BCCL IPO GMP Today: Day 2 Subscription Hits 16X; Grey Market Hints 50% Listing Gains

The energy at the exchanges is electric this morning. As of Monday, January 12, 2026, the Bharat Coking Coal Limited (BCCL) IPO has officially entered Day 2, and the demand is basically a stampede.

The thing is, if you missed the Day 1 opening, you’re now looking at a 16x oversubscription in just the first few hours of the second day. Or nothing. Let’s be real, a PSU subsidiary with a price band this low was always going to draw a crowd. Those too.

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The “BCCL Bidding” Log: Field Notes

It’s an ongoing situation where retail and non-institutional investors (HNIs) are fighting for every scrap of this Rs 1,071 crore issue.

• The Subscription Surge: By midday, the total subscription hit 16.48 times. The thing is, the NII (HNI) category is absolutely exploding at 40.61x. And here’s the kicker—even the Retail quota is already over 16x booked.

• The GMP Heat: In the grey market, BCCL is commanding a premium of around ₹10 to ₹11.50. On an upper band of ₹23, that’s a massive 43% to 50% listing gain being predicted. The thing is, this is just a sentiment indicator, but the momentum is undeniable.

• Coal India Shareholder Hack: If you held even one share of Coal India on Jan 1, 2026, you’re in the “Shareholder Quota.” The thing is, that category is already 21.6x subscribed, but it’s still a separate pool that might offer slightly better odds than the general retail madness.

• Expert Verdict: Brokerages like Anand Rathi and SBI Securities have slapped a “Subscribe” tag on it, mostly for listing gains. The thing is, at 6.4x EV/EBITDA, they think it’s “fairly valued,” but they aren’t promising a long-term moon mission.

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BCCL IPO: Live Snapshot (Day 2)

[Table: Subscription & Key Details]

And Here’s the Kicker…

BCCL isn’t just a coal miner; it’s a “scarcity play.” The thing is, they produce 58.5% of India’s coking coal. With India trying to reach 300 MTPA steel capacity by 2031, the demand for this stuff is locked in. But there’s a catch—it’s an OFS (Offer for Sale). Not a single rupee of that ₹1,071 crore is going into the company’s pocket; it’s all going back to the parent, Coal India.

It’s an ongoing situation where the “Jharia underground fires” and high ash content remain the big long-term risks. But for the people bidding today? They aren’t looking at 2030. They’re looking at January 16, the tentative listing date, for that sweet 50% payday.

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End…

The post BCCL IPO GMP Today: Day 2 Subscription Hits 16X; Grey Market Hints 50% Listing Gains first appeared on Business League.