Bharat Coking Coal IPO opens on January 9 : Here’s how to apply under Coal India shareholders’ quota

Bharat Coking Coal IPO: Coal India subsidiary Bharat Coking Coal Ltd (BCCL) is set to launch its initial public offering (IPO) tomorrow, on January 9. This will be first mainboard IPO of 2026.

Bharat Coking Coal Limited (BCCL) produces various grades of coking coal, non-coking coal and washed coals, which has application primarily in the steel and power industries. BCCL is a wholly owned subsidiary of Coal India Limited and conferred with Mini Ratna status in 2014.

Bharat Coking Coal IPO will open for subscription on January 9, 2026, and the closing date for the IPO is January 13, 2026. After this, investors are expected to be updated about the allotment status on Wednesday, January 14, 2026.

Investors who have been allotted shares can expect them to be credited to their demat account on January 15, 2026. The shares will be listed on the NSE and the BSE on Friday, January 16.

Bharat Coking Coal IPO shareholder quota

Bharat Coking Coal aims to raise ₹1,071 crore via its initial public offering. Since the company is a wholly owned subsidiary of Coal India it has reserved shares worth ₹107.1 crore for Coal India shareholders (10% of issue size). However, under the shareholders' quota, there will be no further discount for the IPO applicants.

Bharat Coking Coal shareholder quota is important as application under this category further increases the chance of allotment compared to the general retail category.

Who is eligible for BCCL shareholder quota?

As per BCCL IPO documents, investors who held Coal India shares on or before January 1, 2026, will be eligible to apply under the shareholder quota for BCCL IPO. BCCL shareholder quota is only available for Individual investors and HUF investors.

Investors holding even one share of Coal India can apply under BCCL shareholder quota. Meanwhile, the maximum application amount under the shareholder category is ₹2 lakh.

Bharat Coking Coal IPO details

BCCL IPO is complete offer-for-sale and net IPO proceeds will go to the promoter selling shareholder. The IPO price band has been set between ₹21 to ₹23 per share. Interested investors can choose a price within this band to apply for the IPO. The minimum lot size for an application is 600 shares, and minimum investment for 1 lot is ₹13,800 per lot.

About Bharat Coking Coal

BCCL is one of the largest domestic producers of coking coal, contributing 58.50% to India's total coking coal production in FY25. The company operates in the Jharia coalfields of Jharkhand and the Raniganj coalfields of West Bengal, two of the richest coal-bearing areas in the country.

The operational portfolio of BCCL includes opencast and underground mining projects, coal washeries, monetisation of old and idle coal washeries through the Washery Developer and Operator (WDO) route and restoration of operations in discontinued underground mines through the Mine Developer and Operator (MDO) model.

The company’s estimated coking coal reserves are around 7,910 MMT, as on April 1, 2024, making it one of the biggest contributors to coking coal reserves in India. As of September 30, 2025, the company runs 34 mines, including 26 opencast mines, 4 underground mines, and 4 mixed mines. Opencast mining is the main extraction method, contributing 97.19% of total coal production in FY25. Underground mining made up about 2.81%, indicating a focus on volume and cost efficiency.

The company operates five washeries and is developing additional washeries with an aggregate capacity of 7.00 million tonnes a year to improve coal quality and reduce ash content. In return, these plants help in supplying washed coking coal to steel manufacturers and facilitating domestic substitution of imported coking coal. In FY25, the proportion of washed coking coal to total dispatches was 30.70%, whereas washed power coal made up 51.89%.

Bharat Coking Coal IPO objective

• Carry out the offer for sale: The IPO is a complete offer-for-sale (OFS). Net IPO proceeds will go to the promoter selling shareholder.
• Listing on stock exchanges: The company want to achieve the benefits of listing its shares on the stock exchanges.

Financial snapshot

BCCL revenue grew from ₹12,624 crore in FY23 to ₹14,245 crore in FY24, a rise of about 12.8%, but declined by nearly 3% to ₹13,802 crore in FY25. Net profit jumped sharply by 36.5% CAGR between FY23 to FY24, driven by improved operating performance, while EBITDA surged at a CAGR of 62.5% during the same period.