State-owned Bharat Coking Coal Limited (BCCL), a subsidiary of Coal India, has filed its Red Herring Prospectus (RHP) with the Registrar of Companies for its Initial Public Offering (IPO), which is scheduled to open on January 9, 2026. This will be the first mainboard IPO of the new calendar year.
The IPO will be a pure offer-for-sale (OFS) of 46.57 crore equity shares by promoter Coal India, with no fresh issue component. As a result, the company will not receive any proceeds from the offer, and the entire amount will go to the selling shareholder.
According to the RHP filed on January 2, the objectives of the IPO are to facilitate the offer-for-sale and to secure the benefits of listing the company’s equity shares on the stock exchanges.
Issue structure and timeline
The offer represents 10% of Bharat Coking Coal’s total paid-up equity capital. It includes a reservation of up to 2.32 crore equity shares for employees and 4.65 crore shares for existing Coal India shareholders.
The anchor book will open for one day on January 8, while the IPO will remain open for public subscription until January 13. The company is expected to finalise allotment on January 14, with shares likely to list on the BSE and NSE on January 16.
Half of the net public offer (excluding employee and shareholder portions) is reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and the remaining 35% for retail investors.
Company profile and operations
Coal India currently holds a 100% equity stake in Bharat Coking Coal. The company is India’s largest producer of coking coal, accounting for 58.5% of domestic coking coal production in FY25.
Incorporated in 1972 and classified as a Mini Ratna PSU, Bharat Coking Coal primarily operates in the Jharia coalfields of Jharkhand and the Raniganj coalfields of West Bengal. The company has expanded its scale significantly, with coal production rising from 30.51 million tonnes in FY22 to 40.50 million tonnes in FY25. Production during the six months ended September 2025 stood at 15.75 million tonnes, compared with 19.09 million tonnes in the year-ago period.
As of September 2025, the company operated 34 mines, comprising 4 underground mines, 26 opencast mines, and 4 mixed mines. It also runs five coal washeries to reduce ash content in coking coal for steel industry usage and is developing three additional washeries with a combined capacity of 7 million tonnes per annum.
Financial performance
For the year ended March 2025, Bharat Coking Coal reported a net profit of ₹1,240.2 crore, a decline of 20.7% year-on-year, while revenue slipped 3.1% to ₹13,802.6 crore.
During the first half of FY26, profit fell sharply by 83.5% to ₹123.9 crore, compared with ₹748.7 crore in the corresponding period last year. Revenue for the same period declined 17.3% to ₹5,659 crore.
Lead managers
IDBI Capital Markets & Securities and ICICI Securities are acting as the book-running lead managers for the issue.
