The initial public offering (IPO) of Bharat Coking Coal Limited (BCCL), a subsidiary of Coal India, is set to open on Friday, January 9, 2026, with the price band fixed at ₹21 to ₹23 per equity share. The IPO will remain open for subscription until Tuesday, January 13, 2026. Anchor investor bidding will commence on January 8. This mainboard IPO is the first of 2026 and is expected to be closely watched by Dalal Street as an early gauge of investor appetite for public sector undertakings (PSUs) in the New Year.
The IPO is entirely an offer for sale (OFS) of 46.57 crore shares by the promoter, Coal India Limited (CIL). There will be no fresh issue of shares, and thus the company will not receive any proceeds from the IPO. The total issue size is ₹1,071.11 crore.
Issue Details
- IPO Opening Date: Friday, January 9, 2026
- IPO Closing Date: Tuesday, January 13, 2026
- Price Band: ₹21 to ₹23 per equity share
- Face Value: ₹10 per equity share
- Issue Type: Book Built Issue
- Offer for Sale: 46,57,00,000 shares
- Issue Size: ₹1071.11 crore
- Minimum Order Quantity: 600 Shares
- Listing: BSE, NSE
- Tentative Listing Date: Friday, January 16, 2026
- Allotment Finalization: Wednesday, January 14, 2026
- Credit of Shares to Demat Account: Thursday, January 15, 2026
- Refund Initiation: Thursday, January 15, 2026
- Eligible Employee Discount: ₹1 per share
Reservations
The IPO includes a reservation of up to 2.32 crore shares (5% of the issue) for eligible employees of Bharat Coking Coal, who will receive a discount of ₹1 per share during the bidding period. Additionally, up to 4.66 crore shares (10% of the issue) are reserved for eligible shareholders of Coal India Ltd who held shares as of January 1, 2026.
The net offer is divided among Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs) as per SEBI norms. 50% of the shares are reserved for QIBs, 15% for NIIs, and 35% for RIIs.
Company Overview
Incorporated in 1972 and based in Dhanbad, Bharat Coking Coal (BCCL) is a wholly-owned subsidiary of Coal India Limited. The company is engaged in the production of coking coal, non-coking coal, and washed coal. BCCL is the largest producer of coking coal in India and possesses significant domestic coking coal reserves. Its mining operations are primarily located in the Jharia coalfields in Jharkhand and the Raniganj coalfields in West Bengal. BCCL was granted Mini Ratna status in 2014. It supplies raw and washed coal to various industries, including steel, power, and cement.
Financial Performance
For the financial year ended March 31, 2025, Bharat Coking Coal reported a net profit of ₹1,240.18 crore and revenue of ₹14,401.63 crore. In fiscal year 2024, the company produced 39.11 million tonnes of coking coal and 1.99 million tonnes of non-coking coal.
Book Running Lead Managers and Registrar
IDBI Capital Markets Services and ICICI Securities are the book running lead managers for the IPO, while Kfin Technologies is the registrar to the issue.
Grey Market Premium (GMP)
The grey market premium (GMP) for Bharat Coking Coal IPO was ₹16.25 per share, indicating a potential listing pop for investors.
Listing Information
The shares of Bharat Coking Coal are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The tentative listing date is January 16, 2026.
