Bharat Coking Coal IPO: The grey market premium (GMP) of Bharat Coking Coal has been in focus since Coal India's arm announced its price band for its Rs 1,071 crore initial public offering (IPO) earlier this week.
Bharat Coking Coal IPO GMP
According to Investorgain, a grey market tracker platform, the shares were trading at a GMP of Rs 16 per share on January 4, which fell to a level of Rs 11.25 on January 6. Meanwhile, the Bharat Coking Coal IPO GMP jumped a bit on January 7 to Rs 12.25 per share.
The GMP is suggesting a listing gain of 53.26 per cent against the IPO price of Rs 23.0
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 on the bourses on January 16.
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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.
IPO Shares Reservation
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.
Disclaimer: Grey market numbers are not official. It is just a prediction based on the activities in the unofficial market before IPO listing.