State-owned Bharat Coking Coal, a subsidiary of Coal India, has submitted its Red Herring Prospectus to the Registrar of Companies for its Initial Public Offering (IPO) scheduled to begin on January 9, marking the first mainboard IPO of 2026. The IPO will consist of an offer-for-sale of 46.57 crore equity shares by its promoter, Coal India, with no fresh issue component, meaning the company will not raise any funds from the IPO.
The proceeds from the IPO will be directed to Coal India as the selling shareholder. Bharat Coking Coal outlined in its prospectus that the primary objectives of the IPO are to conduct the offer-for-sale and to leverage the advantages of listing its equity shares on the stock exchanges. This IPO constitutes 10% of the company’s total paid-up equity capital, with a reservation of up to 2.32 crore shares for employees and 4.65 crore shares for existing shareholders of Coal India.
The one-day anchor investor bidding is set to commence on January 8, followed by public subscription from January 9 to January 13. The allotment of shares is expected to be finalized on January 14, with the stock likely to be listed on the BSE and NSE on January 16. Currently, Coal India holds a 100% stake in Bharat Coking Coal, the leading producer of coking coal in India, contributing to 58.50% of the country’s total domestic coking coal production in the fiscal year 2024–25.
In the IPO structure, 50% of the net public offer, excluding the employee and shareholder portions, is reserved for qualified institutional buyers, while 15% is allocated for non-institutional investors, and the remaining 35% is earmarked for retail investors. Established in 1972, Bharat Coking Coal holds Mini Ratna status and lacks directly comparable listed peers in India, drawing comparisons with global players like Alpha Metallurgical Resources and Warrior Met Coal.
