Bharat Coking Coal Stock Skyrockets: A Remarkable Market Debut

Bharat Coking Coal Ltd's shares skyrocketed on their market debut, closing with a 77% premium, valuing the company at Rs 18,935 crore. Despite market downturns, the IPO was overwhelmingly oversubscribed, reflecting strong investor interest.

In a remarkable stock market debut, Bharat Coking Coal Ltd saw its shares close with a premium of nearly 77% amid an overall market downturn. The company, which was valued at Rs 18,935 crore at closing, had its shares listed on the BSE at Rs 45.21, a significant 96.56% above its issue price of Rs 23.

Similarly, on the NSE, the stock debuted at Rs 45, reflecting a 95.65% surge. Shares concluded the day at Rs 40.58, marking a 76.43% increase. This impressive performance occurred while both the BSE Sensex and NSE Nifty indices took a dip, declining by 0.39% and 0.42% respectively.

Despite the bearish trend in equity markets, Bharat Coking Coal Ltd's IPO was a highlight, having been subscribed to a staggering 146.81 times on the final bidding day. The IPO, priced between Rs 21-23 per share, quickly became the talking point as it was fully subscribed within moments of opening, underscoring strong market interest and confidence in the company, which has roots in Jharkhand and West Bengal coalfields since 1972.

(With inputs from agencies.)