Bharat Coking Coal's IPO is open, with its Grey Market Premium (GMP) at 43 and the issue booked over 8 times on Day 1. The company plans to harness coal-bed methane (CBM) from two blocks in the Jharia coalfield, with production expected from FY28. Investors are evaluating the IPO based on stable cash flows, predictable offtake, and reasonable valuations, rather than aggressive growth, considering the cyclical nature of the coal sector.