Bharat Coking Coal IPO, valued at ₹1,071 Crore, is a book-built IPO, entirely an offer-for-sale issue of 46,57,00,000 equity shares, with no fresh shares.
Bharat Coking Coal IPO opens its bidding on 9 January 2026 to ends on 13 January 2026. The allotment of shares shall take place on 14 January 2026, and the shares will list on 16 January 2026 on BSE and NSE.
The Bharat Coking Coal IPO is set within a price band of ₹21/share to ₹23/share, where each application must be made for 600 shares. Based on the upper price band, the retail investors need to invest at least ₹13,800. For sNII applicants, the minimum bid is 15 lots or 9,000 shares, requiring an investment of ₹2,07,000. The bNII category starts at 73 lots or 43,800 shares, a total application value of ₹10,07,000.
Bharat Coking Coal IPO Details
| IPO Opens | 9 January 2026 |
| IPO Closes | 13 January 2026 |
| Face value | ₹10 |
| Price Band | ₹21-₹23/share |
| Issue price | – |
| IPO Lot Size | 600 shares |
| Offer for sale | 46,57,00,000 equity shares (₹1,071 Crore) |
| Fresh issue | – |
| Issue Type | Book-Built |
| Listing | BSE & NSE |
| Total Issue Size (₹ Crore) | ₹1,071 Crore |
| Minimum Retail Investment | ₹13,800 |
Bharat Coking Coal IPO Timeline
| Bid Opening Date | 9 January 2026 |
| Bid Closing Date | 13 January 2026 |
| Allotment | 14 January 2026 |
| Refunds Initiated | 15 January 2026 |
| Credit of Shares to Demat Account | 15 January 2026 |
| Listing Date | 16 January 2026 |
| UPI mandate Cut-off time | 13 January 2026 (5 PM) |
Bharat Coking Coal Key Performance Indicator
| KPIs | 2025 | 2024 | 2023 |
| ROE (%) | – | – | – |
| ROCE (%) | 30.13 | 47.2 | 16.56 |
| Debt-Equity Ratio (in times) | – | – | – |
| RoNW (%) | 20.83 | 34.21 | 19.22 |
| PAT Margin (%) | 36.59 | 36.59 | 36.59 |
| EBITDA Margin (%) | 16.36 | 17.02 | 6.85 |
| Price-Book Value | – | – | – |
Bharat Coking Coal IPO Financial Information
| 2025 (in ₹ Crore) | 2024 (in ₹ Crore) | 2023 (in ₹ Crore) | |
| Revenue | 13,802.55 | 14,245.86 | 12,624.06 |
| Assets | 17,283.48 | 14,727.73 | 13,312.86 |
| Profit After Tax | 1,240.19 | 1,564.46 | 664.78 |
Subscription Status: Bharat Coking Coal IPO
Bharat Coking Coal IPO shares status of subscription is as follows:
| Day | QIB | NII | Individual Investor | Total |
| Day 1 | – | – | – | – |
| Day 2 | – | – | – | – |
| Day 3 | – | – | – | – |
Bharat Coking Coal IPO: Grey Market Premium (GMP Today)
The Bharat Coking Coal IPO GMP as of 6 January 2026 is around ₹13.50, indicating strong grey market demand and a potential premium over the upper price band at listing.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 6 January 2026 | ₹13.50 | ₹36.50 | ₹8100 (58.70%) | – |
| 5 January 2026 | ₹13.50 | ₹36.50 | ₹8100 (58.70%) | ⬇️Decreased |
| 4 January 2026 | ₹16.25 | ₹16.25 | ₹ (0.00%) | ⬆️Increased |
| 4 January 2026 | ₹13.00 | ₹13.00 | ₹ (0.00%) | – |
Note: Grey market premium is an unofficial indicator that often changes with investor demand, subscription momentum, and overall conditions in the equity market.
Bharat Coking Coal IPO Reservation
Here’s how the share allocation for the Bharat Coking Coal IPO is structured:
| Category | % of Shares Offered | Shares offered |
| QIBs | Maximum of 50% | – |
| Retail Investors | Minimum of 35% | – |
| NII shares offered (HNI) | Minimum of 15% | – |
| Total Shares Offered | 100% | 46,57,00,000 |
Bharat Coking Coal IPO: Lot Size
Retail investors must apply for one lot of 600 shares, while all other investor categories can place bids in multiples of 600 shares.
