Shares of Bharat Coking Coal Ltd., India’s biggest coking coal miner operated by Coal India Ltd., nearly doubled over the IPO price upon listing today.
Bharat Coking Coal’s share price surged as much as 96.56% over the IPO price of ₹23 to an intraday high of ₹45.21. The stock listed at ₹45.
The $118.7-million Bharat Coking Coal IPO drew bids worth $13 billion last week, making it one of the most heavily subscribed state-run offerings in recent years.
“The issue was priced reasonably, especially for a low-ticket IPO, offering an attractive risk-reward profile,” said Prashanth Tapse, senior vice president (research) at Mehta Equities.
The company is a unit of government-owned Coal India, one of the world’s largest coal producers, and marked India’s first mainboard listing of 2026.
India ranked as the world’s second-largest primary market in 2025 after the United States, with 367 IPOs raising $21.8 billion, according to LSEG data.