The initial public offering (IPO) of Bharat Coking Coal Ltd (BCCL), a subsidiary of Coal India, is set to open on January 9, 2026, and close on January 13, 2026. The anchor investor bidding will take place on January 8. This mainboard IPO is the first of 2026 and is expected to be closely watched as an early indicator of investor interest in public sector undertakings (PSUs).

Price Band and Issue Details

The IPO price band is fixed at ₹21 to ₹23 per equity share. The issue is entirely an offer for sale (OFS) of 46.57 crore shares by the promoter, Coal India Ltd (CIL), amounting to ₹1,078.68 crore. As there is no fresh issue of shares, the company will not receive any proceeds from the IPO. Retail investors can apply for a minimum of 600 shares and in multiples thereafter.

Reservations

The IPO includes a reservation of up to 2.32 crore equity shares for eligible employees and up to 4.66 crore shares for eligible shareholders of Coal India. A discount of ₹1 per share is offered to eligible employees during the bidding period.

Allocation

Of the net offer, 50% of the shares are reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail investors.

Listing and Allotment

The finalization of the basis of allotment is expected on January 14, 2026. Initiation of refunds and credit of equity shares to Demat accounts will occur on January 15, 2026. The shares are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on January 16, 2026.

Grey Market Premium (GMP)

The Grey Market Premium (GMP) for Bharat Coking Coal IPO has been fluctuating. As of January 5, 2026, the GMP was around ₹16.25 per share, suggesting a potential listing price of ₹39.25. This translates to an estimated listing gain of over 70%. However, the grey market is an unofficial and unregulated market, and GMP is not always indicative of listing performance.

Company Overview

Incorporated in 1972, Bharat Coking Coal Ltd (BCCL) is the largest domestic coking coal producer in India. In fiscal year 2025, it accounted for 58.50% of the country's total coking coal production. As of April 1, 2024, BCCL had estimated coking coal reserves of approximately 7,910 million tonnes. The company operates primarily in the Jharia and Raniganj coalfields. As of September 30, 2025, BCCL operated 34 mines, including underground, opencast, and mixed mines.

Financial Performance

For the financial year ended March 31, 2025, Bharat Coking Coal reported a net profit of ₹1,240.18 crore with a revenue of ₹14,401.63 crore. The company's price-to-earnings ratio at the upper price band of ₹23 stands at 8.65 times, while at the lower band of ₹21 it is 7.89 times, based on the diluted EPS for FY25.

Registrar

Kfin Technologies Ltd is the registrar for the IPO.