Bharat Coking Coal IPO: India’s First Mainboard IPO of 2026 Puts Coking Coal in Focus
Bharat Coking Coal Limited (BCCL), which is a subsidiary of Coal India and the main source of coal for steel production in India, is now in the public eye due to its eagerly awaited IPO. The public offering of ₹1,071 crore, with the share price set between ₹21 and ₹23, kicks off the year 2026 with the first mainboard IPO and attracts immediate attention from the market. However, for investors, it is not merely a new government company listing; rather, it is an opportunity to access India’s leading producer of coking coal at a time when demand for steel and infrastructure is robust.
Supported by the Maharatna company Coal India, BCCL’s entry into the stock market sets the pace for the year’s share trading, making this the first act of the 2026 IPO calendar that is very much worth watching.
Bharat Coking Coal IPO: Key Details
| Category | Details |
|---|---|
| BCCL IPO Price Band & Issue Size | Price band fixed at ₹21–23 per share; total issue size of ₹1,071 crore; first mainboard IPO of 2026; BCCL is a subsidiary of Maharatna PSU Coal India |
| IPO Dates & Bidding Details | IPO opens on January 9 and closes on January 13; anchor book opens on January 8; minimum bid of 600 shares and multiples thereof; minimum investment of ₹13,800 at the upper price band |
| Offer for Sale (OFS) Structure | Entire IPO is an Offer for Sale; 46.57 crore shares being sold by promoter Coal India; all proceeds will go to Coal India, not BCCL |
| IPO Reservation Breakdown | Up to 50% reserved for QIBs; at least 15% for NIIs; at least 35% for retail investors; additional quotas for employees and shareholders |
Bharat Coking Coal IPO: Grey Market Buzz Signals Strong Early Interest
The BCCL IPO has created a lot of discussion in the market. The grey market became more active once the price range was declared, and the IPO started off with a high GMP of ₹16.25, indicating an attractive nearly 70% premium over the issue price. The early buzz is a positive sign of demand, but investors should remain cautious. Grey market premiums can change dramatically and do not always translate into listing-day gains. Therefore, a close assessment of BCCL’s fundamentals, along with one’s own risk appetite, should matter more than grey market trends.
Lead Managers And Listing Details
IDBI Capital Markets & Securities Limited and ICICI Securities Limited are the book-running lead managers (BRLMs) to the issue. BCCL shares are proposed to be listed on both BSE and NSE.
About Bharat Coking Coal Limited (BCCL) – Key Points
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BCCL is a Category I Mini Ratna PSU engaged in producing raw coking coal, non-coking coal, washed coal, and by-products for the steel, power, and cement sectors.
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As per its red herring prospectus, BCCL was India’s largest coking coal producer in FY25, contributing 58.50% of the country’s domestic coking coal output.
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Established in 1972, the company has seen steady growth, with coal production rising from 30.51 million tonnes in FY22 to 40.50 million tonnes in FY25, marking a 32.74% increase.
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BCCL operates across a total leasehold area of 288.31 sq km, including 252.88 sq km in the Jharia coalfield and 35.43 sq km in the Raniganj coalfield.
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As of September 30, 2025, it operated 34 mines, comprising 4 underground mines, 26 opencast mines, and 4 mixed mines.