Bharat Coking Coal IPO: Check IPO Date, Live Subscription and Key Details
Bharat Coking Coal Limited (BCCL), incorporated in 1972 and a wholly owned subsidiary of Coal India Limited, is India's largest producer of coking coal. The company accounts for approximately 58.50% of India's domestic coking coal production, serving as a critical supplier to the steel and power sectors. BCCL operates 32 mines (opencast and underground) across the Jharia and Raniganj coalfields and holds estimated reserves of 7,910 million tonnes. The company also operates coal washeries and is expanding into solar power and coal-bed methane projects.
Price Range
₹21.0 - ₹23.0
Issue Size
₹1,071.11 Cr
Lot Size
600 shares
IPO Type
Mainboard
GMP
₹10(+43.48%)
Est. Listing Price
₹33
Estimate Profit
₹6,000
Retail Portion
35%
Key Metrics
Check Live GMPGMPFace Value
₹10
EPS
2.66
P/E Ratio
8.65
RoNW
20.83%
ROE
19.19%
Debt to Equity
0.24
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Timeline
IPO Opens
9 Jan
IPO Closes
13 Jan
Allotment
14 Jan
Listing
16 Jan
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 9 January 2026 | Subscription starts |
| IPO Close Date | 13 January 2026 | Subscription ends |
| Allotment Date | 14 January 2026 | Allotment |
| Listing Date | 16 January 2026 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹13,800 |
Retail (Max)Just less than ₹2,00,000 | 14 | ₹1,93,200 |
SHNI (Min)Just above ₹2,00,000 | 15 | ₹2,07,000 |
SHNI (Max)Below ₹10,00,000 | 72 | ₹9,93,600 |
BHNIAbove ₹10,00,000 | 73 | ₹10,07,400 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 50% |
| NII (Non-Institutional Investor) | 15% |
| SHNI (Small Non-Institutional Investor) | 5% |
| BHNI (Big Non-Institutional Investor) | 10% |
| Retail | 35% |
| Total | 100.00% |
IPO Objectives
- The IPO is entirely an Offer for Sale (OFS) of 46.57 Crore shares by the parent company, Coal India Limited. The company will not receive any proceeds. The primary objective is to carry out the divestment of a 10% stake and achieve the benefits of listing on stock exchanges.
Strengths
- The company holds a Market Monopoly, contributing nearly 58.5% of India's domestic coking coal production in FY25.
- It has access to Vast Reserves of approximately 7.91 billion tonnes in the strategically significant Jharia and Raniganj coalfields.
- The business benefits from Strong Parentage under Coal India Limited and the Government of India, ensuring stability and robust governance.
- It maintains a Deleveraged Balance Sheet with a healthy RoNW of 20.83% (FY25) and high capital efficiency (ROCE of 30.13%).
- The company has Zero Debt Potential, maintaining a low debt-to-equity ratio of 0.24 despite occasional operational borrowings.
Weaknesses
- The company is facing Earnings Pressure, with H1 FY26 profit (₹123.88 Cr) dropping sharply from the same period last year due to lower offtake and monsoon disruptions.
- The IPO is a Pure Offer for Sale (OFS), meaning no fresh capital will be infused into BCCL for modernization or internal growth.
- It carries significant Environmental & Regulatory Risks, being highly exposed to carbon emission norms and complex mining clearances.
- There is High Vendor Reliance, with roughly 78% of mining operations dependent on third-party contractors, posing operational and quality risks.
- The business has Geographic Concentration, with all operations restricted to Jharkhand and West Bengal, making it vulnerable to regional shifts.
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Financial Performance
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 18,711.13 | 17,283.48 | 14,727.73 | 13,312.86 |
| Revenue (₹ Cr.) | 6,311.51 | 14,401.63 | 14,652.53 | 13,018.57 |
| PAT (₹ Cr.) | 123.88 | 1,240.19 | 1,564.46 | 664.78 |
| Net Worth (₹ Cr.) | 5,830.89 | 6,551.23 | 5,355.47 | 3,791.01 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|
Subscription Details
Daily Bids Status
| Category | Day 1 |
|---|---|
| QIB | 0.26x |
| NII | 13.53x |
| S-HNI | 15.79x |
| B-HNI | 12.39x |
| RII | 8.35x |
| EMP | 0.75x |
| Total | 6.97x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 7,91,69,000 | 2,09,47,200 | 48.18 |
| NII | 5,93,76,750 | 80,31,45,000 | 1,847.23 |
| Small NII | 1,97,92,250 | 31,25,01,600 | 718.75 |
| Big NII | 3,95,84,500 | 49,06,43,400 | 1,128.48 |
| RII | 13,85,45,750 | 1,15,69,66,800 | 2,661.02 |
| EMP | 2,32,85,000 | 1,75,24,200 | 40.31 |
| Total | 34,69,46,500 | 2,41,94,98,200 | 5,564.85 |
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Company Details
- Bharat Coking Coal Ltd.
- Koyla Bhawan, Koyla Nagar, Dhanbad, Jharkhand - 826005
- 0326-2230190
- cos.bccl@coalindia.in
- http://www.bcclweb.in/
Registrar Details
- Kfin Technologies Ltd.
- 04067162222, 04079611000
- bccl.ipo@kfintech.com
- https://ipostatus.kfintech.com/
Frequently Asked Questions
What is the core business of Bharat Coking Coal?
BCCL is a subsidiary of Coal India that specializes in mining coking coal, a key raw material for the steel industry. It is the largest domestic producer with a market share of ~58.5%.
When does the Bharat Coking Coal IPO open and close?
The IPO is scheduled to open on Friday, January 9, 2026, and will close for subscription on Tuesday, January 13, 2026.
Who is eligible for the Shareholder Quota in this IPO?
Existing shareholders of Coal India Limited (CIL) who held shares on the record date (January 2, 2026) are eligible to apply under the dedicated shareholder quota.
What is the IPO price band and issue size of BCCL IPO?
The IPO price band has been fixed at ₹21 to ₹23 per share. The issue size comprises 46.57 crore equity shares, and the entire issue is an Offer for Sale (OFS).
What is the current Grey Market Premium (GMP) for BCCL?
As of January 4, 2026, the GMP is reported at approximately ₹17, indicating 75% listing gains.
On which exchanges will Bharat Coking Coal list?
The company's shares are proposed to list on both the BSE and NSE with a tentative listing date of January 16, 2026.
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