Overview
- Shares opened at Rs 45.21 on the BSE and Rs 45 on the NSE versus the Rs 23 issue price, implying a market value of about Rs 19,457 crore.
- The Rs 1,071 crore offering was entirely an offer-for-sale of 46.57 crore shares by Coal India on behalf of the government.
- Investor demand was intense with overall subscription reported around 143.85–146.81 times, including 49.37x retail, 240.49x NII and 310.81x QIB bids.
- Coal India’s chief said the outcome supports plans for more listings, with CMPDI’s draft papers filed and in-principle nods in place for MCL and SECL.
- Brokerages urged allotted investors to book partial gains and hold the balance for the long term, flagging the potential for near-term volatility.