Bharat Coking Coal IPO Day 1: The initial public offering (IPO) of Bharat Coking Coal Ltd. has hit the Indian Primary market today and will remain open until January 13, 2026. The subsidiary company of the Indian PSU Coal India Ltd has declared the Bharat Coking Coal IPO price band at 21 to 23 per equity share. The energy PSU aims to raise 1,071 crore through the Offer for Sale (OFS) route. The OFS issue is proposed for listing on the BSE and the NSE.
Bharat Coking Coal IPO GMP
Meanwhile, shares of Bharat Coking Coal are available in the gray market. According to the market observers, Bharat Coking Coal shares are available at a premium of 11 apiece, which means Bharat Coking Coal IPO GMP today is 11 and the gray market is expecting that Bharat Coking Coal IPO listing price would be around 34 ( 23 + 11), which signals a 48% listing pop for the potential Bharat Coking Coal IPO allottees.
Bharat Coking Coal IPO shareholder quota record date
According to the Bharat Coking Coal IPO documents, investors who held Coal India shares as of January 1, 2026, will be eligible to apply under the shareholder quota for Bharat Coking Coal. The Bharat Coking Coal IPO shareholder quota is only available to individual investors and HUF investors.
Investors holding even one share of Coal India can apply under the BCCL shareholder quota. Meanwhile, the maximum application amount under the shareholder category is 2 lakh.
Bharat Coking Coal IPO subscription status
By 11:15 AM on the first day of bidding, the public issue had been booked 2.43 times, the retail portion had been subscribed 3.35 times, whereas the NII segment had been filled 3.79 times. The QIB portion had been subscribed to 0.01 times.
Bharat Coking Coal IPO details
Here we list out important Bharat Coking Coal IPO details:
1] Bharat Coking Coal IPO GMP today, According to the market observers, Bharat Coking Coal shares are available at a premium of 11 a piece in the gray market today.
2] Bharat Coking Coal IPO date, The public issue of the Coal India Ltd subsidiary company will open on 9th January 2026 and will remain open until 13 January 2026.
3]Bharat Coking Coal IPO price: The subsidiary company of the energy PSU has declared a price band of the public issue at 21 to 23 per equity share.
4]Bharat Coking Coal IPO size: The company aims to raise 1,071 crore through the OFS route.
5]Bharat Coking Coal IPO lot size: A bidder will be able to apply in lots, and one lot of the public issue comprises 600 Bharat Coking Coal shares.
6]Bharat Coking Coal IPO allotment date: The most likely Bharat Coking Coal IPO allotment date is 14 January 2026.
7]Bharat Coking Coal IPO registrar: KFin Technologies has been appointed the official registrar of the book build issue.
8]Bharat Coking Coal IPO lead managers: IDBI Capital Markets Services and ICICI Securities have been appointed lead managers of the public issue.
9]Bharat Coking Coal IPO listing date: The most likely date for share listing is 16 January 2026.
Bharat Coking Coal IPO: Good or bad for investors?
10]Bharat Coking Coal IPO review: Advising investors to apply, Rajan Shinde, Research Analyst, Mehta Equities, said, “Considering the FY2025–26 performance and assuming normalization of earnings going forward, the company’s valuation appears reasonable and attractive. Investors should also look at IPO offers, which come with 100% OFS i.e. Rs. 1068.78 Cr issue that is an area of concern for new investors. A lower-priced IPO of Bharat Coking Coal (BCCL) would naturally generate strong investor interest as it offers a rare opportunity to own a high-quality, cash-generative PSU coal asset at an attractive valuation, backed by long-term demand from the steel sector. We expect the IPO to see robust subscription from both institutional and retail investors, driven by steady cash flows, high entry barriers, and the scarcity value of coking coal assets in India. LISTING GAINS.”
Assigning a ‘buy’ tag to the public issue, Mahesh M Ojha, Vice President – Research & Business Development at Kantilal Chhaganlal Securities, said, “With over 80% of revenues coming from steel producers, BCCL is a direct beneficiary of India’s steel capacity expansion, offering long-term demand visibility unlike global peers exposed to volatile export markets. BCCL is valued at 8.5–10.5x FY25 P/E, representing a significant discount to global coking peers (14–20x), which provides valuation comfort, leveraging existing infrastructure. Incremental production comes at relatively low marginal cost, enabling meaningful EBITDA and cash flow upside as mine utilization improves. discipline reduce balance sheet risk and enhance dividend sustainability across cycles.”
Over the last two financial years, the Coal India subsidiary company has reported a consistent increase in its net worth. However, the company’s PAT and EBITDA dipped in FY25 after rising in FY24 YoY.
As of March 31, 2025, the company’s price-to-book ratio was 1.63, its PAT margin was approximately 8.60%, and its EBITDA margin was 16.35%. At the end of Q2 FY26, the company’s total borrowings were approximately Rs 1,560 crore.
