Bharat Coking Coal IPO to Open on 9 January 2026; Price Band at ₹21 to ₹23 Per Share 

Mumbai, 6 January 2026: The ₹1,071.11 crores IPO of Coal India Limi͏ted’s subsidiary, Bharat Coking Coal Limited (BCCL), opens for subscription on 9 January 2025 and will be open until 13 January 2025. The IPO is a book build issue of ₹1,071.11 crores,  being entirely an offer for sale of 46.57 crore shares  

Bharat Coking Coal Ltd. (BCCL) was established in 1972, and it engaged in the mining of coking, non-coking & washed coal. The company i͏s a wholly-owned subsidiary of Coal India Ltd. As at 30-09-2025, the Company has a total of 34 working mines, incl͏uding four underground mines, 26 opencast mines and four mixed mines. Its primary͏ product is coking coal, catering to the steel and power industries. 

Price Band at ₹21 to ₹23 Per Share; Lot Size 600 Shares 

Bharat Coking Coal IPO is a book build issue of ₹1,071.11 crores. The issue is entirely an offer for sale of 46.57 crore shares of ₹1,071.11 crore. 

Bharat Coking Coal IPO opens for subscription on January 9, 2026, and closes on January 13, 2026. The allotment for the Bharat Coking Coal IPO is expected to be finalized on January 14, 2026. Bharat Coking Coal IPO will list on BSE, NSE, with a tentative listing date fixed as January 16, 2026. 

Bharat Coking Coal IPO price band is set at ₹21 to ₹23 per share. The lot size for an application is 600. The minimum amount of investment required by a retail investor is ₹13,800 (600 shares) (based on the upper price). The lot size investment for sNII is 15 lots (9,000 shares), amounting to ₹2,07,000, and for bNII, it is 73 lots (43,800 shares), amounting to ₹10,07,400. 

IDBI Capital Markets Services Ltd. is the book-running lead manager, and Kfin Technologies Ltd. is the registrar of the issue. 

Financials and Key Performance Metrics 

The company has reported an increase in balance sheet size with total assets rising from ₹13,312.86 crores in FY23 to ₹18,711.13 crores as on September 2025. Total income for the half year ended September 30, 2025, was ₹6,311.51 Cr as against ₹14,401.63 Cr in FY25 and ₹14,652.53 in FY24. Profit after tax (PAT) fell to ₹123.88 crore in September 2025 from ₹1,240.19 crore in FY25. EBITDA stood at ₹459.93 crore, and the net worth at ₹5,830.89 crore. 

As of 31 March 2025, the company has achieved a Return on Capital Employed (ROCE) of 30.13% and Return on Net Worth (RoNW) of 20.83%, depicting efficiency in operating and shareholder return. The margin on the profit was 8.61% and the EBITDA margin was 16.36%. The stock was trading at a price-to-book value of 1.63x. Earnings Per Share Pre-IPO is ₹2.66 and is ₹0.53 post-IPO, while the P/E multiple has contracted from 8.64x to 43.23x. 

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