Bharat Coking Coal Ltd (BCCL) entered the stock market on Monday, with its shares beginning trade on both the National Stock Exchange and the Bombay Stock Exchange. The stock opened at a gain of 95.65% over its issue price, reports Financial Express.
The company had set the IPO price at Rs 23 per share. The public issue was open for subscription from January 9 to January 13. Share allotment was finalised on January 14, and trading began on January 19. The grey market premium ahead of listing was estimated at 57%.
The Rs 1,071 crore mainboard offering received an overwhelming response from investors. By the end of the subscription period, the IPO was subscribed 143.85 times overall. Interest from big investors was especially high, with the portion reserved for qualified institutional buyers booked 310.81 times. The non-institutional investor category saw subscriptions reach 240.49 times. Retail investors also showed strong interest, subscribing to their portion 49.37 times.
Bharat Coking Coal is a unit of Coal India and holds an important position in the country’s steel supply system. The company is India’s largest producer of coking coal, which is a key input used in making steel.
