State-owned Bharat Coking Coal, the subsidiary of country's largest coal mining company Coal India, has filed Red Herring Prospectus with Registrar of Companies to launch its Initial Public Offering (IPO) on January 9, being the first mainboard offer in new year 2026.
The IPO consists of entirely offer-for-sale of 46.57 crore equity shares by promoter Coal India, with no fresh issue component. Hence, the entire IPO proceeds will be received by the selling shareholder, and the company will not get any money from the offer.
"The objects of the IPO are to carry out the offer-for-sale; and achieve the benefits of listing the equity shares on the stock exchanges," said Bharat Coking Coal in its RHP filed on January 2.
The offer, which is 10 percent of total paid-up equity capital, includes a reservation of up to 2.32 crore equity shares for company's employees and 4.65 crore shares for shareholders.
The one-day anchor book will be launched on January 8, while the offer will remain for the public subscription till January 13.
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The company will finalise the allotment of shares by January 14, while Bharat Coking Coal shares will be available for trading on the BSE and NSE effective January 16.
Coal India, the only promoter, holds 100 percent equity stake in Bharat Coking Coal, the largest coking coal producer in India in terms of coking coal production, which accounted for 58.50 percent of the domestic coking coal production in FY25.
Half of the net public offer (excluding employees and shareholders' portion) is reserved for qualified institutional buyers, 15 percent for non-institutional investors, and the remainder 35 percent shares for retail investors.
Incorporated in 1972, Mini Ratna company Bharat Coking Coal does not have comparable listed peers in India, hence, comparing with global peers like Alpha Metallurgical Resources, Inc, and Warrior Met Coal, Inc.
The company that founded for mining and suppling coking coal in mines at Jharia (Jharkhand) and Raniganj (West Bengal) coalfields, has expanded operations significantly over the years, with coal production increasing from 30.51 million tonnes in FY22 to 40.50 million tonnes in FY25.
Further, its coal production was 15.75 million tonnes in the six months period ended September 2025, compared to 19.09 million tonnes in same period last year.
The company as of September last year operated a network of 34 operational mines, including 4 underground mines, 26 opencast mines, and 4 mixed mines. Apart from this, it operated five coal washeries with the objective of reducing ash content in coking coal, making it suitable for utilisation in the steel industries.
"We are also developing three washeries with a capacity of 7 million tonnes per year to bolster washed coal outputs," the company said.
Bharat Coking Coal has recorded profit of Rs 1,240.2 crore for year ended March 2025, falling 20.7 percent from Rs 1,564.5 crore in previous year. Revenue during the same period declined 3.1 percent to Rs 13,802.6 crore, down from Rs 14,245.9 crore.
Profit in first half of current financial year 2025-26 fell 83.5 percent to Rs 123.9 crore, compared to Rs 748.7 crore in corresponding period of previous fiscal. Revenue dropped 17.3 percent to Rs 5,659 crore, down from Rs 6,846.2 crore in the same period.
IDBI Capital Markets & Securities, and ICICI Securities are acting as the book running lead managers for the Bharat Coking Coal IPO.
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