Bharat Coking Coal IPO 2026 Opens on January 9: Key IPO Details
The Bharat Coking Coal IPO 2026 is scheduled to open for public subscription on January 9, 2026, marking the first mainboard initial public offering of the year. Bharat Coking Coal Limited (BCCL), a wholly owned subsidiary of Coal India Limited, will keep the subscription window open until January 13, 2026. The IPO has attracted significant attention due to the company’s strong presence in India’s coking coal industry and the inclusion of a shareholder quota for existing Coal India investors.
IPO Price Band and Investment Details
The IPO price band has been fixed at ₹21 to ₹23 per equity share, allowing investors to apply at any price within this range. The minimum application is set at 600 shares, which translates to an investment of ₹13,800 at the upper end of the price band. Retail investors can apply for a maximum of ₹2 lakh as per regulatory limits.
Issue Size and Offer Structure
The Bharat Coking Coal IPO 2026 aims to raise ₹1,071 crore. The issue is entirely structured as a complete offer-for-sale, meaning no fresh shares will be issued. The net proceeds will go to the promoter selling shareholder, Coal India Limited. This ensures that the company’s equity structure remains unchanged while providing an opportunity for public investors to buy shares.
Shareholder Quota for Coal India Investors
A key feature of the IPO is the shareholder quota reserved for Coal India investors. Ten percent of the total issue size, amounting to ₹107.1 crore, is set aside for eligible shareholders. Individual investors and Hindu Undivided Families (HUFs) holding Coal India shares on or before January 1, 2026, can apply. Even holding a single share qualifies an investor for this quota, which generally increases the chances of allotment compared to the general retail category.
Allotment and Listing Timeline
Following the closure of subscriptions on January 13, 2026, the basis of allotment is expected to be finalized on January 14, 2026. Successful applicants will have shares credited to their dematerialized accounts on January 15, 2026. The shares are scheduled to be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on January 16, 2026.
Company Overview and Operations
Bharat Coking Coal Limited is one of India’s largest producers of coking coal, a critical raw material for the steel industry. In FY25, the company contributed approximately 58.5% of India’s total coking coal production. Its operations are concentrated in the Jharia coalfields of Jharkhand and the Raniganj coalfields of West Bengal, both rich in coal reserves.
Mining Portfolio and Production
As of September 30, 2025, BCCL operates 34 mines, including 26 opencast mines, 4 underground mines, and 4 mixed mines. Opencast mining accounts for over 97% of total production, reflecting the company’s focus on high-volume, cost-efficient operations. Underground mining accounts for the remaining 2.81% of production.
Coal Reserves and Washeries
The company’s coking coal reserves stand at around 7,910 million metric tones as of April 1, 2024. BCCL operates five coal washeries and is developing additional washeries with a combined capacity of 7 million tones per year. These facilities improve coal quality, reduce ash content, and supply washed coking coal to domestic steel manufacturers, reducing reliance on imports.
Use of IPO Proceeds and Listing Objective
The IPO proceeds will be used for the offer-for-sale by the promoter and to facilitate listing on stock exchanges, improving transparency, market visibility, and liquidity for shareholders. No fresh capital will be raised for the company.
Key Takeaways
The Bharat Coking Coal IPO 2026 is a key event in India’s capital markets. With its extensive reserves, robust production capacity, and strategic importance to the steel and power sectors, BCCL remains a critical player in India’s coal industry. Investors will closely watch the subscription response and the shares’ performance when they debut on the NSE and BSE on January 16, 2026.
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