BCCL IPO Listing Postponed Due to Maharashtra Election Holiday, GMP Signals 60% Gain

The listing of Bharat Coking Coal Ltd (BCCL), a subsidiary of Coal India, has been postponed by three days to January 19, 2026, from the earlier scheduled January 16, due to municipal corporation elections in Maharashtra. Stock exchanges issued revised circulars to align the listing timetable with the election schedule.

BSE and NSE will remain closed for normal trading on January 15 in view of the Brihanmumbai Municipal Corporation polls. The exchanges confirmed that there will be no trading across segments on that day, necessitating adjustments to the IPO calendar.

Record Subscription, Strong Demand

The ₹1,071-crore initial public offering had closed to exceptional demand, emerging as one of the most heavily subscribed issues of the year. The IPO received bids for about 50.93 billion shares, nearly 147 times the shares on offer, amounting to bids worth approximately ₹1.17 lakh crore.

Institutional investors led the subscription, while the issue reportedly drew close to 90 lakh individual applications, reinforcing expectations of a strong market debut.

What GMP Says?

Unofficial grey market indicators continue to point to a robust listing. The IPO was trading at a grey market premium of around ₹14, suggesting a potential listing price of about ₹37 per share, or nearly a 60% premium to the upper issue price of ₹23. Market participants, however, caution that grey market premiums are only indicative and actual listing performance will depend on broader market conditions.

Why Issue Attracted Interest?

Investor interest has been driven by BCCL’s strategic position as India’s largest producer of coking coal, a key input for steelmaking. The company holds estimated reserves of about 7.91 billion tonnes as of April 2024 and accounted for roughly 58.5% of domestic coking coal output in FY25. The IPO was an offer-for-sale, through which Coal India divested a 10% stake, retaining around 90% ownership after the issue.

Investors are advised to track registrar and exchange updates for revised timelines on allotment, refunds and demat credit, with actual listing performance to be determined when trading begins on January 19.