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Bharat Coking Coal Limited IPO

Bharat Coking Coal Limited IPO

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Listed Price: ₹ 45.21 (+96.57%)

Following its successful public offering, Bharat Coking Coal Limited's made its market debut on 19-01-2026 and is now actively traded on the NSE, BSEplatform. The IPO mobilized 46,57,00,000 Shares in total capital, including TBD in primary equity infusion and ₹1071.11 Cr in secondary share sales.

The offering was structured with a price band of ₹21 to ₹23 and minimum investment lots of 600 shares. Investor participation during the subscription window from 09-01-2026 to 13-01-2026 demonstrated market confidence in the company's prospects.

The allotment process concluded on 14-01-2026, allocating shares to successful bidders. The listing represents the culmination of the IPO process, transitioning the company to publicly traded status with enhanced transparency and governance standards.

Bharat Coking IPO Details
Lot(s) Distribution

Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.

IPO Reservation
Bharat Coking IPO Key Performance Indicator
Company Financials ( In Crores )

Bharat Coking IPO About Company

Bharat Coking Coal Limited, incorporated in 1972, is engaged in the production of coking coal, non-coking coal, and washed coal, and operates as a wholly owned subsidiary of Coal India Limited. As of March 31, 2025, the company operates 32 mines comprising 25 opencast, 3 underground, and 4 mixed mines, with its primary focus on coking coal to serve the steel and power industries. As of April 1, 2024, BCCL holds an estimated coking coal reserve of around 7,910 million tonnes and accounted for 58.50% of India’s total domestic coking coal production in Fiscal 2025. The company’s operations are spread across Jharia in Jharkhand and Raniganj in West Bengal, covering a total leasehold area of 288.31 square kilometers. Its activities include opencast and underground mining, coal washeries, monetisation of idle washeries through the Washery Developer and Operator model, revival of discontinued underground mines through the Mine Developer and Operator model, and monetisation of solar power projects through self-consumption and grid injection. Coal production increased from 30.51 million tonnes in Fiscal 2022 to 40.50 million tonnes in Fiscal 2025, while in Fiscal 2024 the company produced 39.11 million tonnes of coking coal and 1.99 million tonnes of non-coking coal.

Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."

Bharat Coking IPO Strength Factors

  1. Leading Player in Coking Coal with a Strong Resource Base: BCCL is India’s largest coking coal producer, contributing 58.50% of domestic output in FY 2025. The company holds 7.91 billion tonnes of coking coal resources, making it the only source of prime coking coal in India according to CRISIL. These sizeable reserves support uninterrupted supply to industries such as steel, power, cement, and fertilizers, while enabling economies of scale.
  2. Advantageous Mine Locations Backed by High Washery Capacity: The company’s mining operations are concentrated in the coal-rich Jharia and Raniganj coalfields, providing easy access to quality reserves. BCCL also operates the largest coking coal washery capacity in India at 13.65 MTPA, which improves coal quality, lowers logistics costs, and ensures efficient and consistent production.
  3. Well Positioned to Capture Growth in Coking Coal Demand: India’s coking coal demand is expected to rise from 67 million tonnes in FY 2025 to 104 million tonnes by FY 2030, mainly driven by growth in the steel sector, as per CRISIL. With its dominant market share and strong reserve base, BCCL is well placed to benefit from this demand growth and maintain long-term leadership.

Bharat Coking IPO Risk Factors

  1. Concentration of Mines and Reserves in Limited Regions: BCCL’s entire mining operations are concentrated in the Jharia coalfield in Jharkhand and the Raniganj coalfield in West Bengal. Any depletion of reserves or difficulty in fully exploiting deposits in these regions could directly impact production and negatively affect the company’s business, financial position, and cash flows.
  2. Dependence on a Limited Set of Key Vendors: The company relies on a small number of vendors for critical inputs and services such as diesel supply, explosives, overburden removal, coal mining, transportation, and coal washing. Any disruption in these vendor relationships due to operational issues, financial stress, regulatory changes, or external factors could affect operational continuity and overall performance.
  3. High Dependence on Third-Party Contractors: A large portion of coal extraction and handling activities is carried out through third-party contractors, accounting for 78.47% in FY 2025. This exposes the company to risks related to cost fluctuations, service quality issues, delays, and operational inefficiencies, which may adversely impact production, logistics, and financial performance.

Bharat Coking IPO Lead Manager(s)

  • ICICI Securities Limited
  • IDBI Capital Market Services Limited

Bharat Coking IPO Promoter(s)

  1. President of India
  2. Acting Through the Ministry of Coal
  3. Government of India
  4. Coal India Limited

Bharat Coking IPO Company Details

Bharat Coking Coal Limited
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Bharat Coking IPO Registrar

Kfin Technologies Limited
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Bharat Coking IPO FAQs