Bharat Coking Coal (BCCL), a wholly owned subsidiary of Coal India, is set to launch its first public issue of 2026 on January 9.
The IPO will be an Offer for Sale (OFS) of 47.47 crore equity shares by Coal India.
The IPO will remain open till January 13.
Anchor investor bids are scheduled for January 8.
Key details such as the price band, issue structure, and lot size are expected to be announced on January 5.
This move is part of the government’s wider disinvestment plan in the coal sector, aimed at unlocking value from Coal India subsidiaries and increasing market transparency.
About Bharat Coking Coal and the IPO
BCCL primarily produces coking coal, which is mainly used in steel production, while Coal India’s other arm, CMPDIL, focuses on technical planning and consultancy.
The IPO comes at a time when India’s primary market is strong, with companies raising around Rs 1.76 crore through IPOs in 2025 due to good domestic liquidity and positive investor sentiment.
By participating in the IPO, investors can directly invest in one of India’s key coal producers while supporting the government’s disinvestment efforts.
Key Risks for Investors
Before subscribing, investors should note the following operational and financial risks highlighted in BCCL’s Draft Red Herring Prospectus (DRHP):
Coal quality: BCCL’s coking coal contains high ash, limiting its use in steel and diverting some to power plants.
Challenging mining locations: Many coal deposits are deep underground in densely populated areas, making extraction complex.
Mine fires and heating: Parts of Jharia coalfields are prone to fires and spontaneous heating, affecting productivity.
Technology limitations: Lack of advanced tools for safe coal extraction in fire-affected zones.
Regulatory hurdles: Sustainability norms and environmental clearances can increase costs or limit mining.
Pending tax disputes: Total unresolved tax issues amount to Rs 1,826.25 crore.
Investors should carefully evaluate these factors before making investment decisions.
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