Highlights

• The IPO is a 100% book-built Offer for Sale of up to 46.57 crore equity shares.
• Shares will be offered in a price band of ₹21–₹23 with a ₹1 discount for eligible employees.
• The company has outlined a production plan targeting 9.0 million tonnes by FY 2028–29.

Bharat Coking Coal Limited (BCCL), a public sector enterprise under the Government of India, is set to launch its Initial Public Offering (IPO) on January 9, 2026. The issue will remain open for subscription until January 13, 2026, and the equity shares are proposed to be listed on both the BSE and NSE under the symbol BHARATCOAL. The IPO is entirely an Offer for Sale (OFS) and will follow the 100% book-building route.

IPO Structure and Key Dates

The Bharat Coking Coal IPO comprises an Offer for Sale of up to 46,57,00,000 equity shares with a face value of ₹10 per share. The price band has been fixed at ₹21 to ₹23 per equity share, with a discount of ₹1 per share offered to eligible employees.

Retail investors can apply for a minimum of 600 equity shares, and bids must be placed in multiples thereof. The maximum subscription amount for retail investors and shareholders is capped at ₹2,00,000, while eligible employees can apply up to ₹5,00,000.

UPI Cut-Off and Application Details

Investors using the UPI mechanism must ensure mandate confirmation by 5:00 PM on January 13, 2026. Applications with confirmed mandate status (RC100) before the cut-off will be considered valid. Market

Company Background and Operations

Incorporated in January 1972, Bharat Coking Coal Limited was formed following the nationalisation of coal mines in the Jharia and Raniganj coalfields on October 16, 1971. The company focuses on mining coking coal and allied activities and plays a central role in the domestic supply of coking coal. BCCL operates as a Public Sector Undertaking under the administrative control of the Government of India.

Financial Performance Snapshot

For FY 2024–25, BCCL reported total revenue from operations of ₹13,998.45 crore, with net sales amounting to ₹13,083.26 crore. The company recorded a Profit Before Tax (PBT) of ₹1,702.89 crore and Profit After Tax (PAT) of ₹1,240.19 crore. EBITDA for the period stood at ₹2,356.06 crore.

Production Expansion Roadmap

BCCL has outlined a multi-year production plan extending to FY 2028–29. Proposed production is estimated at 2.5 million tonnes in FY 2025–26, increasing to 3.2 million tonnes in FY 2026–27. Output is projected to rise further to 5.0 million tonnes in FY 2027–28 and 9.0 million tonnes by FY 2028–29, indicating a phased expansion strategy.