The Indian primary market has kicked off the new year with a significant offering. The initial public offering (IPO) of Bharat Coking Coal Limited (BCCL), a fully-owned subsidiary of the state-run mining giant Coal India Ltd, opened for subscription today, January 9, 2026. This marks the first mainboard public issue of the calendar year 2026.
IPO Details and Price Band
The share sale will remain open for investor bidding until January 13, 2026. The IPO is structured entirely as an offer for sale (OFS) by the parent company, Coal India, which currently holds a 100% stake in BCCL. The company has fixed the price band for the issue at ₹21 to ₹23 per equity share.
At the upper end of this price band, the offering is expected to raise approximately ₹1,071 crore. Ahead of the public opening, the company successfully secured commitments from anchor investors, mobilizing ₹273.1 crore. In this anchor portion, 11,87,53,500 shares were allotted at the upper price of ₹23 per share.
Reservation and Grey Market Premium
The allocation for the IPO has been clearly earmarked for different investor categories. As per the company's filing, 50% of the net offer is reserved for qualified institutional buyers (QIBs). Non-institutional investors (NIIs) have a 35% reservation, while the remaining 15% is set aside for retail individual investors.
A key indicator of market sentiment, the grey market premium (GMP), suggests strong investor interest. The latest GMP for the BCCL IPO is ₹9.25. Given the upper price band of ₹23, this points to an estimated listing price of around ₹32.25 per share. This translates to a potential listing gain of roughly 40.22% for investors who secure allotment.
About Bharat Coking Coal Ltd
BCCL holds a pivotal position in India's industrial landscape. According to a Crisil report, the company was the largest producer of coking coal in India during fiscal year 2025. Coking coal is a critical raw material for the steel industry.
In terms of operational metrics, the company's coal production for the six-month period ending September 30, 2025, stood at 15.75 million tonnes. This compares to a production of 19.09 million tonnes in the same period the previous year. The company boasts an extensive mining network with 34 operational mines as of September 30, 2025. This portfolio includes:
- Four underground mines
- Twenty-six opencast mines
- Four mixed mines
The IPO of this coal mining leader is being closely watched as a barometer for the market's appetite for public sector enterprise offerings in the new year.
