India’s leading coking coal company Bharat Coking Coal Limited (BCCL) is bringing the first mainboard IPO of 2026. The BCCL IPO has already created strong buzz in the stock market due to solid anchor investment, reasonable valuation, and the company’s dominant position in the coal sector.
BCCL is a 100% subsidiary of Coal India, the largest coal producer in the country. The company plays a very important role in supplying coking coal, which is mainly used in steel production.
In this article, we explain BCCL IPO details, price band, GMP, expert opinion, risks, and whether investors should apply, all in simple and easy words.
BCCL IPO Dates and Key Details
The BCCL IPO will open for public subscription on Friday, 9 January 2026, and will close on Tuesday, 13 January 2026.
BCCL IPO Highlights
- IPO Type: Mainboard IPO
- Issue Type: 100% Offer for Sale (OFS)
- Price Band: ₹21 to ₹23 per share
- Lot Size: 600 shares
- Minimum Investment (Retail): ₹13,800 (at ₹23)
- Issue Size: ₹1,071 crore
- Total Shares Offered: 46.57 crore
- Allotment Date: 14 January 2026
- Listing Date: 16 January 2026 (Friday)
Anchor Investors Show Strong Confidence
Before the opening of the BCCL IPO, the company raised ₹273.13 crore from anchor investors on 8 January. This is a very positive sign for retail investors.
- LIC became the largest anchor investor
- LIC bought 3.39 crore shares worth ₹78 crore
- Nippon India Mutual Fund and Bandhan Mutual Fund together invested around ₹75.75 crore
The participation of such big institutions shows strong market trust in BCCL IPO.
About Bharat Coking Coal Limited (BCCL)
BCCL is India’s largest coking coal producer. In FY2025, the company had around 58.5% share in domestic coking coal production.
Key Strengths of BCCL
- Estimated coal reserves of 7.91 billion tonnes
- 34 operational mines
- Operations mainly in Jharia (Jharkhand) and Raniganj (West Bengal)
- 100% subsidiary of Coal India, a government-owned company
These factors make BCCL a strategically important company for India’s steel and infrastructure sectors.
BCCL IPO Valuation and Broker Review
According to SBI Securities, investors can subscribe to the BCCL IPO at the cut-off price.
At the upper price band of ₹23, the IPO is valued at around:
- 6.4x EV/EBITDA (post-issue)
- Less than 10x earnings (around 9x multiple)
This valuation is considered reasonable and attractive, especially when compared to many recent IPOs that came at very high prices.
Expert Opinion
Market expert Aastha Jain, speaking to Jagran Business, said that:
- BCCL is the largest coking coal company in India
- The company has strong reserves and stable operations
- Financial performance is average, but valuation is the main attraction
Because of fair pricing, experts believe the BCCL IPO is worth considering.
BCCL IPO Grey Market Premium (GMP)
The BCCL IPO GMP is currently around 50%, which indicates expectations of a strong listing.
However, investors should remember:
- GMP is unofficial
- It can change quickly
- Do not invest only based on GMP
Always focus on company fundamentals and valuation.
Shareholder Quota for Coal India Investors
There is a separate shareholder quota in the BCCL IPO.
Who Is Eligible?
- Investors who held Coal India shares in their demat account on or before 2 January 2026
- Only Retail Individuals and HNIs can apply
- Maximum application amount: ₹2 lakh
This quota gives Coal India shareholders an extra chance of allotment.
IPO Reservation Structure
- 50% – Qualified Institutional Buyers (QIBs)
- 10% – Non-Institutional Investors (NIIs)
- 10.7 crore shares – Reserved for Coal India shareholders
- Employee Discount: ₹1 per share
At ₹23 price, the post-issue market cap of BCCL will be around ₹1,711 crore. After listing, Coal India will still hold around 90% stake.
Risks You Should Know
While the BCCL IPO has many positives, investors should also understand the risks:
- Coal reserves will reduce over time
- More than 80% revenue depends on top 10 customers
- Growing use of renewable energy may affect coal demand in the long term
- Being a PSU, growth may be slow and regulated
Should You Apply for BCCL IPO?
Suitable for:
- Investors looking for reasonable valuation IPOs
- Coal India shareholders (due to shareholder quota)
- Short- to medium-term investors expecting listing gains
Not ideal for:
- Investors seeking high-growth or new-age businesses
- Long-term investors worried about fossil fuel risks
Final Verdict on BCCL IPO
The BCCL IPO stands out due to fair valuation, strong anchor backing, and market leadership in coking coal. While there are sector-related risks, the pricing and institutional interest make it a decent IPO to consider, especially for listing gains and medium-term holding.
As always, invest according to your risk profile and financial goals.