Shares of Bharat Coking Coal Ltd (BCCL) will be listed at the bourses after a successful IPO that saw an overwhelming response from all categories of investors by receiving bids for ₹1.17 lakh crore. The company has fixed the IPO price at ₹23 a share.
The shares are trading at a premium of around 55 per cent.
The IPO was subscribed 146.87 times, drawing bids for 5,095.56 crore shares against the offered 34.69 crore shares.
The ₹1,071.11-crore IPO is entirely an offer for sale by Coal India. The Qualified Institutional Buyers category led the charge with 310.81 times subscription followed by high net-worth individuals segment at 275.64 times and retail category at 9.33 times subscription. Shareholder (of Coal India) reservation portion saw 87.29 times demand. The employee reserved category was subscribed 5.18 times.
BCCL, a wholly owned subsidiary of Coal India Ltd, has raised ₹273.1 crore from anchor investors ahead of its initial public offering.
BCCL said it has allotted 11,87,53,500 equity shares to anchor investors at ₹23 per share who included marquee names such as Life Insurance Corporation of India, Societe Generale, Copthall Mauritius Investment Ltd, Citrine Fund, M7 Global Fund PCC-ASAS Global Opportunities Fund, Maybank Securities and Rajasthan Global Securities Pvt Ltd. Among equity-oriented mutual funds, shares were allotted to UTI Dividend Yield Fund and other UTI schemes, Nippon Life India Trustee — A/C Nippon India Small Cap Fund, and Bandhan Small Cap Fund.