India’s primary market has witnessed a historic moment as Bharat Coking Coal Limited (BCCL) delivered a record-breaking performance with its initial public offering. Backed by strong investor trust as a Coal India subsidiary, the BCCL IPO attracted unprecedented demand, making it the most-applied-for PSU IPO in India’s history.
The Bharat Coking Coal Limited (BCCL) IPO has created history in India’s primary market. Open for subscription from January 9 to January 13, the issue received an overwhelming response from investors across categories. Driven by strong confidence in the Coal India-backed PSU, the IPO became the most applied-for PSU IPO ever, receiving close to 9 million applications—a record for any government-owned company.
The ₹1,071 crore IPO, which was entirely an Offer For Sale (OFS), witnessed massive bidding interest.
Total bids received: Over ₹1.17 lakh crore
Number of applications: Around 90 lakh
Overall subscription: 146.87 times
According to reports:
BCCL became India’s most-applied-for PSU IPO
It ranked second among PSU IPOs by subscription
It stood third in terms of total bid value
The phenomenal success of the BCCL IPO was largely driven by institutional and high-net-worth investors.
Qualified Institutional Buyers (QIB): 310.81 times
Non-Institutional Investors (HNI): 258.16 times
Retail investors also showed strong enthusiasm for the issue.
Retail category subscription: 38.31 times
Shares available: 13,85,45,750
Bids received for: 5,30,71,83,000 shares
Other categories:
Coal India shareholders’ quota: 69.65 times
Employee quota: 4.47 times
IPO size: ₹1,071 crore
Issue type: 100% Offer For Sale
Promoter selling shares: Coal India Ltd sold 46.57 crore shares
Price band: ₹21 to ₹23 per share
IPO allotment date: January 14
Shares credited to demat accounts: January 15
Listing date: January 16 on BSE and NSE
Given the heavy oversubscription in the retail category:
Retail subscription: 38.31 times
Estimated allotment probability: Around 2.6%
This means only about 2–3 investors out of every 100 retail applicants are likely to receive shares.
BCCL has now secured a place among India’s most heavily subscribed PSU IPOs.
Mazagon Dock Shipbuilders (2020): 157.41 times
BCCL (2026): 146.87 times
IRCTC (2019): 111.91 times
Other notable names include HUDCO and Cochin Shipyard.
BCCL set a new benchmark with 90 lakh applications, surpassing the earlier record held by Waaree Energies, which received 82.65 lakh applications in 2024.