Bharat Coking Coal (BCCL) IPO is scheduled to open for subscription on January 9, 2026, and will close on January 13, 2026. The basis of allotment is expected to be finalised on January 14, 2026, while the shares are proposed to be listed on both BSE and NSE on January 16, 2026.
Bharat Coking Coal IPO is a Book Build Issue through which the company plans to raise around ₹1,071 crore. The issue consists entirely of an offer for sale of up to 46,57,00,000 equity shares with a face value of ₹10 each. There is no confirmed fresh issue component in the IPO.
The IPO is priced in the range of ₹21 to ₹23 per share. The issue allocation is 50% for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (HNIs), and 35% for retail investors.
Contents
Bharat Coking Coal IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | January 9, 2026 |
| IPO Close Date | January 13, 2026 |
| Face Value | ₹10 per equity share |
| IPO Price Band | ₹21 to ₹23 per share |
| Issue Size | Approx ₹1,071 Crores |
| Fresh Issue | – |
| Offer for Sale | Up to 46,57,00,000 equity shares |
| Issue Type | Book Build Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
Bharat Coking Coal IPO
Open: 9-13 Jan
Issue Size: ₹1071.1 Cr.
Objective: To list the company for shareholder liquidity and asset monetisation.
Exchange: BSE NSE
Bharat Coking Coal IPO Review
Bharat Coking Coal Limited is the largest producer of coking coal in India, supported by strong parentage from Coal India Limited and coal resources of around 791 million tonnes. The company benefits from rising domestic demand and an almost debt-free balance sheet.
Revenue has remained stable, though profitability declined in FY2025. Key risks include high customer concentration, contingent liabilities of ₹4,930 crore, increasing debtor days, and significant non-core income. As the IPO is entirely an Offer for Sale with no fresh capital for growth, it is better suited for long-term investors rather than short-term listing gains.
Bharat Coking Coal IPO Reservation Details
| Investor Category | Shares Offered | Percentage |
|---|---|---|
| QIB (Ex-Anchor) | – | 50% |
| NII (HNI) | – | 15% |
| Retail Investors | – | 35% |
| Anchor Investors | – | – |
| Shareholder Quota | – | – |
Bharat Coking Coal IPO Market Lot Details
The minimum application size for Bharat Coking Coal IPO is relatively affordable for retail investors.
| Application Category | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 600 | ₹13,800 |
| Retail Maximum | 14 Lots | 8,400 | ₹1,93,200 |
| S-HNI Minimum | 15 Lots | 9,000 | ₹2,07,000 |
| S-HNI Maximum | 72 Lots | 43,200 | ₹9,93,600 |
| B-HNI Minimum | 73 Lots | 43,800 | ₹10,07,400 |
Bharat Coking Coal IPO Anchor Investors
| Particulars | Details |
|---|---|
| Anchor Bidding Date | January 8, 2026 |
| Anchor Investors List | View PDF |
| Shares Offered | – |
| Anchor Size | Cr. |
| Lock-in Period End Date (50% – 30 Days) | February 13, 2026 |
| Lock-in Period End Date (50% – 90 Days) | April 14, 2026 |
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Bharat Coking Coal IPO Important Dates
| Event | Date |
|---|---|
| IPO Open Date | January 9, 2026 |
| IPO Close Date | January 13, 2026 |
| IPO Bidding Cut-off Time | January 13, 2026 – 5 PM |
| Basis of Allotment | January 14, 2026 |
| Refund Initiation | January 15, 2026 |
| Credit of Shares to Demat | January 15, 2026 |
| IPO Listing Date | January 16, 2026 |
| Listing Exchange | BSE, NSE |
Promoters and Shareholding Pattern
The promoters of Bharat Coking Coal Limited are the President of India, acting through the Ministry of Coal, Government of India, and Coal India Limited.
| Particulars | Shares | Shareholding |
|---|---|---|
| Promoter Holding Pre-Issue | 4,65,70,00,000 | 100% |
| Promoter Holding Post-Issue | 4,65,70,00,000 | 90% |
Objects of the Issue
The IPO is entirely an offer for sale. The company will not receive any proceeds from the issue, and the funds raised will be received by the selling shareholders.
