The anchor book was fully subscribed, setting a positive tone for the public issue that opens for subscription on January 9.
Several marquee global and domestic institutions participated in the anchor round. These included Life Insurance Corporation, Societe Generale, Copthall Mauritius Investment Ltd, Citrine Fund, M7 Global Fund PCC – ASAS Global Opportunities Fund, Maybank Securities and Rajasthan Global Securities.
Domestic mutual funds also showed interest in the issue. Of the total shares allotted to anchor investors, around 7.17 crore equity shares were allocated to three domestic mutual funds across eight schemes. These included UTI Dividend Yield Fund and other schemes of UTI Mutual Fund, Nippon India Mutual Fund through its small-cap fund, and Bandhan Mutual Fund via its small-cap scheme.
The successful anchor round comes at a time when PSU IPOs have been drawing renewed investor interest, helped by strong balance sheets, stable cash flows and the government’s push to unlock value through listings of subsidiaries.
Bharat Coking Coal is a wholly owned subsidiary of Coal India and is India’s largest producer of coking coal. In FY25, the company accounted for about 58.5% of the country’s domestic coking coal production. It holds estimated coking coal reserves of around 7.91 billion tonnes, making it the only meaningful domestic source of prime coking coal, which is critical for steel manufacturing.
The company operates 34 mines across the Jharia coalfields in Jharkhand and the Raniganj coalfields in West Bengal. It also runs multiple coking coal washeries and is expanding its washing capacity, a move aimed at improving coal quality and realisations. Backed by Coal India’s scale and technical expertise, Bharat Coking Coal plays a strategic role in reducing India’s dependence on imported coking coal.The Bharat Coking Coal IPO will open for public subscription on January 9 and close on January 13. The issue size is about Rs 1,071 crore and is entirely an offer for sale by Coal India, which will dilute a 10% stake in the subsidiary.
The price band has been fixed at Rs 21–23 per share, with shares proposed to be listed on the NSE and BSE. Coal India will continue to hold a 90% stake in Bharat Coking Coal after the listing.