Bharat Coking Coal IPO
Bharat Coking Coal Limited is launching a book-built IPO of 46.57 crore shares, entirely an Offer for Sale (OFS) by the promoter.
The IPO opens on January 9, 2026, and closes on January 13, 2026. The allotment is expected to be finalised on January 14, 2026, and the shares are proposed to be listed on BSE and NSE on January 16, 2026.
The price band of the issue is Rs. 21 – Rs. 26 per share, and the market lot is 600 shares.
Lead Manager: IDBI Capital Markets Services Ltd.
Registrar: KFin Technologies Ltd.
🕗 Last Update: 5 January 2026, 6.00 AM
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IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | Friday, January 9, 2026 |
| IPO Close Date | Tuesday, January 13, 2026 |
| Allotment Date | Wednesday, January 14, 2026 |
| Refunds Initiation | Thursday, January 15, 2026 |
| Credit to Demat | Thursday, January 15, 2026 |
| Listing Date | Friday, January 16, 2026 |
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | January 9, 2026 – January 13, 2026 |
| Face Value | Rs. 10 per share |
| Issue Price Band | Rs. 21 – Rs. 26 |
| Lot Size | 600 shares |
| Sale Type | Offer for Sale |
| Issue Type | Book-Build IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 46,57,00,000 shares |
| Issue Size (Amount) | Aggregate up to Rs.1210.82 Cr |
| Shareholding Pre-Issue | 4,65,70,00,000 shares |
| Shareholding Post-Issue | 4,65,70,00,000 shares |
Reservation Structure
| Investor Category | Allocation |
|---|---|
| QIB | Not more than 50.00% of the Offer |
| Retail | Not less than 35.00% of the Offer |
| NII | Not less than 15.00% of the Offer |
Application Details
| Application Category | Maximum Bidding Limits | Cut-off Allowed |
|---|---|---|
| Retail Individual Investor (RII) | Up to Rs. 2 Lakhs | Yes |
| Small NII (sNII) | Rs. 2 Lakhs to Rs. 10 Lakhs | No |
| Big NII (bNII) | Above Rs. 10 Lakhs | No |
| Shareholder | Up to Rs. 2 Lakhs | Yes |
| Employee | Up to Rs. 5 Lakhs | Yes |
| Employee + Shareholder | As per RHP limits | Yes |
| Employee + Shareholder + RII/NII | As per RHP limits | Yes |
| Shareholder + RII/NII | As per RHP limits | Yes |
| Employee + RII/NII | As per RHP limits | Yes |
About Bharat Coking Coal Limited
Bharat Coking Coal Limited (BCCL) was incorporated in 1972 and is engaged in the production of coking coal, non-coking coal and washed coal. The company is a wholly-owned subsidiary of Coal India Limited.
As of September 30, 2025, BCCL operated 34 operational mines, comprising four underground mines, 26 opencast mines and four mixed mines.
Coking coal is the company’s primary product, catering mainly to the steel and power industries. As of April 1, 2024, BCCL had estimated coking coal reserves of approximately 7,910 million tonnes. In FY25, the company accounted for 58.50% of total domestic coking coal production in India.
The company operates primarily in Jharia (Jharkhand) and Raniganj (West Bengal), covering a total leasehold area of 288.31 square kilometres.
Its operations include opencast and underground mining, coal washeries, monetisation of idle washeries through the Washery Developer and Operator (WDO) model, reopening discontinued underground mines through the Mine Developer and Operator (MDO) model, and solar power project monetisation.
Coal production increased from 30.51 million tonnes in FY22 to 40.50 million tonnes in FY25.
Competitive Strengths
Largest coking coal producer in India with access to large reserves
Strategically located mines supported by large washeries
Well positioned to capitalise on domestic steel demand
Strong parentage of Coal India Limited
Consistent track record of operational and financial performance
Financial Snapshot (Rs. crore)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 18,711.13 | 17,283.48 | 14,727.73 | 13,312.86 |
| Total Income | 6,311.51 | 14,401.63 | 14,652.53 | 13,018.57 |
| Profit After Tax | 123.88 | 1,240.19 | 1,564.46 | 664.78 |
| EBITDA | 459.93 | 2,356.06 | 2,493.89 | 891.31 |
| Net Worth | 5,830.89 | 6,551.23 | 5,355.47 | 3,791.01 |
| Reserves & Surplus | 1,006.52 | 1,805.73 | 664.72 | -853.10 |
| Total Borrowings | 1,559.13 | – | – | – |
Key Performance Indicators
| KPI | Value |
|---|---|
| ROCE | 30.13% |
| RoNW | 20.83% |
| PAT Margin | 8.61% |
| EBITDA Margin | 16.36% |
Shareholding Pattern
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter Holding | 100% |
Promoters:
The President of India acting through the Ministry of Coal, Government of India and Coal India Limited.
Company Address
Bharat Coking Coal Limited
Koyla Bhawan, Koyla Nagar
Dhanbad – 826005
Jharkhand, India
IPO Lead Manager(s)
IDBI Capital Markets Services Ltd.
ICICI Securities Ltd.
IPO Registrar
KFin Technologies Ltd.
Phone: 040-67162222 / 040-79611000
Email: bccl.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
Bharat Coking Coal IPO – Review
Bharat Coking Coal Limited comes to the market as a pure Offer for Sale, offering investors exposure to India’s largest coking coal producer with strong operating metrics.
At the upper price band of Rs. 26, the IPO implies a P/E of ~9.8x based on FY25 EPS of Rs. 2.66, which appears reasonable in the context of the coal sector.
The company delivers healthy profitability with ROCE of 30.13% and RoNW of 20.83%, reflecting efficient capital utilisation.
Operating performance remains stable with EBITDA margin of 16.36% and PAT margin of 8.61%.
Strong parentage of Coal India Limited adds comfort, especially considering Coal India’s own low P/E of 8.45x and robust dividend track record.
However, as an OFS, the IPO does not bring fresh capital into the business.
Coal price cyclicality and regulatory risks remain key monitorables.
Overall, valuation looks fair-to-attractive for long-term investors seeking PSU-backed stability.
Chanakya View: Suitable for investors with a medium-to-long-term horizon; listing gains may depend on market sentiment and Grey Market mood.
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Disclaimer
This IPO coverage is for informational and educational purposes only. Chanakya Ni Pothi does not recommend investments based on GMP data. Investors should read the RHP carefully and consult a SEBI-registered investment advisor before investing.
