GMP. The company's strong market position, large reserves, and strategic importance to the steel industry make it an attractive investment. However, investors should carefully consider the risks and valuation before making a decision.