NEW DELHI: Bharat Coking Coal Ltd (BCCL), a wholly-owned subsidiary of Coal India Ltd, has successfully secured ₹273.1 crore from anchor investors in preparation for its upcoming initial public offering (IPO). The company confirmed this significant milestone on Thursday, providing a fresh influx of capital ahead of the public issue set to commence on January 9.

In a strategic move, BCCL allocated 11,87,53,500 equity shares at a price of ₹23 per share to attract marquee investors. Notable participants in this anchor book include the Life Insurance Corporation of India, Copthall Mauritius Investment Ltd, Societe Generale, and several mutual funds such as UTI Dividend Yield Fund and Nippon Life India Trustee — A/C Nippon India Small Cap Fund. The allocation showcases confidence from both domestic and international investors in the company’s prospects.

The IPO consists entirely of an offer for sale by Coal India, which presently retains a 100% stake in Bharat Coking Coal. The proceeds from this capital market initiative, estimated at ₹1,071 crore at the upper price range, are earmarked for Coal India. Industry experts view this IPO as a pivotal step for BCCL, providing it the financial leverage to enhance its market position and operational capabilities.

The successful raising of funds from anchor investors ahead of the IPO is a strong indicator of market optimism and sets a positive tone for the public offering. As the opening day draws near, both institutional and retail investors will be keenly watching how this IPO unfolds, potentially influencing further developments in the country’s coal sector.