What Is the BCCL IPO?
The BCCL IPO refers to the Initial Public Offering of Bharat Coking Coal Limited, a wholly owned subsidiary of Coal India Limited (CIL), India’s largest coal producer and a Government of India Public Sector Undertaking (PSU).
BCCL is one of India’s largest producers of coking coal, a critical raw material used primarily in steel manufacturing. The company plays a strategic role in supporting India’s steel and infrastructure sectors.
Important IPO Dates & Timeline
| Event | Date |
|---|---|
| IPO Open Date | January 9, 2026 |
| IPO Close Date | January 13, 2026 |
| Allotment Date | January 14, 2026 |
| Refund / Credit | January 15, 2026 |
| Expected Listing Date | January 16, 2026 |
Listing Exchanges: NSE and BSE
BCCL IPO Issue Details
Price Band and Issue Structure
| Particulars | Details |
|---|---|
| Price Band | ₹21 – ₹23 per share |
| Face Value | ₹10 per share |
| Issue Type | Offer for Sale (OFS) |
| Total Issue Size | Approx. ₹1,071 crore |
| Lot Size | 600 shares |
Minimum retail investment at the upper price band is approximately ₹13,800.
IPO Reservation & Investor Quota
The BCCL IPO allocation is divided among:
- Qualified Institutional Buyers (QIBs)
- Non-Institutional Investors (NIIs)
- Retail Individual Investors
- Employees
- Coal India Shareholder Quota
The Coal India shareholder quota allows eligible CIL shareholders to apply under a reserved category, potentially improving allotment chances.
Company Overview: Bharat Coking Coal Limited
- Incorporated in 1972
- Subsidiary of Coal India Limited
- Operations spread across Jharkhand and West Bengal
- Engaged in underground and opencast mining
- Major supplier of coking coal to Indian steel manufacturers
BCCL is strategically important due to its role in domestic coking coal availability, reducing import dependency.
Financial Performance Snapshot
| Financial Metric (FY25) | Value |
|---|---|
| Revenue | ₹14,401 crore |
| Profit After Tax (PAT) | ₹1,240 crore |
| EBITDA | ₹2,356 crore |
| Net Worth | ₹6,551 crore |
The company has shown stable profitability supported by strong demand from the steel sector.
Valuation Metrics
At the upper price band, BCCL IPO is valued at approximately:
- P/E Ratio: ~8.6x FY25 earnings
- EV/EBITDA: ~5.5x
These valuation multiples are considered attractive when compared with broader PSU and commodity sector peers.
Grey Market Premium (GMP) Status
As per market tracking reports, the BCCL IPO has been trading at a strong grey market premium ahead of listing. Market expectations indicate potential listing gains; however, GMP is unofficial and not guaranteed.
Key Strengths of BCCL IPO
- Strategic importance in India’s steel value chain
- Backing of Coal India Limited and Government of India
- Coal India shareholder reservation increases allotment probability
- Reasonable valuation compared to listed PSU peers
- Stable cash-generating operations
Key Risks and Concerns
- Exposure to commodity price cycles
- No fresh capital infusion due to OFS structure
- Long-term transition risks towards renewable energy and green steel
- Regulatory, environmental, and mining-related compliance risks
Should You Apply for the BCCL IPO?
Suitable for:
- Investors seeking listing gains
- PSU-focused and value-oriented investors
- Existing Coal India shareholders
Not suitable for:
- Investors looking for high-growth or technology-driven companies
- Long-term investors avoid cyclical and commodity-linked businesses
BCCL IPO Quick Summary
- IPO Name: Bharat Coking Coal Ltd IPO
- IPO Opening Date: January 9, 2026
- IPO Closing Date: January 13, 2026
- Price Band: ₹21 – ₹23 per share
- Lot Size: 600 shares
- Issue Size: Approx. ₹1,071 crore
- Issue Type: Offer for Sale
- Listing Date: January 16, 2026
- Exchanges: NSE and BSE
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