Bharat Coking Coal Ltd (BCCL), a subsidiary of Coal India, on Monday announced a price band of ₹21-23 per share for its ₹1,071 crore initial public offering (IPO).
The IPO will open for subscription on January 9, making it the first public issue of 2026, and will close on January 13. Anchor investor bidding is scheduled for January 8, the company said.
The issue will be closely watched by Dalal Street as an early indicator of investor appetite for new listings. The stock’s grey market premium stood at around 63.04 per cent on Monday, pointing to strong investor interest.
The public issue comprises an entirely offer for sale (OFS) of 46.57 crore equity shares by Coal India, with no fresh issue component. The proposed listing of BCCL forms part of the government’s broader divestment strategy in the coal sector, aimed at unlocking value in Coal India’s subsidiaries and improving transparency through market discipline.
Shares of BCCL are scheduled to list on the bourses on January 16. According to the offer structure, 50 per cent of the issue has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
Last year, Central Mine Planning and Design Institute, another wholly-owned Coal India subsidiary, had filed draft papers with Sebi for an IPO through the OFS route. Unlike BCCL, which is a coal-producing company, CMPDIL functions as Coal India’s technical and planning arm.
On the operational front, BCCL said it is realigning its production mix to cater to rising demand from the steel sector. According to the prospectus, around 77.61 per cent of its total offtake of 38.26 million tonnes in FY25 was supplied to the power sector. The strategy targets import substitution and higher value realisation domestically.
