BCCL IPO GMP Crashes to 50%: 10 Must-Read Points Before You Apply
The Bharat Coking Coal IPO, opening on 9 January 2026, is one of the most anticipated PSU IPOs of the year and has attracted strong interest from retail and institutional investors.
After touching highs of nearly 70%, the Grey Market Premium (GMP) has corrected to around 48–50%. This change in GMP has alerted many retail investors to reassess their expectations and listing gains.
🔍 Bharat Coking Coal IPO Issue Details
| Particular | Details |
|---|---|
| IPO Dates | 9 January – 13 January 2026 |
| Price Band | ₹21 – ₹23 per share |
| Lot Size | 600 shares (₹13,800) |
| Issue Size | ₹1,071.11 Crore (100% OFS) |
| Listing Date | 16 January 2026 |
| Parent Company | Coal India |
Bharat Coking Coal IPO GMP Today
BCCL IPO grey market activity has slowed slightly ahead of the anchor allocation, but the premium remains strong for a PSU IPO.
| Date | Upper Price | GMP | Estimated Listing Price | Gain (%) |
|---|---|---|---|---|
| 7 Jan 2026 | ₹23 | ₹11.1 – ₹11.5 | ₹34.1 – ₹34.5 | 48% – 50% |
A GMP of ~48% still indicates healthy listing gains, though lower than early speculation.
📄 10 Important Highlights from BCCL IPO RHP
- 100% OFS: This IPO is a complete Offer for Sale, meaning Bharat Coking Coal is selling its stake and the company won’t receive fresh capital.
- Market Leader: Bharat Coking Coal dominates the segment, producing about 58.5% of India’s total coking coal.
- Strong Production Growth: Coal output has steadily risen from 30.51 MT in FY22 to 40.50 MT in FY25, showing consistent operational improvement.
- Solid Customer Base: Supplies coal to large PSU clients ensuring stable long-term demand.
- Profit Growth: Profitability has improved sharply, with FY25 PAT at ₹1,240 crore, compared to ₹665 crore in FY23.
- Global Comparison: Valuation and operations are often compared with global coking coal producers to gauge efficiency and pricing benchmarks.
- Massive Coal Reserves: The company holds around 7.91 billion tonnes of coking coal reserves across the Jharia and Raniganj coalfields.
- Geographic Concentration Risk: All mining operations are located in Jharkhand and West Bengal, which increases regional exposure.
- Anchor Book: Anchor investor bidding opens on 8 January 2026, a key indicator to watch before the IPO opens.
- Industry Tailwinds: India’s coking coal demand is projected to reach 138 MMT by FY35, supporting long-term growth prospects.
BCCL IPO - FAQs
1. What is the current GMP of Bharat Coking Coal IPO today?
As of 7 January 2026, the Bharat Coking Coal IPO GMP is around ₹11.1–₹11.5, indicating an estimated listing gain of 48%–50% over the upper price band of ₹23.
2. Why has the BCCL IPO GMP fallen from 70% to around 50%?
The GMP has cooled due to profit booking in the grey market, anchor allocation expectations, and more realistic pricing as the IPO date approaches. Such corrections are common in high-demand PSU IPOs.
3. Is a 48–50% GMP still good for a PSU IPO?
Yes. A GMP of nearly 50% is considered very strong for a PSU IPO, indicating healthy listing gains even after cooling from early speculative highs.
4. Is the Bharat Coking Coal IPO a fresh issue or OFS?
The BCCL IPO is a 100% Offer for Sale (OFS). No fresh capital will be raised for the company; the proceeds will go entirely to the selling shareholder.
5. What are the key positives from the BCCL IPO RHP?
Key positives include 58.5% domestic coking coal market share, rising production levels, a strong PSU customer base, ₹1,240 crore PAT in FY25, and a long reserve life of 7.91 billion tonnes.
6. Should investors rely only on GMP before applying to the BCCL IPO?
No. GMP is an unofficial market indicator and can change daily. Investors should also evaluate RHP disclosures, PSU backing, industry demand outlook, and risks such as geographic concentration before applying.
Disclaimer: GMP is unofficial and changes daily. This article is for educational purposes only.