The strong GMP reflects sustained optimism around the issue despite the delay in listing. The stock was earlier scheduled to debut on January 16, but the listing has now been postponed to January 19 as stock exchanges will remain shut on January 15 due to municipal corporation elections in Maharashtra. The allotment was finalised on January 14, while refunds are expected to be processed on January 16.
Bharat Coking Coal’s IPO attracted bids worth over Rs 1.17 lakh crore, making it one of the most heavily subscribed IPOs in recent years. Investors bid for more than 50.93 crore shares at the upper price band, resulting in an overall subscription of nearly 147 times.
The issue also saw record investor participation, with over 90 lakh applications, underscoring broad-based demand across retail, non-institutional, and institutional categories. The non-institutional investor segment and qualified institutional buyers led the demand, while the shareholder quota also witnessed strong interest.
Analysts attribute the sustained grey market interest to Bharat Coking Coal’s dominant position in India’s coking coal segment, its strategic importance to the steel sector, and the scarcity value of a pure-play coking coal producer in the listed space.
The company is a subsidiary of Coal India and plays a critical role in domestic coking coal supply, which continues to face a structural demand-supply gap.
That said, grey market premiums are unofficial indicators and tend to be volatile. While a high GMP signals positive sentiment and expectations of listing gains, the actual listing price will depend on broader market conditions and investor demand on the day of listing.With the revised listing now set for January 19, investor focus will remain on whether the strong grey market enthusiasm sustains through to the stock’s market debut.
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