Bharat Coking Coal Limited IPO
An overview of Bharat Coking Coal Limited (BCCL) and its historic Initial Public Offering (IPO) is given, indicating its significant success in the Indian capital market.
- BCCL, a subsidiary of Coal India Limited, is the largest producer of coking coal in India.
- The IPO, despite global market challenges, became the highest recorded in India's mainboard IPO market.
- 46 crore shares aimed to raise ₹1,070 crore, receiving over 90 lakh applications and oversubscribed 147 times.
Trend of Public Sector Enterprise Listings
Over the past 7-8 years, there has been a consistent trend of Public Sector Undertakings (PSUs) listing on the stock exchanges, significantly enriching shareholder value.
- About 15 PSUs have been listed, increasing their market capitalisation tremendously.
- The combined market value rose from ₹1.4 lakh crore at listing to ₹8.53 lakh crore by December 2025 (513% increase).
- Key companies: Cochin Shipyard, Mazagon Dock Shipbuilders, RITES Ltd., among others.
Funding Strategic Initiatives
PSUs are now increasingly funding important strategic missions, reducing dependency on government budget allocations.
- Example: National Critical Mineral Mission (NCMM) has major funding from PSUs like Coal India Ltd., NTPC Mining Ltd., and others.
- Out of ₹34,300 crore approved, only ₹1,500 crore comes from the government; the rest from PSUs.
Markets as Catalysts
The stock market acts as a catalyst for scrutiny and enhancing administrative quality in PSUs.
- PSEs increasingly show operational strength and strategic clarity, attracting investors.
- BCCL's transformation exemplifies how market perception has shifted; it produces 58.5% of India's domestic coking coal.
