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The September quarter is typically the weakest for steel producers because of the impact of monsoon rains on both prices and demand, but steel prices have corrected further from these levels. Average prices of flat-rolled products fell 4-5% in October-December from a quarter ago, while those of long products were 1-2% lower. View More
MUMBAI: Steel producers are set to see a sequential fall in profits in the December quarter weighed down by the continued weakness in prices of the alloy. The September quarter is typically the weakest for steel producers because of the impact of monsoon rains on both prices and demand, but steel prices have corrected further from these levels. Average prices of flat-rolled products fell 4-5% in October-December from a quarter ago, while those of long products were 1-2% lower. Analysts estimate the blended realisations for steel companies to fall by Rs 1,500-3, 500 per tonne as compared to the September quarter. This, along with an increase in the cost of coking coal , is expected to weigh on the profitability of companies. As a result, earnings before interest, tax, depreciation and amortization made by companies on each tonne of steel sold will fall by Rs 1,000-2,400 per tonne. "We reckon Q3FY26 Ebitda for all steel companies shall fall 10-21% QoQ due to lower steel prices," Nuvama Institutional Equities said in a pre-earnings note. Net profit for the December quarter, meanwhile, is seen 10-40% lower sequentially, with Steel Authority likely to take the sharpest hit. Live Events .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
Bharat Coking Coal’s IPO listing has been postponed to January 19, but strong investor interest persists. The issue continues to command a grey market premium of around 56%, backed by heavy subscription and the company’s dominant position in India’s coking coal segment. View More
The listing date for Bharat Coking Coal Limited (BCCL), a subsidiary of PSU Maharatna Coal India , is being keenly watched after it was rescheduled to January 19, 2026, from the earlier listing date of January 16. The postponement came in the wake of the BMC election results, as mentioned in updated stock exchange communications. Despite the delay, investor sentiment remains robust as the IPO continues to reflect a strong grey market premium (GMP). The issue is currently commanding a GMP of Rs 13 to Rs 14, implying a listing price of around Rs 36 to Rs 37 per share, compared with the issue price of Rs 23. This translates into a potential premium of about 56.2%, as indicated by data from the unofficial grey market. Bharat Coking Coal subscription status The public offering of Bharat Coking Coal witnessed an overwhelming response from investors. The IPO attracted bids worth over Rs 1.17 lakh crore, making it one of the most heavily subscribed PSU IPOs in recent memory. More than 50.93 crore shares were bid for at the upper price band, resulting in an overall subscription of nearly 147 times. Live Events Over 90 lakh applications were received, underlining strong participation across retail, non-institutional and institutional investor categories. Qualified institutional buyers and the non-institutional investor segment were key drivers of demand, while retail investors and shareholder quota applicants also contributed meaningfully. Bharat Coking Coal issue details IPO Price: Rs 23 per share Lot Size: 600 shares Total Investment for One Lot: Rs 13,800 Allotment Date: January 14, 2026 Revised Listing Date: January 19, 2026 Investors were able to check the allotment status starting January 14. The delay in listing has not dampened sentiment in unofficial markets, where the stock continues to trade at a strong premium. About Bharat Coking Coal Bharat Coking Coal holds a significant position in India’s energy and industrial ecosystem. As per the company’s offer documents, it is India’s largest producer of coking coal, contributing 58.5% of domestic output in FY25. It operates 34 mines across Jharkhand and West Bengal, with an estimated reserve base of 7.91 billion tonnes as of April 2024, accounting for over 20% of India’s total coking coal reserves. The company is the only meaningful domestic source of prime coking coal, a critical input for the steel manufacturing sector. Its operations play a pivotal role in reducing India’s dependence on imported coking coal. Also read: Infosys shares climb 5% on FY26 guidance hike post Q3 results. Is more upside left? (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)
Former U.S. special forces officer Gene Yu is now the co-founder and CEO of cybersecurity startup Blackpanda. The company has raised about $22 million to date. View More
