Bharat Coking Coal Limited IPO to Open on January 9

Bharat Coking Coal Limited (BCCL), a wholly owned subsidiary of Coal India Limited (CIL), has fixed a price band of ₹21 to ₹23 per equity share of face value ₹10 each for its maiden Initial Public Offer (IPO).

The company has filed its Red Herring Prospectus (RHP) dated January 2, 2026, with the Registrar of Companies, Jharkhand at Ranchi, the Securities and Exchange Board of India (SEBI), and the stock exchanges.

IPO Schedule and Key Details

• IPO Opening Date: Friday, January 9, 2026
• IPO Closing Date: Tuesday, January 13, 2026
• Anchor Investor Bid Date: Thursday, January 8, 2026
• Price Band: ₹21–₹23 per equity share
• Minimum Bid Lot: 600 equity shares and multiples thereof
• The IPO will be conducted through the book-building process in accordance with SEBI ICDR Regulations.

Issue Structure

The BCCL IPO comprises an Offer for Sale (OFS) of up to 465.70 crore equity shares by Coal India Limited, the promoter selling shareholder. There is no fresh issue component, and the proceeds will accrue entirely to the selling shareholder.

Reservation and Allocation

• Up to 50% of the net offer reserved for Qualified Institutional Buyers (QIBs)
• Not less than 15% for Non-Institutional Investors (NIIs)
• Not less than 35% for Retail Individual Investors (RIIs)

In addition:

• Employee Reservation Portion: Up to 2.33 crore equity shares, with a ₹1 per share discount
• Shareholder Reservation Portion: Up to 4.66 crore equity shares for eligible Coal India shareholders

Company Overview

BCCL is the largest producer of coking coal in India, accounting for 58.5% of domestic coking coal production in FY25, according to the CRISIL Industry Overview cited in the RHP.

As of April 1, 2024, the company holds estimated coking coal reserves of approximately 7,910 million tonnes, making it among the largest coking coal reserve holders in the country.

Its product portfolio includes coking coal, non-coking coal and washed coal, catering primarily to the steel and power sectors. BCCL was conferred Mini Ratna status in 2014.

Operational Footprint

• Total leasehold area: 288.31 sq km
• Jharia Coalfield: 252.88 sq km
• Raniganj Coalfield: 35.43 sq km
• Operational Mines: 34
• 26 opencast
• 4 underground
• 4 mixed mines

The company also operates coal washeries, monetises idle assets through the WDO model, revives discontinued underground mines via the MDO route, and monetises solar power projects through self-consumption and grid injection.

Production Performance

• Coal production increased from 30.51 MT in FY22 to 40.50 MT in FY25
• FY24 raw coal production: 39.11 MT (highest ever)
• Coking coal production (FY24): 39.11 MT
• Raw coal offtake (FY24): 39.27 MT (record)
• Coking coal accounted for over 95% of total production across recent financial periods, underscoring BCCL’s strategic importance to India’s steel sector.

Financial Performance

• Revenue (H1 FY26): ₹5,659.02 crore
• Net Profit (H1 FY26): ₹123.88 crore
• Revenue (FY25): ₹13,802.55 crore
• Net Profit (FY25): ₹1,240.19 crore
• Revenue (FY23): ₹12,624.06 crore
• Net Profit (FY23): ₹664.78 crore

IPO Intermediaries

Book Running Lead Managers:

• IDBI Capital Markets & Securities Limited
• ICICI Securities Limited
• Registrar to the Issue: KFin Technologies Limited