Kolkata, Jan 9 (PTI) The initial public offering of Bharat Coking Coal Limited was subscribed 8.09 times on the first day of bidding on Friday, driven by strong demand from retail, non-institutional and existing shareholder investor categories.
The issue received bids for 2,80,61,36,400 equity shares against the offer size of 34,69,46,500 shares, according to data available on the stock exchanges.
The retail investors’ portion was subscribed 9.26 times, while the non-institutional investors’ segment saw subscription of 16.39 times. The shareholder-reserved portion was booked 10.86 times and the employee portion 0.83 times. The qualified institutional buyers’ category was subscribed 0.30 times.
The issue opened for subscription on Firday and will close on January 13. Ahead of the issue opening, the company raised Rs 273.1 crore from anchor investors book.
At the upper end of the price band, the issue is valued at about 9 times price-to-earnings and around 2 times price-to-book value, as per offer documents. The issue will raise Rs 1,071 crore from this offer for sale by Coal India.
Bharat Coking Coal is the country’s largest producer of coking coal, accounting for about 58.5 per cent of domestic coking coal output in FY25. It is a wholly-owned subsidiary of Coal India Limited and holds estimated coal reserves of about 7,910 million tonnes. PTI BSM NN
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