Gene Yu is the co-founder and CEO of Blackpanda.Courtesy of Gene Yu At age 46, startup founder Gene Yu seems to have lived several lives in one.Before he started his own company, he was a Division 1 tennis player, graduated with a computer science degree from the United States Military Academy, commonly known as West Point, served as a "Green Beret" in the U.S. Army Special Forces, led the rescue of a family friend from a hostage situation and authored a book. Today, he is also the co-founder and CEO of cybersecurity startup Blackpanda which has raised over $21 million to date, according to an official company announcement.While he's undergone extremely rigorous military training, served on battlefields and led major counter-terrorism missions, he said his hardest battle was internal. Growing up Asian American Yu was born in Concord, Massachusetts, where he says he was the only Asian kid in his town. He then moved to Cupertino, California when he was 10. His family background is unique and, in some ways, high-profile: his uncle is Ma Ying-jeou who served as the president of Taiwan from 2008 to 2016. Growing up as an Asian male in America, he says that he often internalized the messages he was told by society that "you are inferior, you are unattractive, you are not desired, you are not equal." This took a toll on Yu's self-esteem. These feelings of inferiority were, at times, amplified at home. He learned early on to prioritize achievement. "In Asian culture, what we learn is performance equals love, right? Or even better yet, lack of performance equals the absence of love," Yu told CNBC Make It. Yu says his early experiences led him to chase achievement as a way of protecting a younger version of himself. "It's like you are a wounded child, and you're wearing the Iron Man suit," he said. "You're armoring yourself as a traumatized person." "I hated my own identity, because it was wounded, right? I wanted to create a new one, and that's what the military does for you," he said. So, at age 17 after graduating from high school, he left home and went straight to West Point, which is known to be a highly prestigious and selective military academy. After that, he joined the U.S. Army Special Forces where he served as an officer and commander.From his high school years to his time at West Point, he was working approximately 16 to 20 hours a day. That intensity shaped his work ethic which he still carries today."At West Point, you're up at like 5 a.m., and then you're down at like [midnight] ... And it's six days a week of school, no summer breaks," he said. "So I definitely know how to work hard, that's for sure, which I think [helped] at Blackpanda." From special forces to startup CEO In 2009, Yu's military career came to a crossroads when his uncle, Ma Ying-jeou, was elected as the president of Taiwan."There was [an] investigation around ... the fact that my uncle was the sitting president of Taiwan, which had occurred while I was in Special Forces," said Yu. This period prompted difficult questions about his future.Ultimately, Yu made the decision to leave the army, which left him feeling disoriented and exiled. "I had a massive loss of identity," he said. "I had waves of deep survivor's guilt, because I knew that I was in my prime as one of the best Special Forces captains the U.S. Army had, and that our boys were overseas, dying and fighting, and I was just chilling out."In the years that followed, he struggled to find a new sense of identity. He spent a few years studying Chinese and going back to graduate school at Johns Hopkins University, where he was recruited to work as an equity trader at Credit Suisse. Eventually, in 2012, he joined Palantir Technologies which he grew to love, only to get retrenched in 2013. "After Palantir let me go ... that was the hardest time in my life, by far. And I was also broke...so financially stressed, and couch surfing," he said. Then, a crisis involving a family friend named Evelyn Chang pulled him back into action.In 2013, Chang was taken hostage abroad by terrorist group Abu Sayyaf. Yu helped orchestrate the rescue: He put a team together, went into the Philippines and rescued her after 35 days. Notably, this mission was what helped inspire the idea for Yu's company today, Blackpanda. He realized that companies or entities facing cyberattacks needed the same kind of fast, 24/7 support that crisis insurance and services provide during kidnappings and ransom situations. "So the same models that are [used in] the physical safety and security world need to be copied in the digital world. That's what's missing in cyber security," he said. He teamed up with some former Green Berets and they all went on to build Blackpanda, an idea shaped from Yu's unique background.Today, in reflection, Yu says that attaching identity to accomplishments is "a rigged game." "Because every time that you strive for the next achievement, you think that ... Everything is going to be all good, right? But the problem is that if you never heal the original trauma wound, then anyone can still come hurt you from a different angle," he said. Want to give your kids the ultimate advantage? Sign up for CNBC's new online course, How to Raise Financially Smart Kids. Learn how to build healthy financial habits today to set your children up for greater success in the future. VIDEO8:3808:38I left Atlanta for the Middle East â hereâs why I'm much happierMake It
