• Price band of Rs 21 to Rs 23 per Equity Share bearing face value of Rs 10 each (“Equity Shares”)
  • Bid/Offer Opening Date, Friday, January 9, 2026 and Bid/Offer Closing Date, Tuesday, January 13, 2026.
  • Minimum Bid Lot is 600 Equity Shares of face value ₹10 each and in multiples of 600 Equity Shares thereafter

Mumbai : Bharat Coking Coal Ltd has fixed the price band of Rs 21/- to Rs 23/- per Equity Share of face value ₹ 10/- each for its maiden initial public offer. Company had filed its Red Herring Prospectus dated January 2, 2026 (“RHP”) with Registrar of Companies, Jharkhand at Ranchi, SEBI and Stock Exchanges.

The Initial Public Offer (“IPO” or “Offer”) of the Company will open on, Friday, January 9, 2026 Further, the Company, in consultation with the BRLMs, considers participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bid/Offer Period is one Working Day prior to the Bid/Offer Opening Date i.e. Thursday, January 8, 2026.

Investors can bid for a minimum of 600 Equity Shares of face value ₹10 each and in multiples of 600Equity Shares thereafter.

The total issue size of the BCCL IPO is up to 465,700,000 Equity Shares, consisting of an Offer for Sale of up to 465,700,000 Equity Shares by Coal India Limited (the “Promoter Selling Shareholder”).

The company is the largest coking coal producer in India in Fiscal 2025 in terms of coking coal production, which accounted for 58.50% of the domestic coking coal production in the financial year 2025 (source – CRISIL Report, Industry Overview of the RHP). Its primary product is coking coal, with an estimated reserve of approximately 7,910 million tonnes, as of April 1, 2024, making it one of the largest coking coal reserve holder in India (source – CRISIL Report, Industry Overview on page 200 of the RHP).

 The company produces various grades of coking coal, non-coking coal and washed coals for applications primarily in the steel and power industries. It is a wholly-owned subsidiary of Coal India Limited (CIL) and was conferred with Mini Ratna status in 2014.

The company has expanded its operations significantly over the years, with its coal production increasing from 30.51 million tonnes in Fiscal 2022 to 40.50 million tonnes in Fiscal 2025. Further, its coal production was 15.75 million tonnes in the six months period ended September 30, 2025 vis-à-vis 19.09 million tonnes in six months period ended September 30, 2024.

In Fiscal 2024, the company produced 39.11 million tonnes of coking coal and 1.99 million tonnes of non-coking coal, surpassing its previous records of coking coal production

Since Fiscal 2021, the company had increased its production by adding capacity through incorporating heavy earth-moving machinery (HEMM) as part of its operations. This approach has been effective, as its production trend has been upward since then, achieving a record in Fiscal 2024. In Fiscal 2024, the company surpassed its previous records of production to produce 39.11 million tonnes of raw coal, recording its highest coking coal production.

In the six months period ended September 30, 2025 and 2024 and in Fiscal 2025, 2024 and 2023, coking coal production amounted to 15.05 million tonnes, 18.39 million tonnes, 38.89 million tonnes, 39.11 million tonnes and 33.72 million tonnes, respectively and represented 95.56%, 96.33%, 96.02%, 95.16% and 93.20%, respectively, of its total coal production

The company also recorded its highest raw coal offtake of 39.27 million tonne in Fiscal 2024.

The company operates across a total leasehold area of 288.31 square kilometers, covering 252.88 square kilometers of the Jharia coalfield and covering 35.43 square kilometers of the Raniganj coalfield. Its operational portfolio includes opencast and underground mining projects, coal washeries, monetisation of old and idle coal washeries through the Washery Developer and Operator (WDO) route and restoration of operations in discontinued underground mines through the Mine Developer and Operator (MDO) model.

In addition, the company monetises its solar power projects through a combination of self-consumption and grid injection. As of September 30, 2025, the company operates a network of 34 operational mines, including 4 underground mines, 26 opencast mines, and 4 mixed mines.

The company’s revenue from operations was Rs 5,659.02 crore during the six months ended September 30, 2025, and its net profit was Rs 123.88 crore.

The company’s revenue from operations was Rs 13,802,55 crore during FY25 vis-à-vis Rs 12,624.06 crore during FY23. Its net profit was Rs 1,240.19 crore during FY25 vis-à-vis Rs 664.78 crore during FY23.

IDBI Capital Markets & Securities Limited and ICICI Securities Limited are the book-running lead manager; and KFin Technologies Limited is the registrar to the offer.

The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders, respectively. The Offer includes an Employee Reservation Portion of up to 23,285,000 Equity Shares, for subscription by Eligible Employees, Shareholder Reservation Portion of up to 46,570,000 Equity Shares for subscription by Eligible Shareholders. A discount of ₹1 per equity share is being offered to Eligible Employees bidding in the Employee Reservation portion.