Bharat Coking Coal Ltd IPO Skyrockets with Massive Oversubscription

The Bharat Coking Coal Ltd (BCCL), a subsidiary of Coal India, garnered significant attention with its IPO being fully subscribed within minutes. A total of 84,15,46,800 bids, translating to 2.43 times the available shares, were placed against the offered 34,69,46,500 shares. The effort is part of a divestment strategy.

Bharat Coking Coal Ltd's initial public offering (IPO) was explosively received, with complete subscription occurring within minutes of the bidding window opening on Friday.

The IPO saw substantial interest with bids summing up to 84,15,46,800 shares against an offering of 34,69,46,500 shares, resulting in a 2.43 times over-subscription, according to the latest reports from NSE.

This divestiture move, aimed at sustaining transparency and unlocking value in Coal India's subsidiaries, reflects a broader market trend, as last year's IPO figures set a staggering new record.

(With inputs from agencies.)