Indian steel tube makers are asking the government to keep restrictions on Chinese companies and equipment in power projects. They warn that lifting these rules would harm domestic manufacturing and lead to job losses. The industry is vital for thermal power plants. Allowing Chinese imports could result in underpriced products and banking stress. View More
New Delhi: The Indian steel tube and pipe manufacturing industry has urged the government not to remove existing restrictions on participation of Chinese firms and import of Chinese equipment in power sector projects, as it would hurt the domestic industry. In a recent letter to the steel ministry, the Seamless Tube Manufacturers' Association of India (STMAI) said the proposed easing of existing restrictions on participation of Chinese firms will jeopardise domestic manufacturing , create banking stress and cause mass unemployment. ET Budget Survey: Tell us your wishlist The steel tube and pipe industry is a critical backbone of thermal power projects, supplying boiler tubes, high-pressure, high-temperature seamless tubes, and alloy and carbon-steel pipes for balance-of-plant systems. "We wish to submit this representation with a deep sense of concern and urgency regarding the recent... reports indicating that the government is considering easing existing restrictions on participation of Chinese firms and import of Chinese equipment in power sector projects," the letter said. It said that if Chinese components and systems are allowed, Chinese suppliers will dump underpriced tubes and pipes, leaving domestic manufacturers with under utilised capacity, leading to the shutdown of advanced facilities. Live Events "Such a policy reversal will directly result in the inability of manufacturers to service term loans taken for capacity expansion, a sharp increase in non-performing assets (NPAs) in PSU and private banks, stress on MSMEs and... suppliers linked to the steel tube ecosystem," it said. The steel tube and pipe sector, it said, is highly employment-intensive, supporting skilled engineers and metallurgists, among others, and permitting Chinese imports will result in large-scale job losses and the closure of domestic units, the letter said. "We strongly urge the government to reconsider this proposal and continue to uphold the spirit and substance of Make in India and DPIIT policies, which have enabled India to build credible domestic capabilities in the power sector supply chain," the letter said. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
Bharat Coking Coal IPO’s grey market premium remains near 60% despite a delay in listing due to a trading holiday. The issue saw massive investor interest, strong subscription levels, and sustained optimism ahead of the revised January 19 debut. View More
The grey market premium (GMP) for the Bharat Coking Coal IPO continues to remain elevated even as the company’s listing has been pushed back due to a trading holiday this week. As per market trackers, the latest GMP for Bharat Coking Coal stands at Rs 13.65. Against the issue price of Rs 23 per share, this indicates an estimated listing price of around Rs 36.65, translating into an expected listing gain of about 60%. The strong GMP reflects sustained optimism around the issue despite the delay in listing. The stock was earlier scheduled to debut on January 16, but the listing has now been postponed to January 19 as stock exchanges will remain shut on January 15 due to municipal corporation elections in Maharashtra. The allotment was finalised on January 14, while refunds are expected to be processed on January 16. Bharat Coking Coal’s IPO attracted bids worth over Rs 1.17 lakh crore, making it one of the most heavily subscribed IPOs in recent years. Investors bid for more than 50.93 crore shares at the upper price band, resulting in an overall subscription of nearly 147 times. The issue also saw record investor participation, with over 90 lakh applications, underscoring broad-based demand across retail, non-institutional, and institutional categories. The non-institutional investor segment and qualified institutional buyers led the demand, while the shareholder quota also witnessed strong interest. Analysts attribute the sustained grey market interest to Bharat Coking Coal’s dominant position in India’s coking coal segment, its strategic importance to the steel sector, and the scarcity value of a pure-play coking coal producer in the listed space. Live Events The company is a subsidiary of Coal India and plays a critical role in domestic coking coal supply, which continues to face a structural demand-supply gap. That said, grey market premiums are unofficial indicators and tend to be volatile. While a high GMP signals positive sentiment and expectations of listing gains, the actual listing price will depend on broader market conditions and investor demand on the day of listing. With the revised listing now set for January 19, investor focus will remain on whether the strong grey market enthusiasm sustains through to the stock’s market debut. Also Read | Quant Mid Cap Fund makes complete exit from IRCTC and increases stake in Anthem Biosciences and 4 other (Disclaimer: The recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of The Economic Times.) .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)
