Bharat Coking Coal IPO GMP fell a bit on January 6, a day after Coal India’s arm announced the price band for its upcoming initial public offering.
However, despite the fall, the grey market premium of Bharat Coking Coal (BCC) IPO remained up over 50 per cent against its upper band of price band, signalling a blockbuster gain on listing day.
Bharat Coking Coal IPO GMP Today
According to Investorgain, a grey market tracking website, BCC GMP today is Rs 13, meaning the shares of the public sector company are trading at Rs 36 in the unofficial market, up 56.52 per cent as compared to the IPO price of Rs 23 per share.
If the grey market gain holds on the listing day, investors may make a significant over 50 per cent.
Bharat Coking Coal IPO Details
Bharat Coking Coal IPO Price Band: The price band for the Coking Coal’s IPO has been fixed at Rs 21 to Rs 23 per share.
Bharat Coking Coal IPO Bidding Period: BCC IPO will open for public subscription between January 9 to January 13. Meanwhile, the anchor investor will have a day to bid on January 8.
What is Issue Size Bharat Coking Coal IPO: The public sector unit will raise Rs 1,071 crore.=
Bharat Coking Coal IPO Listing Date: The shares of BCCL are scheduled to list of brouses on January 16.
BCC IPO Is Entirely an ‘Offer for Sale’
According to the red herring prospectus (RHP), the public issue is entirely an offer for sale (OFS) of 46.57 crore equity shares by Coal India, meaning all the proceeds would go to Coal India only, as there are no fresh shares.
Shares Reservation Criteria
According to the company, 50 per cent of the offering has been reserved for qualified institutional investors (QIIs), 35 per cent has been reserved for non-institutional investors, and the remaining 15 per cent will be available to retail investors.