| Application | Lot Size | Shares | Amount(in ₹) |
| Retail Investors (Minimum) | 1 | 600 | ₹13,800 |
| Retail Investors (Maximum) | 14 | 8,400 | ₹1,93,200 |
| S-HNI (Minimum) | 15 | 9,000 | ₹2,07,000 |
| S-HNI (Maximum) | 72 | 43,200 | ₹9,93,600 |
| B-HNI (Minimum) | 73 | 43,800 | ₹10,07,400 |
Bharat Coking Coal IPO: Anchor Investors Details
| Bidding Date | 8 January 2026 |
| Shares to be Offered | – |
| Issue Size for Anchor Investor (in Crore) | – |
| Lock-in expiry date for 50% of the shares after 30 days | 13 February 2026 |
| Lock-in expiry date for the remaining shares after 90 days | 14 April 2026 |
Bharat Coking Coal IPO Prospectus
| Bharat Coking Coal IPO DRHP(Doc) | |
| Bharat Coking Coal IPO RHP(Doc) | |
| Bharat Coking Coal IPO Anchor Investors | – |
| Bharat Coking Coal IPO Final Prospectus | – |
About Bharat Coking Coal Limited
Incorporated in 1972, Bharat Coking Coal Limited operates in coking coal mining and distribution. Its operations are in the region of Jharia, Jharkhand and Raniganj, West Bengal. The company is led by Manoj Kumar Agarwal, who serves as Chairman-cum-Managing Director, Chief Executive Officer, and Finance Director.
The parent company of Bharat Coking Coal Limited is Coal India Limited, which is the largest producer in the world as of 31 March 2025. Its operations are centred on coking coal, with reserve estimates of nearly 7,910 million tonnes recorded as of 1 April 2024
| Book running lead managers | IDBI Capital Markets & Securities Ltd. |
| IPO Registrar | ICICI Securities Ltd. |
Objectives of the Bharat Coking Coal
The net proceeds from this issue will be paid entirely to the promoter selling shareholder after deducting the expenses and taxes related to the offer. Since, the issue is an offer for sale, and the company will not receive any funds from the issue.
Strength Of Bharat Coking Coal
- Largest coking coal producer in India: The company led domestic coking coal output in FY25, contributing 58.50% of India’s total production, supported by substantial national reserves.
- Strategically located mines and washeries: The company’s mines in the Jharia and Raniganj coalfields provide access to rich reserves and are supported by large capacity coal washeries.
- Positioned to capitalise on demand: The company is well positioned to benefit from India’s rising coking coal demand, supported by steel industry growth, with consumption projected to double by FY35.
- Backup from Coal India Limited: The company, as a Coal India Limited’s subsidiary, offers operational support, scale advantages, and access to resources from the world’s largest coal producer.
Risk of Bharat Coking Coal
- Estimation and Classification Risk: The company’s reserve estimates are based on Indian standards and may differ from actual production, costs, and revenue outcomes.
- Geographic Concentration Risk: Most mines and washeries of the company are located in Jharia and Raniganj, making the business vulnerable to reserve exhaustion in these regions.
- Revenue Concentration Risk: A large share of the company’s revenue comes from raw coking coal, so lower demand could affect earnings and cash flows.
- Input Cost and Supply Risk: The company depends on raw material availability and pricing, which may change due to factors outside its control.
Bharat Coking Coal IPO Review
Bharat Coking Coal IPO is a mainboard issue backed by Coal India Limited, which offers exposure to India’s dominant coking coal producer. The company benefits from scale, strong margins, and strategic mine locations.
However, the offer is entirely an OFS, with revenues heavily linked to raw coking coal demand and region-specific reserves, making it more suitable for informed, long-term investors tracking the steel sector.
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Bharat Coking Coal IPO FAQ‘s
The Bharat Coking Coal IPO is a book-built mainboard issue worth ₹1,071 crore, offered entirely through an offer for sale by the promoter, Coal India Limited.
Investors can apply for the Bharat Coking Coal IPO through their bank’s ASBA or use UPI through brokerage platforms, by selecting the desired lot size at the upper price band.
The Bharat Coking Coal IPO offers stable fundamentals and strong industry positioning but no fresh capital inflow, making returns dependent on listing demand and sector outlook.
The expected returns from the Bharat Coking Coal IPO depend on the grey market trends, listing sentiment, and long-term demand for coking coal driven by steel sector growth.
The Bharat Coking Coal IPO bidding starts on 9 January 2026 and ends on 13 January 2026.
The Bharat Coking Coal IPO lot size is 600 shares, with retail investors required to apply for one lot and others in multiples of 600 shares.
The Bharat Coking Coal IPO allotment is finalised to take place on 14 January 2026.
The Bharat Coking Coal shares shall list on BSE and NSE on 16 January 2026.