India emerged as a net exporter of finished steel in April–December 2025 as safeguard duties and quality curbs sharply cut imports, even as exports rose amid weak domestic prices and surplus supply. View More
Bharat Coking Coal's IPO attracted massive investor interest, securing bids worth Rs 1.1 lakh crore for its Rs 1071 crore offering. This overwhelming response was fueled by the company's dominant position in coking coal production and attractive valuations. Investors are anticipating a strong listing performance. The company's focus on expanding beneficiation capacity also signals future growth prospects. View More
Bharat Coking Coal 's IPO has emerged as one of the biggest subscribed public offers in recent history, with a relatively small Rs 1071 crore issue attracting bids worth nearly Rs 1.1 lakh crore. The IPO closed with an overall subscription of almost 147 times, cutting across investor categories and setting new records for application numbers in a PSU offering. The scale of demand is interesting not just because of the headline figure, but also because it came at a time when broader equity markets have been volatile and investor risk appetite has been selective. Strong subscription numbers The final subscription data reflects overwhelming demand across segments. The issue was subscribed nearly 147 times overall. Qualified institutional buyers subscribed 311 times, while non-institutional investors bid 258 times the shares on offer. Retail investors applied for 49 times their quota, and even the traditionally steady employee category was subscribed five times. The shareholder quota saw strong interest as well, with subscriptions reaching 87 times. Market participants also point to the record number of applications, estimated at close to 90 lakh, as a sign of unusually broad participation for a PSU IPO. This depth of demand has reinforced expectations of a strong listing, particularly with the grey market premium hovering around Rs 10.6, implying a premium of roughly 46% over the issue price of Rs 23. Live Events Why did investors pile onto the IPO One of the primary reasons for the intense demand lies in Bharat Coking Coal 's unique positioning and the scarcity value, according to analysts. The company is India's largest producer of coking coal and the only meaningful domestic source of prime coking coal, a critical input for steel manufacturing. As of April 2024, it held estimated reserves of around 7.91 billion tonnes, accounting for over one-fifth of India's total coking coal resources. In FY25, Bharat Coking Coal contributed nearly 58.5% of domestic coking coal production, operating 34 mines across Jharkhand and West Bengal. Analysts say this dominant reserve position, combined with assured demand from the steel sector, gives the company a level of visibility that few commodity producers enjoy. Gaurav Garg, research analyst at Lemonn Markets Desk, said the subscription response reflects confidence in this monopolistic position. He noted that the scarcity value of a pure-play coking coal producer, coupled with steady long-term demand from steelmakers, has played a major role in driving investor interest across categories. Valuation comfort amid volatile markets Another key factor behind the strong response was valuation. At the upper price band of Rs 23, the IPO values Bharat Coking Coal at a market cap of around Rs 10,711 crore. On post-issue numbers, the valuation works out to roughly 6.4 times EV to EBITDA, which many analysts consider reasonable for a company with long reserve life, stable offtake and PSU backing. Brokerages have highlighted that in a market environment where many stocks still trade at premium multiples, Bharat Coking Coal offered a combination of low absolute price, predictable cash flows and strategic relevance. This valuation comfort appears to have been particularly attractive for non-institutional investors, as reflected in the 258 times subscription in the NII category. Institutional validation through anchors The anchor book also provided early signals of institutional confidence. The anchor portion was fully subscribed at one time, with 11.88 crore shares allotted, raising around Rs 273 crore. This anchor participation helped set a positive tone ahead of the public issue and reassured other investors about institutional appetite for the stock. According to Garg, the full anchor subscription offered early validation of the issue and likely encouraged aggressive bidding in the later stages, especially from high-net-worth individuals looking for listing gains. Growth levers beyond coal extraction While Bharat Coking Coal is often viewed primarily as a mining