Bharat Coking Coal piqued investor interest with bids totaling ₹1.17 trillion (about $12.97 billion) for its IPO worth $118.7 million. This surge in demand signals a strong appetite for shares, particularly as steelmakers are looking to coking coal.
As India’s main coking coal producer and a subsidiary of Coal India, Bharat Coking Coal attracted bids for over 50.93 billion shares, a staggering 147 times more than what was available. This IPO marks the first major entry into the Indian market this year, fully backed by its parent company.
The enthusiasm for Bharat Coking Coal highlights a resilient Indian primary market, which saw significant fundraising over the past two years. In 2025, India emerged as the world’s second-largest primary market, following the U.S., with 367 IPOs generating $21.8 billion, according to LSEG data.
Notable offerings like LG Electronics India and Meesho have also garnered considerable attention. Kranthi Bathini, an equity strategist at WealthMills Securities, noted that despite fluctuations in the secondary market, the primary market remains vibrant. He believes investor confidence is bolstered by the company’s reputable parentage.
Moreover, the growing demand for coking coal in India is backed by government-led infrastructure projects and increased capacity in steel production. Ventura Securities suggested that this structural growth, along with a push for import substitution policies, is fueling the industry.
Institutional investors showed robust interest, with bids for 24.61 billion shares—311 times the shares available for them. Non-institutional and retail investors also participated actively, with subscriptions reaching 258 times and 49 times, respectively.
In recent times, social media has reflected the excitement surrounding this IPO, with many discussing its implications for the future of India’s manufacturing sector. The resounding response from various investor segments illustrates a collective optimism about India’s economic trajectory.
For more detailed insights into the market trends, you can refer to LSEG’s official reports.
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