IPO Rush: Bharat Coking Coal, Three SME Issues To Hit Dalal Street
January often witnesses a softer beginning as investors return from holiday breaks and evaluate broader market cues before deploying fresh capital.
India’s IPO market has kicked off 2026 on a subdued note, with only one mainboard public issue opening for subscription in the first week of January. Investor participation, instead, will be focused on three small and medium enterprise (SME) IPOs, signalling the typically cautious sentiment seen at the start of a new calendar year.
January often witnesses a softer beginning as investors return from holiday breaks and evaluate broader market cues before deploying fresh capital. Although the pipeline of larger IPOs expected later in the quarter remains strong, companies appear reluctant to test sentiment in the opening week.
However, activity in the SME space remains steady, with three offerings scheduled between January 6 and January 9 across infrastructure materials, electric mobility, and sustainable textiles. Only one listing is lined up next week — Modern Diagnostic.
Bharat Coking Coal IPO
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 company is yet to announce the price-band of the public offer.
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.
BCCL posted a net profit of Rs 1,240 crore for FY25, 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, down from Rs 749 crore in the same period last year.
On The SME Front
Gabion Technologies India will be the first SME issue of the year, opening on January 6 and closing on January 8. The company aims to raise around Rs 29 crore through a fully fresh issue and will list on the BSE SME platform.
Gabion Technologies operates in a specialised infrastructure segment, supplying steel gabions, rockfall protection systems, and geosynthetic products for roads, railways, irrigation, mining, and defence applications. It has executed projects across multiple sectors, working extensively with government bodies and contractors.
Victory Electric Vehicles’ IPO will open on January 7 and close on January 9. The company plans to raise about Rs 35 crore via a fixed-price SME issue, with listing proposed on the NSE SME platform.
The company operates in the electric two-wheeler and three-wheeler space, with a strong footprint in e-rickshaws and electric cargo vehicles. Its dealer-led distribution network spans several states, catering to commercial mobility and last-mile transportation needs.
The biggest SME issue of the week will be that of Yajur Fibres, opening on January 7 and closing on January 9, targeting proceeds of roughly Rs 120 crore. The shares will list on the BSE SME platform.
Yajur Fibres is an established player in processing bast fibres such as flax, jute, and hemp. It specialises in cottonising natural fibres to make them blendable with cotton and synthetic yarns, supplying its products to spinning and weaving mills in India and abroad.
