Bharat Coking Coal IPO: Price Band, Financials, GMP, And More — All You Need To Know

The initial public offering of Bharat Coking Coal Ltd. will open for subscription on Jan. 9, and will close on Jan. 13. The Rs 1,300 crore issue will be entirely an offer for sale, under which promoter Coal India will sell up to 46.57 crore equity shares.

The anchor investor portion will open for bidding on Jan. 8. The price-band of the public offer is Rs 21-Rs 23. Investors can apply for a minimum of one lot of 600 shares and in multiples thereafter.

The Book Running Lead Managers to the IPO are IDBI Capital Markets & Securities and ICICI Securities Limited, while KFin Technologies Limited is acting as the registrar.

The allotment of shares to IPO investors will be done tentatively on Jan. 14, and it will be credited to the demat account will be done on Jan. 15. Bharat Coking Coal will list on the BSE and NSE on Jan. 16.

• Open date: Jan. 9

• Close date: Jan. 13

• Price Band: Rs 21 to Rs 23 per share

• Allotment date: Jan. 14

• Listing date: Jan. 16

• OFS: 46.57 crore shares

• Minimum bid: Lot size of 600 shares

As the issue is a pure offer-for-sale by the promoter, Bharat Coking Coal shall receive no direct funds from the IPO.

''Coal India has a huge capex plan for the next five years in different areas. Bharat Coking Coal IPO proceeds will be utilised for Coal India's capex,'' said Mukesh Agrawal - Director of Finance, Coal India to NDTV Profit.

BCCL's projected profit is over Rs 2,000-2,500 crore every year and depreciation is nearly Rs 400 crore. ''Capex requirement is only Rs 1,000 crore per year. Hence, it has sufficient funds to meet the capex requirement and serve the dividend of their stakeholders,'' he added.

The grey market premium of Bharat Coking Coal is Rs 11.5 on Jan. 6, as per data on InvestorGain website. The GMP indicated a listing price of Rs 34.5 and a listing premium of 50%.

Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.

Founded in 1972, BCCL is India’s largest producer of coking coal and among the biggest holders of coking coal reserves in the country, with estimated reserves of around 7,910 million tonnes as of April 1, 2024. The company is a wholly owned subsidiary of Coal India and was granted ‘Mini Ratna’ status in 2014.

Its operations are primarily located in the Jharia coalfields in Jharkhand and the Raniganj coalfields in West Bengal.

BCCL posted a net profit of Rs 1,240 crore for the financial year ended March 31, 2025, compared with Rs 1,564 crore in FY24 and Rs 665 crore in FY23. For the first half of FY26, profit after tax stood at Rs 124 crore, sharply lower than Rs 749 crore reported in the corresponding period of the previous year.

The company’s revenue from operations in FY25 was Rs 13,803 crore, against Rs 14,246 crore in FY24 and Rs 12,624 crore in FY23. For the first half of FY26, revenue stood at Rs 5,659 crore, compared with Rs 6,846 crore in the corresponding period last fiscal.

BCCL has steadily increased its production capacity through the strategic deployment of heavy earth-moving machinery and registered a record coking coal output of 39.11 million tonnes in FY24. The company has maintained a compound annual growth rate of 5.80% in coking coal production from FY23 to FY25.