Bharat Coking Coal IPO opens today: Key things to know before applying
- 9th January 2026
- 10:00 AM
- 3 min read
Summary
The IPO of Bharat Coking Coal Limited (BCCL), a Coal India subsidiary, opens for subscription today. Backed by strong anchor demand and a healthy grey market premium, the issue is being closely watched as the first major mainboard IPO of 2026 and a key test of investor appetite for PSU stocks. Mumbai| 9 JanuaryIssue details
Bharat Coking Coal Limited’s IPO opens today, 9 January, and will remain open till January 13, 2026. The IPO is a complete offer for sale by parent Coal India, which plans to offload 46.57 crore equity shares. As there is no fresh issue component, BCCL itself will not receive any proceeds from the public offering. The funds will go to Coal India as part of the government’s divestment plan.
Key Details
- Price band: ₹21–23 per share
- Issue size: ₹1,071 crore
- Shares on offer: 46.57 crore equity shares
- Lot size: 600 shares
- Tentative listing: January 16, 2026
IPO structure
- QIBs: 50% of the issue
- Retail investors: 35%
- Non-institutional investors (NIIs): 15%
- Coal India shareholder quota: Shares worth ~₹107 crore reserved
- Employee discount: ₹1 per share
Investors holding at least one Coal India share as of January 1, 2026, are eligible to apply under the shareholder category. It is only available to individual investors and HUF investors.
Anchor investors
Ahead of the IPO, BCCL raised ₹273.1 crore from anchor investors, indicating strong institutional interest. Key anchor investors include LIC, Societe Generale, and Copthall Mauritius Investment Ltd.
Grey market premium (GMP)
In the grey market, the BCCL IPO is trading at a premium of ₹9.25 per share. Based on the upper price band of ₹23, this indicates a possible listing price of around ₹32.25. The expected percentage gain/loss per share is 40.22%.
Note: GMP is unofficial and only indicative; it does not guarantee listing gains.
To apply for the Bharat Coking Coal IPO, click here!
Financials Snapshot
Financially, BCCL has shown steady operational performance, though earnings softened in FY25.
BCCL reported revenue of Rs 14,402 crore in FY25, a slight decline of 1.7% from Rs 14,653 crore in FY24. Profit declined by 20%, to Rs 1,240 crore from Rs 1,564 crore.
Margins have remained stable even as profitability moderated year-on-year. Operational KPIs have remained stable compared to last year.
About the company
Founded in 1972, Bharat Coking Coal Limited is a Mini Ratna PSU and India’s largest producer of coking coal. It supplies coal mainly to the steel sector and operates mines in Jharkhand (Jharia) and West Bengal (Raniganj).
In FY25, BCCL accounted for 58.5% of India’s domestic coking coal production. Coal production rose steadily from 30.5 million tonnes in FY22 to 40.5 million tonnes in FY25.
Expansion and growth plans
BCCL plans to invest ₹10,000 crore by FY30 to expand coal washery capacity from 13.6 MTPA to 26 MTPA. It is also commissioning three new washeries, which will help improve coal quality and utilisation.
The company aims to increase supplies to the steel sector, which offers higher margins compared to the power sector. A coal bed methane project is also expected to become operational by FY27–28.
Valuation
At the upper price band of Rs23, the company is being offered at FY25 P/E and EV/EBITDA multiple of 8.6x and 4.1x, respectively.
Analysts tracking the issue cite reasonable valuation, high entry barriers, and long-term steel sector demand as key positives.
For live updates on the BCCL IPO, follow PL Capital.
