Bharat Coking Coal IPO: All you need to know like key dates, GMP, financials, risks & more

Bharat Coking Coal IPO: Coal India's subsidiary Bharat Coking Coal (BCCL) is set to launch its initial public offering (IPO), making it the first mainboard IPO of 2025. The issue will open for bidding on Friday, January 09. The issue is entirely an offer-for-sale (OFS) of up to 46,57,00,000 shares with a face value of Rs 10 each by its parent Coal India. Here are all key details about BCCL IPO:
 

1. What are the key dates for Bharat Coking Coal IPO?

Ans: The initial public offering of Bharat Coking Coal opens for bidding on Friday, January 9, 2026 and will close for bidding on Tuesday, January 13. The basis of allotment for the IPO shall be finalized on Wednesday, January 14 and refund of shares will be done on Thursday, January 15. Shares of the company shall be listed on Friday, January 16.
 

2. What is the price band and lot size for the Bharat Coking Coal IPO?

Ans: Bharat Coking Coal is selling its in the price band of Rs 21-23 apiece. Investors can apply for a minimum of 600 equity shares and its multiples thereafter. At the upper end of the price band, each BCCL IPO shall cost Rs 13,800 to the investors.
 

3. How much proceeds Bharat Coking Coal is looking to raise and what is the offer mix of the issue?

Ans: Bharat Coking Coal IPO is entirely an offer-for-sale (OFS) of up to 46.57 crore equity shares by Coal India Ltd, the parent company. At the upper end of the price band, it is looking to raise a total of Rs 1,068.78 crore via IPO. The issue does not include any fresh stake. The President of India, acting through the Ministry of Coal, Government of India are also its promoters.
 

4. What is the share reservation or allocation in the Bharat Coking Coal IPO?

Ans: Bharat Coking Coal has reserved 2,32,85,000 equity shares, or 5 per cent of the issue, for its eligible employees, It has also reserved 4,65,70,000 equity shares, or 10 per cent of the issue, for the eligible shareholders of Coal India, who held the shares of the company in their demat account as of January 02.

Of the net offer, Bharat Coking Coal has reserved 50 per cent shares to qualified institutional bidders, while it has reserved 15 per cent shares for non-institutional investors (NIIs). Retail investors will have 35 per cent of allocation in the IPO. Up to 60 per cent of the QIB portion is reserved for the anchor allocation.
 

5. What are the minimum and maximum amounts an investor can bid in BCCL IPO in retail category and can an investor apply in multiple categories?

Ans: A retail investor needs to apply for a minimum of one lot of 600 equity shares worth Rs 13,800. A retail investor can apply for a maximum of 14 lots, consisting of 8,400 equity shares, valued at Rs 1,93,200. Any bids for 15 lots, or 9,000 equity shares, will be considered in the small HNI category.

An investor bidding for 15 lots (9,000 equity shares) to 72 lots (43,200) equity will be counted in the small HNI category. This bid is valued between Rs 2,07,000 to Rs 9,93,600. Any bid above Rs 10,00,000 will be considered in the big HNI category, who need to apply for a minimum of 73 lots, or 43,800 equity shares, worth Rs 10,07,400.

Only eligible investors can apply for multiple categories falling under retail or HNI (big/small) and shareholders category. Shareholders of Coal India, the parent company, who held at least one share in their demat account as of January 02, 2025 can apply for shareholders category. One should note that investors applying in shareholders category can not make bids exceeding Rs 2 lakh.

Also, any eligible employee of the company can also apply for in this category also, for a maximum of Rs 2 lakh, taking the total permissible bidding categories to three only in select cases. However, all the incorrect applications shall stand rejected.
 

6. Is there any discount for eligible employees of BCCL and eligible shareholders of Coal India?

Ans: Yes, eligible employees of BCCL will get a discount of Re 1 per share in BCCL IPO, which means that each lot will cost them Rs 13,200 at the upper end of the price band. However, the company has not announced any discount for the eligible shareholders of Coal India but a separate reservation is announced for them.
 

7. What is the business of Bharat Coking Coal and who are its top peers?

Ans: Incorporated in 1972, Dhanbad-based Bharat Coking Coal is engaged in the production of coking coal, non-coking coal, and washed coal. It operated a network of 34 operational mines, including four underground, 26 opencast, and four mixed mines as of September 30, 2025. Its primary product is coking coal, catering to the steel and power industries.

There are no like-for-like listed Indian peers of comparable scale in coking coal, BCCL IPO benchmarked against two NYSE-listed metallurgical coal producers: Warrior Met Coal (HCC) and Alpha Metallurgical Resources (AMR).
 

8. What is the latest grey market premium (GMP) for the Bharat Coking Coal IPO and how has the GMP trend fared so far?

Ans: Last heard, Bharat Coking Coal was commanding a grey market premium of Rs 13 per share, suggesting a listing pop of more than 56 per cent for the investors at the upper end of the price band. However, its grey market premium has taken a hit lately. The GMP stood around Rs 16-16.25 on Monday, when the price band was announced, falling to Rs 13.5 on Tuesday.
 

9. What are the financials of Bharat Coking Coal?

For the September 2025 quarter, Bharat Coking Coal reported a net profit of Rs 123.88 crore and Ebitda of Rs 459.93 crore with a revenue of Rs 6,311.51 crore. It reported a net profit of Rs 1,240.18 crore and Ebitda of Rs 2,356.06 crore with a revenue of Rs 14,401.63 crore for the financial year ended on March 31, 2025. At current valuations, it commands a total market capitalization of Rs 10,711.10 crore.
 

10. Who are the lead managers and registrar of Bharat Coking Coal IPO?

Ans: IDBI Capital Markets Services and ICICI Securities are the book running lead managers of Bharat Coking Coal IPO and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE.