Mumbai: India’s IPO market is set to welcome a major public sector listing at the start of 2026. Bharat Coking Coal Limited (BCCL), a subsidiary of Coal India Limited headquartered in Dhanbad, Jharkhand, is planning to launch an initial public offering (IPO) in the next two weeks. The IPO is expected to raise around ₹1,300 crore.
Coal India to Sell Stake
According to reports, the IPO will be a sale of existing shares only, with no fresh shares being issued. Coal India is set to divest approximately 10% of its stake in BCCL, amounting to around 46.57 crore shares. All proceeds from the IPO will go to Coal India, not BCCL.
IPO Size and Valuation
The IPO, expected to be ₹1,300 crore in size, values BCCL at approximately ₹13,000 crore ahead of listing. Details such as share price, lot size, and final IPO structure will be finalized closer to the launch with guidance from book-running lead managers.
Lead Managers and Registrar
ICICI Securities and IDBI Capital Markets & Securities will serve as the book-running lead managers for the IPO, while KFin Technologies will act as the registrar. The Securities and Exchange Board of India (SEBI) had earlier approved BCCL’s draft red herring prospectus in September, clearing the path for the public listing.
About Bharat Coking Coal Limited
BCCL is one of India’s largest producers of coking coal, a key raw material for steel production. The company also produces non-coking and washed coal, primarily supplying the steel and power sectors. Established in 1972, BCCL operates mines in Jharkhand’s Jharia coalfields and West Bengal’s Raniganj coalfields—both among India’s richest coal regions.
Financial Performance
BCCL has steadily increased its production over the past few years. Coal output rose from 30.51 million tons in FY2022 to 40.50 million tons in FY2025, a growth of roughly 33% in three years. In FY2024, the company produced 39.11 million tons of coking coal and 1.99 million tons of non-coking coal, surpassing previous records.
The company reported revenue of around ₹14,000 crore for the year ending March 2025, remaining largely stable compared to the previous year. Profit stood at ₹1,240 crore. Notably, BCCL is completely debt-free, with net worth rising from ₹3,791 crore two years ago to ₹6,551 crore today, reflecting its strong financial health.
This IPO marks a significant opportunity for investors to participate in one of India’s leading coal producers, backed by a debt-free balance sheet and robust operational performance.
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