Bharat Coking Coal IPO: Coal India Subsidiary to Open for Subscription on January 9

Bharat Coking Coal Ltd (BCCL), a wholly owned subsidiary of Coal India Ltd, will open its initial public offering (IPO) on January 9, 2026. The issue will remain open for subscription until January 13. Anchor investor bidding is scheduled for January 8.  

The basis of allotment is expected to be finalised on January 14, with refunds and credit of shares to demat accounts on January 15. The shares are slated to list on the BSE and NSE on January 16, 2026. 

Issue Structure And Pricing 

The IPO has a price band of ₹21 to ₹23 per equity share. The total issue size is ₹1,078.68 crore and consists entirely of an offer for sale of 46.57 crore shares by Coal India, the sole promoter. There is no fresh issue of shares.  

As a result, Bharat Coking Coal will not receive any proceeds from the public issue, and the entire amount will go to the selling shareholder. 

Investor Categories And Lot Size 

Retail investors can apply for a minimum of 600 shares and in multiples thereafter. The net public offer has been split with 50% reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors.  

In addition, 10% of the issue has been set aside for eligible Coal India shareholders who held shares on or before January 1, 2026. Up to 2.32 crore shares have also been reserved for employees. 

Bharat Coking Coal Overview  

Incorporated in 1972, Bharat Coking Coal operates primarily in the Jharia coalfield in Jharkhand and the Raniganj coalfield in West Bengal.  

As of September 2025, the company operated 34 mines, including 26 opencast mines, 4 underground mines and 4 mixed mines. It also runs 5 coal washeries and is developing three additional washeries with a combined capacity of 7 million tonnes per year. 

Production and Financials 

BCCL was the largest domestic producer of coking coal in FY25, accounting for 58.5% of India’s total coking coal output. Coal production increased from 30.51 million tonnes in FY22 to 40.50 million tonnes in FY25.  

For the year ended March 2025, the company reported a profit of ₹1,240.2 crore, compared with ₹1,564.5 crore in the previous year. Revenue declined to ₹13,802.6 crore from ₹14,245.9 crore over the same period. 

Broader Divestment  

The listing is part of the government’s plan to bring Coal India’s subsidiaries to the market by FY2030. IDBI Capital Markets & Securities and ICICI Securities are the book running lead managers. 

Read More: Upcoming IPOs This Week (Jan 5 – Jan 9, 2026): Key Issues to Watch! 

Conclusion 

Bharat Coking Coal’s IPO will be the first mainboard public issue of 2026 and is structured entirely as an offer for sale by Coal India. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.   
 
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