Shares of Bharat Coking Coal, India‘s top coking coal miner, soared as much as 96% in their market debut on Monday, buoyed by optimism around the country’s steel sector.
The stock pared some of its gains to trade 83.4% higher at Rs 42.19 as of 10:26 am IST on the National Stock Exchange of India, valuing the company at Rs 196.48 billion ($2.16 billion).
The shares listed at Rs 45, compared to the issue price of Rs 23. The benchmark Nifty 50 was down 0.6% on the day.
The company, which produces coking coal—a key steelmaking raw material—is a unit of government-owned Coal India, one of the world’s largest coal producers. This is India‘s first mainboard listing of 2026.
“A combination of things like lower ticket price, reasonable valuations and strong parentage of Coal India have driven the surge in stock,” said Sunny Agrawal, head of fundamental equity research at SBICAPS Securities.
“One can look at Bharat Coking Coal as a proxy player for steelmakers, which currently enjoy a strong business outlook,” Agrawal added.
The $118.7-million IPO drew bids worth $13 billion last week, making it one of the most heavily subscribed state-run offerings in recent years.
India ranked as the world’s second-largest primary market in 2025 after the United States, according to LSEG data.
Bharat Coking Coal‘s stellar listing reflects its strategic importance in India‘s steel and metallurgical coal supply chain, said Shivani Nyati, head of wealth at Swastika Investmart.
The company plans to acquire coking coal mines in Australia and Russia in the next two to three years, its Chairman and Managing Director Manoj Kumar Agarwal told Reuters last week.
Reuters
