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Bharat Coking Coal IPO is a bookbuilt issue of Rs 1,071.11 crore. This issue is entirely an offer for sale of 46.57 crore shares with no fresh issue.
The IPO opens for subscription on January 09, 2026, and closes on January 13, 2026. The allotment is expected to be finalized on Wednesday, January 14, 2025. The price band for the IPO is set at ₹21 to ₹23 per share, and the minimum lot size for an application is 600 shares.
Company Summary
Incorporated in 1972, Bharat Coking Coal Limited (BCCL) 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, the company operates a network of 34 operational mines, including four underground, 26 opencast, and four mixed mines.
The company’s primary product is coking coal, catering to the steel and power industries. As of April 1, 2024, BCCL has an estimated coking coal reserve of approximately 7,910 million tonnes. In Fiscal 2025, BCCL accounted for 58.50% of the total domestic coking coal production in India.
The company operates across Jharia, Jharkhand, and Raniganj, West Bengal, covering a total leasehold area of 288.31 square kilometres.
The company’s operations include opencast and underground mining projects, 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 through self-consumption and grid injection.
The company’s coal production increased from 30.51 million tonnes in Fiscal 2022 to 40.50 million tonnes in Fiscal 2025. In Fiscal 2024, the company produced 39.11 million tonnes of coking coal and 1.99 million tonnes of non-coking coal.
Company Strengths
- Largest coking coal producer in India with access to large reserves.
- Strategically located mines with large washeries.
- Well-positioned to capitalise on demand for coking coal in India.
- Strong parentage of Coal India Limited.
- Consistent track record of growth and financial performance.
Company Financials
| 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 | 2493.89 | 891.31 |
| Net Worth | 5,830.89 | 6,551.23 | 5,355.47 | 3,791.01 |
| Reserves and Surplus | 1,006.52 | 1,805.73 | 664.72 | -853.1 |
| Total Borrowing | 1,559.13 | – | – | – |
| Amount in ₹ Crore | ||||
Objectives of IPO
- BRLMs’ fees and commissions (including underwriting commission)
- Brokerage and selling commission and bidding/uploading charges payable to members of the Syndicate (including their Sub-Syndicate Members), RTAs, CDPs, and Registered Brokers
- Fees payable to Registrar of the Offer
- Fees payable to other parties, including but not limited to Statutory Auditors, Practicing Company Secretary, and industry expert
- Listing fees, SEBI fees, upload fees, BSE and NSE processing fees, book-building software fees
- Fees payable to legal counsel
- Miscellaneous (comprising fees payable to strategic advisors and additional intermediaries, if any, chartered accountant(s), and company secretary that may be appointed in the course of the Offer)
Promoters of the Company
The President of India, acting through the Ministry of Coal, Government of India and Coal India Limited are the company promoters.
IPO Details
| IPO Date | January 09, 2026 to January 13, 2026 |
| Listing Date | January 16, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹21 to ₹23 per share |
| Lot size | 600 shares |
| Total Issue size | 46,57,00,000 shares (aggregating upto ₹1,071 Cr ) |
| Issue type | Bookbuilding IPO |
| Listing at | NSE, BSE |
| Share Holding Pre Issue | 4,65,70,00,000 shares |
| Share Holding Post Issue | 4,65,70,00,000 shares |
Category Reservation Table
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed | ||||
| Only RII | Upto Rs 2 Lakhs | Yes | ||||
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No | ||||
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No | ||||
| Only Shareholder | Upto Rs 2 lakhs | Allowed only if the bidding amount is up to Rs 2 lakhs | ||||
| Only employee | Upto Rs 5 lakhs | Yes | ||||
| Employee + Shareholder | 1. Shareholder limit: Upto Rs 2 lakhs 2. Employee limit: Upto Rs 5 lakhs (In certain cases, employees are given discount if bidding amount is upto Rs 2 Lakhs) | Yes | ||||
| Employee Shareholder + RII/NII | 1. Shareholder limit: Upto Rs 2 lakhs 2. Employee limit: Upto Rs 5 lakhs (In certain cases, employees are given a discount if the bidding amount is upto Rs 2 Lakhs) 3. If applying as RII: Upto Rs 2 Lakhs 4. If applying as NII: sNII > Rs 2 Lakhs and upto Rs 10 Lakhs and bNII > Rs 10 lakhs | Yes for Employee/ Shareholder/ RII/NII | ||||
| Shareholder + RII/NII | 1. Shareholder limit: Upto Rs 2 lakhs 2. If applying as RII: Upto Rs 2 Lakhs 3. If applying as NII: sNII > Rs 2 Lakhs and upto Rs 10 Lakhs and bNII > Rs 10 lakhs | Yes for Shareholder/ RII/ NII | ||||
| Employee + RII/NII | 1. Employee limit: Upto Rs 5 lakhs (In certain cases, employees are given a discount if the bidding amount is upto Rs 2 Lakhs) 2. If applying as RII: Upto Rs 2 Lakhs 3. If applying as NII: sNII > Rs 2 Lakhs and upto Rs 10 Lakhs, and bNII > Rs 10 lakhs | Yes for Shareholder/ RII/ NII | ||||
Lot Allocation Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 600 | ₹13,800.00 |
| Retail (Max) | 14 | 8,400 | ₹1,93,200.00 |
| S-HNI (Min) | 15 | 9,000 | ₹2,07,000.00 |
| S-HNI (Max) | 72 | 43,200 | ₹9,93,600.00 |
| B-HNI (Min) | 73 | 43,800 | ₹10,07,400.00 |
Allotment Schedule
| Basis of Allotment | Wed, 14 Jan, 2026 |
| Initiation of Refunds | Thu, 15 Jan, 2026 |
| Credit of Shares to Demat | Thu, 15 Jan, 2026 |
| Tentative Listing Date | Fri, 16 Jan, 2026 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Issue |
| Retail Shares Offered | Not less than 35% of the Issue |
| NII Shares Offered | Not less than 15% of the Issue |
Source – SEBI, Chittorgarh
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