Bharat Coking Coal’s ₹1,300 Cr OFS Eyes Early 2026 Launch, Valuing Debt-Free PSU at ₹13,000 Cr

Bharat Coking Coal (BCCL),

’s key coking coal subsidiary, is gearing up for a ₹1,300 crore IPO via pure offer for sale in early 2026, with Coal India offloading about 10% stake or 46.57 crore shares. SEBI cleared the DRHP in September, and bookrunners ICICI Securities and IDBI Capital are finalising price band and lot size ahead of a likely two-week launch window. BCCL remains debt-free with FY25 revenue steady at ₹14,000 crore and profit at ₹1,240 crore, up on scaled production of 40.5 million tonnes (33% growth since FY22). As India’s largest coking coal producer critical for steelmaking, the listing fits Coal India’s strategy to unlock subsidiary value amid rising sector focus on gasification, pithead power and critical minerals. All proceeds flow to parent Coal India, with no fresh capital for BCCL, making this a straightforward monetisation play on a stable, government-backed cash generator rather than a growth story. In a coal sector seeing capex continuity and diversification, the IPO offers PSU stability but limited re-rating potential without execution surprises in output or new ventures. Source: The Economic Times No Recommendations