company, analysts point out that its future growth is increasingly linked to coal beneficiation and efficiency improvements. The company currently operates washeries with an owned capacity of 13.65 million tonnes per annum and is in the process of adding three new washeries with a combined capacity of 7 million tonnes per annum. It is also renovating the Moonidih washery. Once these projects are completed, total washery capacity is expected to rise to 20.65 million tonnes per annum. This expansion is expected to improve realisations, enhance product quality and strengthen margins over time. Rajan Shinde , research analyst at Mehta Equities , said Bharat Coking Coal's leadership in washery capacity and logistics creates durable cost advantages and high entry barriers. He added that the company is well placed to benefit from India's push towards import substitution in coking coal, supported by long-term demand from the steel sector. Financial performance and near-term risks Financially, Bharat Coking Coal has delivered strong margin expansion over the past two years, aided by operating leverage and pricing. Between FY23 and FY25, the company reported revenue, EBITDA and PAT compound annual growth rates of 4.6%, 88.1% and 36.6%, respectively. However, profitability moderated in the first half of FY26 due to cost pressures and seasonal factors. Analysts caution that near-term performance may remain uneven, especially given weather-related disruptions and operational challenges inherent to underground mining. However, most brokerages view these headwinds as temporary and expect volumes and earnings to normalise over the next few years as capacity expansion and efficiency measures kick in. What to expect from listing day With a grey market premium of around Rs 10.6, the IPO is indicating a strong listing, though GMPs are not always reliable predictors. Still, the combination of heavy oversubscription, broad-based participation and valuation comfort suggests healthy secondary market interest. Investors will also weigh the fact that the IPO is a 100% offer for sale of around Rs 1071 crore, meaning there is no immediate infusion of fresh capital into the company. While this is a consideration for long-term investors, analysts say it has not dampened sentiment given Bharat Coking Coal's cash-generative nature and strategic importance. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)
Cement firms anticipate weaker earnings for the December 2025 quarter. Price moderation following a GST revision, subdued demand from the non-trade sector, and increased raw material costs are impacting profitability. Cement prices saw a decline across India, with southern and eastern regions experiencing the steepest drops. View More
Mumbai: Cement companies are expected to report weaker-than-usual earnings for the quarter to December 2025, weighed down by a goods and services tax ( GST ) revision-led moderation in prices, weak demand from the non-trade segment and higher cost of raw materials. As compared to the seasonally weak September quarter, cement prices were down about 3% pan-India in the October-December period, with southern and eastern India seeing the sharpest declines. While the period marked the first full quarter after the GST rate cuts, cement prices were weaker even when adjusted for the GST revision, analysts said. The average price of cement pan-India per bag of 50 kg was around ₹333 in the December quarter, down from ₹372 per bag in the previous three-month period and ₹359 a year ago. The weakness in prices, along with higher prices of pet coke, will impact the earnings before interest, tax, depreciation and amortisation (EBITDA) of cement producers. The industry's average EBITDA per tonne is likely to be in the range of ₹750-1,050 in the December quarter, down from more than ₹1,000 in the first half of 2025, with Shree Cement likely to top the charts, according to analysts. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
Bharat Coking Coal’s IPO drew record-breaking demand, with subscriptions nearing 147 times amid volatile markets, driven by scarcity value, strategic importance to steelmaking, reasonable valuation and confidence in its dominant, monopoly-like position. View More
The IPO of Bharat Coking Coal has delivered one of the strongest subscription responses seen in India's primary market in recent years, with bids worth more than Rs 1.1 lakh crore flooding an issue size of just Rs 1,071 crore. Data from the exchanges show that investors bid for 50,93,16,75,600 shares at the upper price band of Rs 23, translating into a total bid value of about Rs 1.17 lakh crore. Further, in terms of applications, the IPO set a new record at 90.31 lakh applications. Waaree Energies , which brought its IPO in late 2024, is the close second with 82.65 lakh applications. The IPO was subscribed nearly 147 times overall, reflecting broad-based participation across investor categories despite heightened volatility in equity markets. Qualified institutional buyers led the charge