About Bharat Coking Coal Limited
Bharat Coking Coal Limited (BCCL), incorporated in 1972, is one of India’s leading producers and suppliers of coking coal, non-coking coal, and washed coal. The company was granted Mini Ratna status in 2014 and primarily serves the steel and power sectors.
BCCL operates its mining activities across the Jharia coalfields in Jharkhand and the Raniganj coalfields in West Bengal. As of March 31, 2025, the company operates 32 mines, including 25 opencast mines, 3 underground mines, and 4 mixed mines.
During FY2025, the company achieved coal production of 40.50 million tonnes and accounted for nearly 58.5% of India’s domestic coking coal production. Its operations include open-cast and underground mining, coal washeries, and the revival of previously discontinued underground mines and washeries.
Bharat Coking Coal Financial Performance
Amount in ₹ Crores
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | 13,018.57 | 12,488.38 | 664.78 | 13,312.86 |
| 2024 | 14,652.53 | 12,560.86 | 1,564.46 | 14,727.73 |
| 2025 | 14,401.63 | 12,698.74 | 1,240.19 | 17,283.48 |
| Sep 2025 | 6,311.51 | 6,112.17 | 123.88 | 18,711.13 |
Bharat Coking Coal IPO Valuation Metrics (FY2025)
| KPI | Value |
|---|---|
| ROE | 20.83% |
| ROCE | 30.13% |
| EBITDA Margin | 16.36% |
| PAT Margin | 8.61% |
| Debt to Equity Ratio | |
| EPS (Basic) | ₹2.66 |
| P/E Ratio | |
| Return on Net Worth | 20.83% |
| Net Asset Value | ₹14.07 |
Peer Comparison
| Company | EPS | PE Ratio | RoNW | NAV | Income |
|---|---|---|---|---|---|
| Alpha Metallurgical Resources, Inc | 1,233.78 | 14.87 | 11.48% | 11,182.10 | 25,320.27 Cr |
| Warrior Met Coal, Inc | 410.12 | 19.44 | 12.82% | 3,423.71 | 13,058.93 Cr |
IPO Lead Managers
IDBI Capital Markets Services Ltd.
ICICI Securities Ltd.
Company Address
| Particular | Details |
|---|---|
| Company Name | Bharat Coking Coal Limited |
| Address | Koyla Bhawan, Koyla Nagar |
| City | Dhanbad |
| State | Jharkhand |
| PIN Code | 826005 |
| Phone | 0326-2230190 |
| cos.bccl@coalindia.in | |
| Website | https://bcclweb.in/ |
IPO Registrar
KFin Technologies Ltd.
Phone: 040 6716 2222 / 040 7961 1000
Email: bccl.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
Bharat Coking Coal IPO FAQs
What is Bharat Coking Coal (BCCL) IPO?
Bharat Coking Coal IPO is a mainboard IPO through which the company plans to raise ₹1,071 crore. The IPO will be listed on BSE and NSE.
When will Bharat Coking Coal IPO open?
The IPO will open on January 9, 2026, and will close on January 13, 2026.
What is the price band of Bharat Coking Coal IPO?
The price band is fixed at ₹21 to ₹23 per share.
What is the lot size for Bharat Coking Coal IPO?
The minimum lot size is 600 shares, amounting to ₹13,800.
When is the allotment date for Bharat Coking Coal IPO?
The allotment is expected to be finalised on January 14, 2026.
When will Bharat Coking Coal IPO list?
The IPO is expected to list on BSE and NSE on January 16, 2026.
Expert Comment
Bharat Coking Coal IPO represents a rare opportunity to invest in India’s largest coking coal producer with strategic importance to the steel industry. Strong parentage, dominant market position, and stable cash flows are positives.
However, the absence of fresh capital, dependence on limited customers, and exposure to contingent liabilities warrant a long-term and risk-aware investment approach.
