By Karmrath News Desk
Mumbai: Bharat Coking Coal Limited (BCCL), a wholly owned subsidiary of Coal India Limited (CIL), has fixed a price band of Rs 21 to Rs 23 per equity share of face value Rs 10 for its initial public offering (IPO). The company filed its Red Herring Prospectus (RHP) dated January 2, 2026, with the Registrar of Companies, Jharkhand, at Ranchi, the Securities and Exchange Board of India (SEBI), and the stock exchanges.
The IPO will open for subscription on Friday, January 9, 2026, and close on Tuesday, January 13, 2026. The anchor investor bidding will take place one working day prior to the issue opening, on Thursday, January 8, 2026, in accordance with SEBI’s ICDR Regulations.
Investors can bid for a minimum of 600 equity shares and in multiples of 600 shares thereafter.
The total issue size is up to 465,700,000 equity shares, entirely comprising an offer for sale by Coal India Limited, the promoter selling shareholder.
According to the RHP, BCCL is the largest producer of coking coal in India in Fiscal 2025, accounting for 58.50 percent of domestic coking coal production, as per a CRISIL industry overview. The company’s primary product is coking coal, and it had estimated reserves of approximately 7,910 million tonnes as of April 1, 2024, making it one of the largest holders of coking coal reserves in the country.
BCCL produces various grades of coking coal, non-coking coal, and washed coal, primarily catering to the steel and power sectors. The company was conferred Mini Ratna status in 2014.
Coal production has expanded significantly over recent years, increasing from 30.51 million tonnes in Fiscal 2022 to 40.50 million tonnes in Fiscal 2025. In the six months ended September 30, 2025, coal production stood at 15.75 million tonnes, compared with 19.09 million tonnes in the corresponding period of the previous year.
In Fiscal 2024, the company produced 39.11 million tonnes of coking coal and 1.99 million tonnes of non-coking coal, surpassing its earlier production records. Since Fiscal 2021, production growth has been supported by capacity additions through the incorporation of heavy earth-moving machinery. This resulted in an upward production trend, with Fiscal 2024 marking the highest coking coal output to date.
Coking coal production during the six months ended September 30, 2025 and 2024, and during Fiscal 2025, 2024 and 2023, amounted to 15.05 million tonnes, 18.39 million tonnes, 38.89 million tonnes, 39.11 million tonnes and 33.72 million tonnes, respectively. These volumes represented between 93.20 percent and 96.33 percent of the company’s total coal production during the respective periods.
The company also recorded its highest raw coal offtake of 39.27 million tonnes in Fiscal 2024.
BCCL operates across a total leasehold area of 288.31 square kilometres, spanning the Jharia and Raniganj coalfields. Its operations include opencast and underground mining projects, coal washeries, monetisation of old and idle washeries through the Washery Developer and Operator route, and revival of discontinued underground mines under the Mine Developer and Operator model. The company also monetises its solar power projects through self-consumption and grid injection.
As of September 30, 2025, BCCL operated 34 mines, comprising four underground mines, 26 opencast mines and four mixed mines.
For the six months ended September 30, 2025, the company reported revenue from operations of Rs 5,659.02 crore and a net profit of Rs 123.88 crore. Revenue from operations stood at Rs 13,802,55 crore in FY25, compared with Rs 12,624.06 crore in FY23, while net profit increased to Rs 1,240.19 crore in FY25 from Rs 664.78 crore in FY23.
IDBI Capital Markets & Securities Limited and ICICI Securities Limited are acting as book-running lead managers to the issue, while KFin Technologies Limited is the registrar.
The IPO is being offered through the book-building process, with up to 50 percent of the net offer reserved for qualified institutional buyers, and at least 15 percent and 35 percent allocated to non-institutional investors and retail individual investors, respectively. The offer includes an employee reservation portion of up to 23,285,000 equity shares and a shareholder reservation portion of up to 46,570,000 equity shares. Eligible employees will receive a discount of Rs 1 per equity share in the employee reservation portion.