with subscription of 311 times, while non-institutional investors bid 258 times the shares reserved for them. Retail investors subscribed their portion 49 times, employees around five times, and shareholders 87 times. The overwhelming demand has come at a time when India's benchmark indices have struggled for direction, making the scale of interest in Bharat Coking Coal stand out. Analysts attribute the response to a combination of scarcity value, strategic importance of coking coal to India's steel industry, and the relatively modest valuation at which the company has come to market. Live Events Gaurav Garg, research analyst at Lemonn Markets Desk, said the strong response reflects confidence in Bharat Coking Coal’s monopolistic position and long-term demand visibility. He noted that exceptional oversubscription in the non-institutional segment points to valuation comfort and expectations of listing gains, while robust retail and shareholder participation indicates trust in the broader Coal India ecosystem. Garg added that although QIB demand was more measured relative to other categories, the overall subscription trend suggests favourable secondary market sentiment driven by the scarcity value of a pure-play coking coal producer. Bharat Coking Coal IPO value Bharat Coking Coal is India's largest producer of coking coal and the country's only meaningful domestic source of prime coking coal, a critical raw material for steelmaking. According to its offer documents, the company held estimated reserves of around 7.91 billion tonnes as of April 2024, accounting for roughly 21.5% of India’s total coking coal resources. In FY25, it contributed nearly 58.5% of domestic coking coal production, operating 34 mines across Jharkhand and West Bengal. This dominant position has made the company central to India’s efforts to reduce dependence on imported coking coal. At the upper end of the price band, the IPO values Bharat Coking Coal at a market cap of about Rs 10,711 crore. On post-issue capital, the valuation works out to roughly 6.4x EV/EBITDA, which several analysts consider reasonable given the company’s long reserve life, operating scale and monopoly-like position in a segment where entry barriers are high. Analysts take SBI Securities, which has recommended subscribing to the issue, has highlighted the widening demand-supply gap for coking coal in India as steelmaking capacity continues to expand. The brokerage points to Bharat Coking Coal’s dominant reserve base and its parentage under Coal India as key strengths, giving it access to capital, technical expertise and logistical advantages that are difficult to replicate. A critical part of the investment case is the company's focus on coal beneficiation. Bharat Coking Coal currently operates washeries with an owned capacity of 13.65 million tonnes per annum and is in the process of adding three new washeries with a combined capacity of 7 million tonnes per annum, along with renovation work at the Moonidih washery. Once these projects are completed, total washery capacity is expected to rise to 20.65 million tonnes per annum, which could improve realisations and product mix over time by supplying higher-quality coal to steel producers. Financial performance has also strengthened over the past two years. Between FY23 and FY25, the company reported revenue, EBITDA and PAT compound annual growth of 4.6%, 88.1% and 36.6%, respectively, supported by operating leverage and pricing. Profitability, however, moderated in the first half of FY26 due to cost pressures and seasonal factors, a reminder that earnings can remain sensitive to operational disruptions and weather-related issues. Rajan Shinde, research analyst at Mehta Equities, said the IPO offers exposure to a strategically critical asset with durable competitive advantages. He pointed to Bharat Coking Coal’s large reserve base in the Jharia coalfields, leadership in washery capacity and strong logistics infrastructure as factors that create high entry barriers and support long-term cash generation. While acknowledging that recent performance was affected by temporary disruptions, he expects volumes and earnings to recover from FY27 as mining activity normalises and new washeries come on stream. Healthy anchor book The IPO's anchor book, which was fully subscribed at 1x, added to investor confidence. Shares worth Rs 273 crore were allotted to anchor investors ahead of the issue, providing early institutional validation. According to market participants, the strength of the anchor book helped set the tone for aggressive bidding across categories. Still, some analysts urge caution. The IPO is a 100% offer for sale worth about Rs 1,068.78 crore, meaning no fresh capital will flow into the company. While this does not dilute the underlying business quality, it limits immediate balance-sheet strengthening and places greater emphasis on execution of existing expansion plans. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. 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