Bharat Coking Coal IPO Subscribed 34x on Day 2; GMP Signals Strong Listing

• Bharat Coking Coal IPO, aiming to raise Rs 1,071 crore, was subscribed 34 times on its second day.
• Non Institutional Investors (NII) oversubscribed their portion by 96 times, Retail Individual Investors (RIIs) by 27 times, and existing shareholders by 44 times.
• The Grey Market Premium (GMP) for Bharat Coking Coal shares rose to 47.17% over the IPO price, indicating strong listing expectations.
• The IPO, an offer for sale by Coal India, was open from January 9-13 with a price band of Rs 21-23 per share.
• Brokerages like Anand Rathi and Deven Choksey recommended 'Subscribe' for listing gains and long-term growth, citing fair valuation and strong market share.

Why It Matters: Bharat Coking Coal IPO saw massive oversubscription and rising GMP, suggesting a strong market debut.