India, Jan. 20 -- It was expected to witness a strong listing. The grey market premium was 50-60 per cent. However, the Bharat Coking Coal IPO (Initial Public Offering) defied expectations, and predictions, and listed at nearly 100 per cent higher than the offer price yesterday. The price dropped almost instantly by 10 per cent, recovered a bit, and closed at under INR41, or a loss of more than INR4 over its list price of INR45 (offer price: INR23). Analysts said that the drop was because investors booked profits immediately due to the high listing gains. However, the way the

stock lifted a bit, and almost retained its level shows that the investors' sale was short-lived, and there were an equal number of buyers and sellers through the t...