Amagi Media vs Bharat Coking Coal IPO: Where should you put your money?

The initial public offerings (IPOs) of Amagi Media Labs and Bharat Coking Coal Ltd (BCCL) are open for public subscription this week. While Amagi Media Labs opened for bidding today, January 13, 2026, Bharat Coking Coal is set to close its IPO, offering investors exposure to India’s largest coking coal producer. 

 

Bharat Coking Coal has received a solid response from investors so far. As of 11:40 AM, the issue was subscribed nearly 52 times, receiving bids for 17.99 billion against 346.9 million shares on offer. On the other hand, Amagi Media witnessed a muted start to its IPO. The issue has been subscribed only 3 per cent so far. 

 

GMP shows strong interest in Bharat Coking Coal IPO

Bharat Coking Coal is witnessing strong interest, with its unlisted shares trading at ₹33.7, a premium of ₹10.7 or 46.5 per cent over the upper price band of ₹23. On the contrary, Amagi Media Labs is seeing moderate demand in the grey market, with its unlisted shares trading at ₹381, a premium of ₹20 or 5.54 per cent over the upper end of the price band of ₹361. 

Amagi Media Labs IPO: SaaS play with global reach

Analysts at Anand Rathi Shares & Stock Brokers noted that Amagi Media Labs, a Bengaluru-based SaaS company, is positioned as a cloud-native industry platform for video content creation, distribution, and monetisation. Serving content creators, broadcasters, and advertisers worldwide, Amagi’s technology integrates AI and machine learning across the video value chain to improve automation and operational efficiency. The company reported profitability in H1 FY26, and strong operating leverage is expected to deliver full-year profits in FY26. At the upper price band of ₹361, the IPO is valued at 6.7x FY25 P/S, translating into a post-issue market capitalisation of ₹7809.8 crore.

 

According to analysts, the IPO is fairly priced, with long-term growth potential driven by R&D investments and scale across global media markets. Anand Rathi Shares recommends a “Subscribe – Long Term” rating, while SBI Securities assigns a neutral rating, suggesting investors track performance over a few quarters post listing.

 

SBI Securities, however, shared a more cautious view. While Amagi is on the verge of achieving full-year profitability in FY26, the brokerage flagged ongoing consolidation in the global media and entertainment industry, particularly in North America, as a potential risk to pricing power. At ₹361 per share, SBI Securities values the issue at 6.7x FY25 P/S and has assigned a ‘Neutral’ rating, suggesting investors track performance post listing.

Bharat Coking Coal IPO: High-quality PSU with structural advantages

On the other hand, Bharat Coking Coal Ltd (BCCL) offers investors a strategic play on India’s coking coal sector. Mehta Equities noted that BCCL holds a dominant position in India’s coal value chain, with 34 operational mines, estimated reserves of 7.91 billion tonnes, and leadership in washery capacity. Supported by Coal India’s technical and financial backing, the company benefits from high entry barriers, strong logistics infrastructure, and structural demand from the steel sector.

 

Despite temporary operational disruptions and adverse weather in FY25 and H1 FY26, BCCL is expected to recover volumes and earnings from FY27, aided by the expansion of washery capacity to 20.65 MTPA and renovation of the Moonidih washery. At the upper price band of ₹23, the IPO is valued at a post-issue EV/EBITDA multiple of 6.4x. Analysts recommend investors to “Subscribe for healthy listing gains,” citing the scarcity value of domestic coking coal and long-term cash flow visibility.

 

Analysts at SBI Securities noted that BCCL accounted for 58.5 per cent of India’s domestic coking coal production in FY25 and holds estimated reserves of 7.91 billion tonnes across 34 operational mines. With the ongoing expansion of washery capacity to 20.65 MTPA, earnings visibility is expected to improve. At the upper price band of ₹23, the issue is valued at an EV/Ebitda multiple of 6.4x, which analysts consider reasonable, leading to a ‘Subscribe’ recommendation.  Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.