The Indian IPO market is set to witness a high-profile listing, with Bharat Coking Coal, a subsidiary of Coal India, expected to go public within the next two weeks. This IPO is likely to be a pure offer for sale, with Coal India offloading around 10% of its equity stake in Bharat Coking Coal.
Bharat Coking Coal is one of India's most important producers of coking coal, a critical raw material used mainly in steel manufacturing. The company also produces non-coking coal and washed coal, catering primarily to the steel and power sectors.
The proposed IPO size is around Rs 1,300 crore, implying a pre-listing valuation of roughly Rs 13,000 crore for Bharat Coking Coal. Key details such as the price band, lot size, and exact issue structure are expected to be finalized closer to the launch.
Bharat Coking Coal has steadily scaled up production over the past few years. Coal output rose from 30.51 million tonnes in FY22 to 40.50 million tonnes in FY25, marking a growth of nearly 33% over three years. The company reported revenue from operations of about Rs 14,000 crore for the year ended March 2025, with a profit of Rs 1,240 crore.
The coal sector is undergoing significant change, with the government working on multiple reforms to improve energy security, streamline approvals, and strengthen safety standards. Coal companies are also adopting advanced mining technologies to improve coal quality and reduce environmental impact.
The proposed Bharat Coking Coal IPO could become one of the most closely watched listings at the start of 2026, offering investors exposure to a strategically important PSU asset at a time of structural change in the coal sector.
Remember, this is a developing story, and investors should do their own research before making any investment decisions.
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