Bharat Coking Coal shares debut at nearly 96% premium

Bharat Coking Coal Ltd (BCCL) made a blockbuster stock market debut on January 19, listing at nearly double its IPO price. The strong listing has prompted analysts to advise caution, profit-booking, and a selective long-term approach.

Bharat Coking Coal Ltd (BCCL), the first mainboard IPO of 2026, made a stellar debut on Dalal Street on Monday, significantly outperforming market expectations and delivering hefty gains to investors.

The stock was listed at ₹45 per share on the National Stock Exchange (NSE), marking a premium of 95.65 percent over its IPO upper price band of ₹23. On the Bombay Stock Exchange (BSE), shares debuted at ₹45.21, translating into a 96.57 percent premium. Following the listing, the company’s market capitalisation stood at approximately ₹21,054 crore.

The ₹1,071-crore public issue witnessed extraordinary demand, with overall subscription reaching nearly 147 times during the bidding period from January 9 to January 13. The IPO had already garnered strong interest from institutional investors, raising over ₹273 crore through anchor investors ahead of the issue.

Bharat Coking Coal’s strong debut also exceeded grey market expectations, which had indicated listing gains of around 60 percent. The sharp premium underscores robust investor appetite for quality public sector undertakings (PSUs), especially those aligned with the government’s divestment strategy.

BCCL’s listing forms part of the Centre’s broader plan to unlock value in Coal India’s subsidiaries by bringing them to public markets, improving transparency and operational discipline.

Founded in 1972, Bharat Coking Coal focuses on mining and supplying coking coal, with operations concentrated in the Jharia coalfields of Jharkhand and Raniganj coalfields of West Bengal. The company plays a critical role in supplying coking coal to India’s steel sector.

Buy, Sell or Hold? What Analysts Say

Market experts have urged investors to remain cautious after the sharp listing gains. Prashanth Tapse, Research Analyst at Mehta Equities, advised investors to consider booking partial profits while retaining some holdings for the long term.

He also cautioned investors who did not receive IPO allotment against aggressively chasing the stock on listing day, citing the likelihood of near-term volatility after such a sharp rally.

The listing comes amid a strong backdrop for the primary market. In 2025, Indian companies raised a record ₹1.76 lakh crore through IPOs, supported by resilient domestic liquidity, strong retail participation, and favourable macroeconomic conditions.

While the long-term outlook for BCCL remains linked to coal demand, steel production, and PSU reforms, analysts recommend a disciplined approach, balancing profit-booking with selective long-term exposure.

Disclaimer: The views and investment advice expressed by market experts are their own. Investors are advised to consult certified financial advisors before making investment decisions.