Bharat Coking Coal Limited (BCCL), a key subsidiary of state-owned Coal India, is launching the first mainboard Initial Public Offering (IPO) of 2026. The ₹1,071 crore public issue opens for subscription on January 9 and closes on January 13. Investors can bid for shares in a price band of ₹21 to ₹23 per equity share. This ma^{[1][2][3][4][5][6][7][8][9][10][11]}rks a significant event for the Indian primary market and for Coal India's divestment strategy. ### IP^[3][9]O Key Dates and Pricing The Bharat Coking Coal IPO schedule is set for a swift process. Anchor investor bidding opens on January 8. The mai^{[1][2][12][4]}n public issue will then be live from January 9 to January 13, 2026. The com^{[1][2][12][3][4][5][6][7][8][9][10][11]}pany has fixed the price band at ₹21 to ₹23 per equity share, with a face value of ₹10 per share. The basis of ^{[1][2][12][3][4][5][6][13][14][7][8][9][10][11]}allotment is expected to be finalized around January 14, followed by refunds and credit of shares to demat accounts by January 15. The shares ar^{[1][2][12][4][7][9]}e tentatively scheduled to list on both the BSE and NSE on January 16, 2026. ### Issue St^{[1][2][12][4][6][13][7][8][9][10][11]}ructure and Investment Details The IPO is entirely an Offer for Sale (OFS) of up to 46.57 crore equity shares by the promoter, Coal India Limited. This means Bh^{[1][2][12][3][4][6][14][7][8][9][10]}arat Coking Coal will not receive any proceeds from the issue. The funds raised, totaling ₹1,071 crore, will go directly to Coal India. This offering r^{[1][2][3][4][13][7][8][9][10]}epresents Coal India divesting a 10% stake in BCCL. The minimum inv^[3]estment for retail investors is ₹13,800, based on the upper price band, for a lot size of 600 shares. For small non-ins^{[1][2][4][6][7][8][10][11]}titutional investors (sNII), the minimum application is 15 lots (9,000 shares), amounting to ₹2,07,000. Big non-institutional investors (bNII) can apply for a minimum of 73 lots (43,800 shares), totaling ₹10,07,400. ### Investor Reserva^[7][10]tion and Company Background The IPO reserves 50% of the net offer for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% for retail individual investors. A discount of Re 1 pe^{[2][4][6][7][9]}r share is offered to eligible employees applying under the reserved portion. Additionally, investo^[1][3]rs holding shares of Coal India Limited as of the record date, January 1, 2026, are eligible to apply under a separate shareholder quota. Bharat Coking Coal L^{[1][6][9][15]}imited, incorporated in 1972, is a wholly-owned subsidiary of Coal India Limited. It specializes in pro^{[12][4][7][8][10]}ducing coking coal, non-coking coal, and washed coal. BCCL is India's large^{[12][4][6][7][8][10]}st domestic coking coal producer, playing a critical role in the country's steel and power sectors. The company operates ^{[12][3][4][6][13][7][8][10][11]}32 to 34 mines, including opencast, underground, and mixed mines, primarily in the Jharia and Raniganj coalfields across Jharkhand and West Bengal. As of April 1, 2024, ^{[12][7][8][10]}BCCL held estimated coking coal reserves of about 7,910 million tonnes. In fiscal year 2025, ^[7][8][10]the company produced 40.50 million tonnes of coal, accounting for approximately 58.5% of India's total domestic coking coal output. ### Strategic Outloo^{[12][3][4][13][7][8][10]}k and Market Performance BCCL's management has outlined plans to increase coal production to 54 million tonnes by fiscal year 2030. This expansion also i^[3][13]ncludes nearly doubling its coal washing capacity from 13.65 million tonnes to 27-28 million tonnes. These efforts aim to ^[3][13]enhance coal quality and reduce India's reliance on imported coking coal, which is crucial for the steel industry. Most of the additiona^[13]l production is expected to serve the steel sector, with steel deliveries projected to increase significantly. The IPO is managed b^[3][13]y IDBI Capital Markets & Securities and ICICI Securities as book-running lead managers, with KFin Technologies serving as the registrar. Early signals from th^{[2][4][6][7][10]}e grey market premium (GMP) suggest strong investor interest. Reports indicate a GMP ranging from ₹13.5 to ₹16.5, pointing to potential listing gains of 58.70% to 72% over the upper price band. However, investors often ^{[1][2][4][6][14][7]}note that GMP is not a guarantee and can fluctuate. The proceeds from this Of^[7]fer for Sale will support Coal India's broader ₹1 lakh crore diversification capital expenditure plans. This IPO is part of a large^[3][13]r government initiative to list all eight subsidiaries of Coal India Limited by 2030.

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