The initial public offering (IPO) of Bharat Coking Coal Limited (BCCL) opened for investors on Friday, January 9. BCCL is a wholly-owned subsidiary of Coal India Limited and is India’s largest producer of coking coal.
The IPO created strong interest and was fully subscribed within just 30 minutes of opening.
This is the first mainboard IPO of 2026, and investors can apply for it until January 13. The IPO is completely an offer for sale (OFS), meaning Coal India is selling 100% of its stake in the company. No new shares are being issued.
The price band for the IPO has been fixed at ₹21 to ₹23 per share. At the upper price band of ₹23, the issue aims to raise around ₹1,071 crore.
Anchor Investors and Issue Allocation
Before the IPO opened to the public, Bharat Coking Coal raised ₹273.1 crore from anchor investors. A total of 11,87,53,500 equity shares were allotted to these investors at a price of ₹23 per share.
As per the company’s allocation structure:
50% of the issue is reserved for Qualified Institutional Buyers (QIBs)
35% is reserved for Non-Institutional Investors (NIIs)
15% is allocated to Retail Investors
IPO Subscription Status on Day One
Bharat Coking Coal’s IPO received a strong response on the first day of bidding. Within the first half hour, the issue was subscribed 1.81 times overall.
The NII segment saw the highest demand, getting subscribed 2.02 times
The retail investor portion was subscribed 1.52 times
The QIB segment showed limited interest initially, with subscriptions of only 0.01 times
Gray Market Premium (GMP) of BCCL IPO
According to a report by Livemint, the latest gray market premium (GMP) for the Bharat Coking Coal IPO stands at ₹9.25. If the shares list at the upper price band of ₹23, the estimated listing price could be around ₹32.25.
Based on this estimate, investors may see a listing gain of about 40.22%.
About Bharat Coking Coal Limited
As per a Crisil report, BCCL was India’s largest coking coal producer in FY2025. During the six months ended September 30, 2025, the company produced 15.75 million tonnes of coal, compared to 19.09 million tonnes in the same period last year.
As of September 30, 2025, Bharat Coking Coal operated 34 mines across India. These include:
4 underground mines
26 opencast mines
4 mixed mines
