Bharat Coking Coal listed well but soon saw profit booking, reflecting the overall moods of the market. As against the IPO price of Rs.23, it got listed on the BSE at Rs.45.21 and is now trading at Rs.40 levels.

The issue did well with overall subscription at 146.8x, led by QIBs at 311, HNIs at 258 and Retail at 49.25x.

Bharat Coking Coal is a Dhanbad, Jharkhand based Min-Ratna company with 7,910 million tonnes estimated reserve (as of 1.4.24) across coalfields in Jharia, Jharkhand and Raniganj, West Bengal. While it aims for 56 mn tonnes production in future, FY25 production dropped 1% YoY to 40.5 million tonnes, with H1FY26 production dropping a massive 17% YoY to 15.75 million tonnes in H1FY26, from 19.1 million tonnes in H1FY25, partly due to monsoon.

In our IPO Analysis, we had concluded - Bharat Coking Coal is a PSU lacking growth and profitability. Do not get lured by the ‘penny stock pricing’ and avoid the IPO.