Bharat Coking Coal IPO Opens Jan 9: GMP Hints At 71% Listing Gains;Check Price Band & All Investment Details

The Bharat Coking Coal IPO will open for public subscription on January 9, 2026, and will remain open until January 13th. The IPO is expected to attract strong investor interest as it comes from a PSU-backed Coal India. BCCL plays a very important role in supplying coking coal to India's steel industry.

Bharat Coking Coal IPO Issue Size and Structure

The Bharat Coking Coal IPO is a book-built issue worth Rs. 1,071.11 crore and is entirely an offer for sale (OFS) of 46.57 crore equity shares. Since this is a full OFS, the company will not receive any fresh capital from the issue. The proceeds will go to the existing shareholder, Coal India Ltd, which currently holds a 100% stake in Bharat Coking Coal.

Bharat Coking Coal IPO Price Band

The price band for the Bharat Coking Coal IPO has been fixed at Rs. 21 to Rs. 23 per share. Investors can bid for the IPO within this range during the subscription period. The upper price band of Rs. 23 is being used to calculate the minimum investment amount for different investor categories.

Bharat Coking Coal IPO Lot Size and Minimum Investment

The lot size for the IPO is 600 shares. Retail investors will need to invest a minimum of Rs. 13,800, based on the upper price band. For small non-institutional investors, the minimum application size is 15 lots or 9,000 shares, amounting to Rs. 207,000. Big non-institutional investors (bNII) must apply for 73 lots or 43,800 shares, requiring an investment of Rs. 1,007,400.

Bharat Coking Coal IPO GMP Today

One of the most standout things is the Bharat Coking Coal IPO GMP (Grey Market Premium), which is currently standing at Rs. 16.5, as per the latest update from Investor Gain on January 5. Based on the upper price band of Rs. 23, the estimated listing price is around Rs. 39.5, which means a potential listing gain of nearly 72% is expected.

About Bharat Coking Coal Ltd (BCCL)

Bharat Coking Coal Ltd is a Mini Ratna PSU and a 100% subsidiary of Coal India Ltd. It is India's largest producer of coking coal, accounting for 58.5% of domestic production in FY25. As per the company data, BCCL operates 32 mines, including 25 opencast, 3 underground, and 4 mixed mines, primarily located in the Jharia coalfield of Jharkhand and the Raniganj coalfield of West Bengal. In FY25, the company achieved record coal production of 40.50 million tonnes, despite heavy monsoon conditions. Its total coal reserves stand at around 7,910 million tonnes, providing strong long-term resource visibility.

Coking coal contributes nearly 74-77% of Bharat Coking Coal's total revenue, while the remaining revenue comes from washed coal and non-coking coal used in the power and industrial sectors. The company focuses on both opencast and underground mining, supported by washeries and logistics infrastructure.

Financial Performance of Bharat Coking Coal

In FY25, the company reported revenue of Rs. 13,803 crore, compared with Rs. 14,246 crore in FY24. Profit after tax declined 21% year-on-year to Rs. 1,240 crore. The EBITDA margin stood at 16.36%, while the PAT margin was 8.61%. For H1 FY26, revenue came in at Rs. 5,659 crore, lower than Rs. 6,846 crore in the year-ago period.

Despite the dip in profits, Bharat Coking Coal remains debt-free, with healthy return ratios. The company reported an ROE of 20.83% and ROCE of 30.13%. It also paid its maiden dividend of Rs. 44.43 crore to Coal India Ltd and recorded its highest income tax payment of Rs. 406 crore in the last 10 years.