Coal India's arm Bharat Coking Coal sets IPO price band at Rs 21-23 per share

Bharat Coking Coal IPO News

Bharat Coking Coal (BCCL), an arm of Coal India, on January 5 said it has fixed a price band of Rs 21 to Rs 23 per share for its Rs 1,071-crore upcoming initial public offering (IPO).

At the higher end, the company is valued at over Rs 10,700 crore.

The company's IPO will open on January 9, marking the first public issue of 2026.

The issue will close on January 13, while anchor investor bidding is scheduled for January 8, according to its statement.

The offering will be keenly tracked by the Dalal Street as an early gauge of investor appetite for public sector undertakings (PSUs) in the new year.

According to the red herring prospectus (RHP), the maiden public issue — entirely an offer for sale (OFS) of 46.57 crore equity shares by Coal India– is worth Rs 1,071.11 crore at the higher end of the price band.

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The listing of BCCL is part of the government's broader divestment push in the coal sector, aimed at unlocking value in Coal India's subsidiaries and enhancing transparency through market discipline.

BCCL will make its stock market debut on January 16.

The company said that half of the issue size has been reserved for qualified institutional buyers, 35 percent for non-institutional investors and the remaining 15 percent for retail investors.

Last year, Central Mine Planning and Design Institute (CMPDIL), another wholly-owned arm of Coal India, had also filed its draft papers with SEBI for an IPO via the OFS route.

While BCCL is a coal-producing entity, CMPDIL serves as Coal India's technical and planning arm.

BBCL was the largest coking coal producer in India in fiscal 2025 in terms of coking coal production, according to a Crisil report.

Its coal production stood at 15.75 million tonnes in the six-month period ended September 30, 2025, as compared to 19.09 million tonnes in the year-ago period.

The company operates a network of 34 operational mines, including 4 underground mines, 26 opencast mines, and 4 mixed mines as of September 30, 2025.

BCCL's issue comes against the backdrop of a blockbuster year for the primary market.

In 2025, companies raised a record nearly Rs 1.76 lakh crore through IPOs, buoyed by strong domestic liquidity, resilient investor sentiment and a supportive macroeconomic environment. This surpassed the Rs 1.6 lakh crore mobilised by 90 firms in 2024 and the Rs 49,436 crore raised by 57 companies in 2023.