, is set to hit the capital markets on January 9, marking the first mainboard IPO of 2026. The company has filed its Red Herring Prospectus (RHP) with the Registrar of Companies on January 2, clearing the way for the public issue. The proposed IPO will be a pure offer-for-sale (OFS), with Coal India divesting 46.57 crore equity shares. There is no fresh issue component in the offering, which means Bharat Coking Coal itself will not receive any proceeds from the IPO. The entire amount raised will go to the promoter, Coal India. According to the RHP, the primary objectives of the issue are to facilitate the offer-for-sale by the promoter and to secure the benefits of listing the company’s equity shares on the stock exchanges, including enhanced visibility, liquidity, and a broader shareholder base. With this listing, Bharat Coking Coal will become one of the few pure-play coking coal companies available to public market investors, while the government continues its broader strategy of unlocking value from public sector enterprises through market listings. The IPO is expected to draw attention from investors tracking the energy and metals value chain, especially given coking coal’s critical role in steel production.

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