Bharat Coking Coal IPO: GMP details and how you can gain an edge in allotment

Synopsis: Bharat Coking Coal Ltd., a subsidiary of Coal India Ltd., is set to launch its IPO on Dalal Street from January 9 to 13, 2026. The IPO is a book-built issue of Rs. 1,071.11 crores, with special quotas for existing shareholders

Bharat Coking Coal Ltd., a subsidiary of Coal India Ltd., India’s largest mining company, is preparing to make its debut on Dalal Street, with a book build issue of Rs. 1,071.11 crores, and the issue is entirely an offer for sale of 46.57 crore shares.

The IPO will be open for subscription from January 9, 2026, to January 13, 2026. The allotment for the Bharat Coking Coal IPO is expected to be finalised on January 14, 2026, and the price band for the IPO is set at Rs.  21 to Rs. 23 per share. The shares are set to list on the BSE and NSE, with a tentative listing date of January 16, 2026.

Special Benefit for Existing Shareholders

The IPO includes a 10 percent reservation under the shareholder quota. Investors who bought Coal India shares on or before January 1, 2026, will be eligible to apply under this category.

Retail Individual Investors (RIIs) can bid up to Rs. 2 lakhs, and employees can bid up to Rs. 5 lakhs, both with the option to bid at the cut-off price. Shareholders can also bid up to Rs. 2 lakhs, but cut-off price bidding is allowed only within this limit. Small Non-Institutional Investors (sNII) can bid between Rs. 2 lakhs and Rs. 10 lakhs, while Big Non-Institutional Investors (bNII) can bid from Rs. 10 lakhs.

GMP of Bharat Coking Coal Ltd

As of January 5th, 2026, the last Grey Market Premium (GMP) for the Bharat Coking Coal IPO is Rs. 16.5. With a price band of Rs. 23.00, the IPO’s estimated listing price is around Rs. 39.5. This implies an expected gain of approximately 71.74% per share on listing.

Bharat Coking Coal Ltd at a Glance

Bharat Coking Coal Ltd. (BCCL) was incorporated in 1972 and is primarily engaged in the production of coking coal, non-coking coal, and washed coal. The company is a wholly-owned subsidiary of Coal India Limited. As of September 30, 2025, BCCL operates a network of 34 mines, comprising 4 underground mines, 26 opencast mines, and 4 mixed mines.

The company’s primary product is coking coal, catering to the steel and power industries. As of April 1, 2024, BCCL has an estimated coking coal reserve of approximately 7,910 million tonnes. In Fiscal 2025, BCCL accounted for 58.50% of the total domestic coking coal production in India.

The company operates across Jharia, Jharkhand, and Raniganj, West Bengal, covering a total leasehold area of 288.31 square kilometres. The company’s coal production increased from 30.51 million tonnes in Fiscal 2022 to 40.50 million tonnes in Fiscal 2025. In Fiscal 2024, the company produced 39.11 million tonnes of coking coal and 1.99 million tonnes of non-coking coal.

For the year ending 31 March 2025, the total income was Rs. 14,401.63 crores, slightly lower than the previous year, and as of Sept 30, 2025, it stood at Rs. 6,311.51 crores. The Profit After Tax (PAT) stood at 1,240.19 crores in FY25, slightly lower than the previous year, and as of Sept 30, 2025, it stood at Rs. 123.88 crores.

Government’s Disinvestment Strategy in Focus

The upcoming listing of Bharat Coking Coal Ltd. marks a crucial step in the government’s broader strategy to divest and list all subsidiaries of Coal India Ltd. by the financial year 2030. This initiative aims to unlock the value of these entities, improve their operational efficiencies, and enhance transparency through public market participation.

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