Bharat Coking Coal Ltd Sets IPO Price Band, Aims to Tap Public Market
Mumbai, January 5, 2026: Bharat Coking Coal Limited (BCCL), India’s largest producer of coking coal, is set to launch its maiden public offering, marking a significant milestone for the state-owned mining sector. The company, a wholly-owned subsidiary of Coal India Limited (CIL), has fixed a price band of ₹21 to ₹23 per equity share for its Initial Public Offer (IPO), which will open for subscription on January 9 and close on January 13, 2026.
The Offer Details
The IPO consists entirely of an Offer for Sale of up to 465.7 million equity shares by its promoter, Coal India Limited. Investors can bid for a minimum lot of 600 shares and in multiples thereafter. The book-built issue allocates up to 50% to qualified institutional buyers, with not less than 15% for non-institutional bidders and 35% reserved for retail investors. Eligible employees will receive a discount of ₹1 per share on a reserved portion of 23.285 million shares.
A Dominant Market Position
BCCL brings to the market a formidable operational profile. It accounted for 58.5% of India’s domestic coking coal production in Fiscal 2025, underpinned by estimated reserves of approximately 7,910 million tonnes. The company’s primary product is critical for the steel industry. “Since Fiscal 2021, the company had increased its production by adding capacity through incorporating heavy earth-moving machinery,” a strategy that has driven consistent growth. Raw coal production rose from 30.51 million tonnes in Fiscal 2022 to 40.50 million tonnes in Fiscal 2025.
Financial and Operational Growth
The company’s financial performance shows robust growth. Revenue from operations climbed from ₹12,624.06 crore in FY23 to ₹13,802.55 crore in FY25. More strikingly, net profit nearly doubled in the same period, from ₹664.78 crore to ₹1,240.19 crore. For the six months ended September 30, 2025, it reported revenue of ₹5,659.02 crore with a net profit of ₹123.88 crore. Operationally, BCCL runs 34 mines across a 288.31 square kilometer leasehold area in the Jharia and Raniganj coalfields. Its portfolio includes opencast and underground projects, coal washeries, and solar power monetization.
Path Ahead
The IPO represents a major step in BCCL’s journey as a Mini Ratna public sector enterprise. The funds from the offer will go to the selling shareholder, Coal India Limited. IDBI Capital Markets & Securities Limited and ICICI Securities Limited are the book-running lead managers to the issue.
Disclaimer: SEBI’s observations on the offer documents do not constitute approval of the offer or the securities. Investors are advised to read the full disclaimer in the Red Herring Prospectus.
