Bharat Coking Coal IPO 2026: Price Band, Dates, GMP

Bharat Coking Coal IPO — India’s First Big PSU Issue of 2026

Bharat Coking Coal Limited (BCCL) — a wholly owned subsidiary of Coal India Ltd and India’s largest producer of coking coal — has launched its Initial Public Offering (IPO), setting the tone for the country’s primary market in 2026. The IPO opened for subscription on January 9, 2026, and is scheduled to close on January 13, 2026. The Bharat Coking Coal IPO, the first major mainboard listing of 2026, As a key subsidiary of Coal India Limited (CIL), this IPO is a 100% Offer for Sale (OFS), marking a significant step in the government’s asset monetization strategy.

Bharat Coking Coal IPO Overview

The IPO is structured as a book-built offer for sale (OFS) in which Coal India Ltd is selling its existing shares — meaning BCCL will not receive fresh capital from the issue.

• IPO Size: ~₹1,071 crore (Offer for Sale)
• Price Band: ₹21–₹23 per equity share
• Face Value: ₹10 per share
• Lot Size: 600 shares
• Minimum Retail Investment: ₹12,600–₹13,800 (based on price band)
• Allotment Date: Around January 14, 2026
• Tentative Listing Date: January 16, 2026 on BSE & NSE

Eligible Coal India shareholders (as of the record date) can apply under a shareholder quota allocation separate from the retail category, which provides an added edge to existing investors.

Company Background

Founded in 1972, Bharat Coking Coal Limited operates primarily in the mining and supply of coking coal — a vital input in steel production — as well as non-coking and washed coal. The company’s operational reach spans 34 mines across Jharkhand and West Bengal, including underground, opencast, and mixed mines.

In FY2025, BCCL produced 40.5 million tonnes of coal, up from 30.51 million tonnes in FY2022, representing over 58% of India’s domestic coking coal output.

Financial Snapshot

According to regulatory filings and prospectus data:

• Revenue (FY2025): ~₹13,802 crore
• Net Profit (FY2025): ~₹1,204 crore
• Profit Trends: Profit declined from ₹1,564 cr in FY2024 to ₹1,240 cr in FY2025 amid shifting market dynamics.

BCCL has maintained a strong balance sheet with zero long-term debt. In FY25, the company reported a net profit of ₹1,240 crore on a revenue of ₹13,803 crore. While profits saw a dip from the ₹1,564 crore recorded in FY24, the company’s EBITDA margins remain healthy at approximately 16.36%.

BCCL’s expansion strategy is focused on increasing washed coking coal output, reducing reliance on imports, and enhancing supplies to the steel sector — a critical driver in its long-term growth outlook.

Future Growth Drivers

BCCL is eyeing a massive expansion, targeting ₹20,000 crore in revenue by FY30. Key initiatives include:

• Washery Expansion: Increasing washing capacity from 13.6 MTPA to 27 MTPA to improve coal quality for steel producers.

• Production Hike: Aiming to nearly double output to 54 million tonnes by 2030.

• Import Substitution: Positioned to benefit from India’s push to reduce dependence on imported coking coal.

Market Buzz & Grey Market Premium (GMP)

Ahead of the IPO subscription period, grey market indicators have shown strong optimism with premiums ranging from ~50% to 70% over the upper price band, signaling expectations of a healthy listing pop on the debut.

However, it’s important for investors to remember that GMP is an unofficial and volatile measure — not a guaranteed indicator of listing performance. Unofficial market reports suggest a Grey Market Premium (GMP) of approximately ₹11 to ₹14, indicating a potential listing gain of nearly 50% over the upper price band.

Investment Perspective

The BCCL IPO presents a rare opportunity to invest in India’s key coking coal producer, with exposure to sectors like steel, power, and industrial growth. Given the OFS structure, strong pre-IPO market response, and established position in the coal ecosystem, this IPO has been one of the most watched offerings at the start of 2026.

Key Stats at a Glance

*Note: GMP is unofficial and can fluctuate.

Strategic Importance

Incorporated in 1972, BCCL is India’s largest producer of coking coal, accounting for nearly 58.5% of domestic output. With reserves estimated at 7,910 million tonnes, the company is a critical supplier to India’s steel and power sectors. This listing aims to “unlock value” for Coal India while providing a public market for BCCL shares.

Investor Reservations

The issue includes several reservation categories:

• Retail Investors: Minimum 35% of the net offer.

• Qualified Institutional Buyers (QIBs): Up to 50%.

• Non-Institutional Investors (NIIs): Minimum 15%.

• Shareholder Quota: 10% reserved for existing Coal India shareholders.

• Employee Discount: Eligible employees get a ₹1 discount per share.