Bharat Coking Coal Limited (BCCL), a key player in India’s coal sector and a subsidiary of Coal India Limited, is heading to the capital markets with a sizeable initial public offering on January 9. The upcoming IPO has already drawn attention due to its scale, pricing, and the company’s dominant position in domestic coking coal production.
The Bharat Coking Coal IPO is structured as a book-built issue worth Rs 1,071.11 crore. The entire offering consists of an offer for sale of 46.57 crore equity shares, indicating that the company will not raise any fresh capital. Instead, the proceeds will go to the selling shareholder.
The IPO opens 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 tentatively scheduled to list on BSE and NSE on January 16, 2026. The face value of each share is Rs 10.
Price Band, Lot Size, And Investor Categories
The price band for the issue has been fixed between Rs 21 and Rs 23 per share. Investors must apply for a minimum lot of 600 shares, translating to a minimum investment of Rs 13,800 for retail investors at the upper end of the price band.
For non-institutional investors, the application thresholds are higher. Small NIIs must bid for at least 15 lots (9,000 shares), requiring an investment of Rs 2,07,000, while big NIIs need a minimum of 73 lots (43,800 shares), amounting to Rs 10,07,400. Retail investors can apply for up to 14 lots.
Latest BCCL IPO GMP
Bharat Coking Coal IPO’s last GMP is Rs 16.5, last updated January 5th, 2026, 11:58 am, according to the grey market tracking website, Investorgain. With the price band of 23.00, Bharat Coking Coal IPO’s estimated listing price is Rs 39.5 (cap price + today’s GMP). The expected percentage gain/loss per share is 71.74 per cent.
Issue Structure And Reservation
The IPO follows a standard reservation framework. Up to 50 per cent of the issue is reserved for Qualified Institutional Buyers (QIBs), not less than 35 per cent for retail investors, and at least 15 per cent for NIIs. There is also an employee discount of Rs 1 per share. IDBI Capital Markets Services Ltd. is acting as the book-running lead manager, while Kfin Technologies Ltd. has been appointed as the registrar.
About Bharat Coking Coal Limited
Incorporated in 1972, Bharat Coking Coal Limited is engaged in mining and production of coking coal, non-coking coal, and washed coal. As of September 30, 2025, BCCL operates 34 mines across India, including underground, opencast, and mixed mines. Coking coal remains its core product, supplying crucial raw material to the steel and power sectors.
