Bharat Coking Coal Limited (BCCL), a subsidiary of Coal India, is kicking off the first main‑board IPO of 2026.
What the IPO Offers
The offer is an “offer‑for‑sale” of up to 46.57 crore equity shares at a price band of Rs 21‑23 per share. No new shares are being created; Coal India is selling its existing stake, valuing the deal at about Rs 1,071 crore.
Pricing and Valuation
- Upper price band (Rs 23): P/E ratio of 8.65
- Lower price band (Rs 21): P/E ratio of 7.89
- Industry average P/E for peers: ~17.16
The low P/E suggests the shares could be cheaper than many peers.
Allocation Snapshot
- Employee reservation: up to 2.32 crore shares (discount of Rs 1 per share)
- Shareholder reservation (Coal India investors): up to 4.66 crore shares
- Qualified Institutional Buyers (QIBs): max 50% of the net offer
- Non‑institutional investors: at least 15%
- Retail investors: at least 35%
Key Dates
- Anchor investor bidding opens: Thursday, Jan 8, 2026
- Public subscription opens: Friday, Jan 9, 2026
- Subscription closes: Tuesday, Jan 13, 2026
- Allotment basis finalized: ~Jan 14, 2026
- Refunds and share allotment: Jan 15, 2026
- Trading begins on BSE/NSE: ~Jan 16, 2026
About Bharat Coking Coal
Founded in 1972, BCCL is India’s largest producer of coking coal, operating mainly in Jharkhand and West Bengal. It supplies raw and washed coal to steel, power and cement plants.
Recent Financial Performance
- FY 2025 net profit: Rs 1,240 crore (down from Rs 1,564 crore in FY 2024)
- H1 FY 2026 profit: Rs 124 crore (versus Rs 749 crore a year earlier)
- FY 2025 revenue: Rs 13,803 crore (down from Rs 14,246 crore in FY 2024)
- H1 FY 2026 revenue: Rs 5,659 crore (down from Rs 6,846 crore in H1 FY 2025)
- Record coking‑coal production in FY 2024: 39.11 million tonnes
- CAGR of production (FY 23‑FY 25): 5.80%
How to Apply
Retail investors can place bids through their ASBA‑enabled bank accounts during the public subscription window. Remember to check the discount eligibility if you are an employee.
Disclaimer
These details are for informational purposes only. Investing involves risk, and you should do your own research or consult a financial advisor before making any decisions.