Bharat Coking Coal IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Jan 09 to Jan 13 2026
Price Band
₹21 - 23
Current GMP
₹45.0 (+95.65%)
Subscription
146.85 times
IPO Details
| IPO Date | 9 to 13 Jan, 2026 |
| Listing Date | Mon, Jan 19, 2026 |
| Face Value | ₹ 10 per share |
| Price Band | ₹21 to ₹23 |
| Issue Price | ₹23 per share |
| Lot Size | 600 Shares |
| Sale Type | Offer For Sale |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹ 1.00 |
| Total Issue Size | 46,57,00,000 shares (agg. up to ₹ 1,071 Cr) |
| Share Holding Pre Issue | 4,65,70,00,000 shares |
| Share Holding Post Issue | 4,65,70,00,000 shares |
| BSE Script Code / NSE Symbol | 544678 / BHARATCOAL |
| ISIN | INE05XR01022 |
IPO Date
9 to 13 Jan, 2026
Listing Date
Mon, Jan 19, 2026
Face Value
₹ 10 per share
Price Band
₹21 to ₹23
Issue Price
₹23 per share
Lot Size
600 Shares
Sale Type
Offer For Sale
Issue Type
Bookbuilding IPO
Listing At
BSE, NSE
Employee Discount
₹ 1.00
Total Issue Size
46,57,00,000 shares (agg. up to ₹ 1,071 Cr)
Share Holding Pre Issue
4,65,70,00,000 shares
Share Holding Post Issue
4,65,70,00,000 shares
BSE Script Code / NSE Symbol
544678 / BHARATCOAL
ISIN
INE05XR01022
IPO Subscription Details
| Anchor | 1 |
| QIB (Ex Anchor) | 310.81 |
| NII | 258.02 |
| bNII (> ₹10L) | 275.64 |
| sNII (< ₹10L) | 222.78 |
| Retail | 49.37 |
| Employees | 5.17 |
| Shareholders | 87.20 |
| Total ** | 146.85 |
Anchor
1
QIB (Ex Anchor)
310.81
NII
258.02
bNII (> ₹10L)
275.64
sNII (< ₹10L)
222.78
Retail
49.37
Employees
5.17
Shareholders
87.20
Total **
146.85
Day Wise Sub
| Day | QIB (Ex Anchor) | NII | NII (> ₹10L) | NII (< ₹10L) | Retail | EMP | Shareholders | Total |
|---|---|---|---|---|---|---|---|---|
| Jan 9 (Day 1) | 0.30 | 16.45 | 15.21 | 18.92 | 9.45 | 0.85 | 10.95 | 8.18 |
| Jan 1 2 (Day 2) | 1.44 | 96.68 | 92.98 | 104.10 | 27.28 | 2.66 | 44.27 | 33.89 |
| Jan 1 3 (Day 3) | 310.81 | 258.02 | 275.64 | 222.78 | 49.37 | 5.17 | 87.20 | 146.85 |
DayJan 9
(Day 1)
QIB (Ex Anchor)0.30
NII16.45
NII (> ₹10L)15.21
NII (< ₹10L)18.92
Retail9.45
EMP0.85
Shareholders10.95
Total8.18
DayJan 1
2 (Day 2)
QIB (Ex Anchor)1.44
NII96.68
NII (> ₹10L)92.98
NII (< ₹10L)104.10
Retail27.28
EMP2.66
Shareholders44.27
Total33.89
DayJan 1
3 (Day 3)
QIB (Ex Anchor)310.81
NII258.02
NII (> ₹10L)275.64
NII (< ₹10L)222.78
Retail49.37
EMP5.17
Shareholders87.20
Total146.85
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 19-01-2026 | 23.00 | 18.5(80.43%) | 41.5 |
| 18-01-2026 | 23.00 | 13.5(58.70%) | 36.5 |
| 17-01-2026 | 23.00 | 12.4(53.91%) | 35.4 |
| 16-01-2026 | 23.00 | 13.2(57.39%) | 36.2 |
| 15-01-2026 | 23.00 | 14(60.87%) | 37 |
| 14-01-2026 | 23.00 | 13(56.52%) | 36 |
| 13-01-2026 | 23.00 | 13(56.52%) | 36 |
| 12-01-2026 | 23.00 | 10.6(46.09%) | 33.6 |
| 11-01-2026 | 23.00 | 10.6(46.09%) | 33.6 |
| 10-01-2026 | 23.00 | 10.4(45.22%) | 33.4 |
| 09-01-2026 | 23.00 | 10(43.48%) | 33 |
| 08-01-2026 | 23.00 | 9.25(40.22%) | 32.25 |
| 07-01-2026 | 23.00 | 11.4(49.57%) | 34.4 |
| 06-01-2026 | 23.00 | 11.5(50.00%) | 34.5 |
| 05-01-2026 | 23.00 | 13.5(58.70%) | 36.5 |
| 04-01-2026 | 0 | 16.25(0.00%) | 16.25 |
| 03-01-2026 | 0 | 13(0.00%) | 13 |
Date19-01-2026
Price23.00
GMP18.5(80.43%)
Estimate List Price41.5
Date18-01-2026
Price23.00
GMP13.5(58.70%)
Estimate List Price36.5
Date17-01-2026
Price23.00
GMP12.4(53.91%)
Estimate List Price35.4
Date16-01-2026
Price23.00
GMP13.2(57.39%)
Estimate List Price36.2
Date15-01-2026
Price23.00
GMP14(60.87%)
Estimate List Price37
Date14-01-2026
Price23.00
GMP13(56.52%)
Estimate List Price36
Date13-01-2026
Price23.00
GMP13(56.52%)
Estimate List Price36
Date12-01-2026
Price23.00
GMP10.6(46.09%)
Estimate List Price33.6
Date11-01-2026
Price23.00
GMP10.6(46.09%)
Estimate List Price33.6
Date10-01-2026
Price23.00
GMP10.4(45.22%)
Estimate List Price33.4
Date09-01-2026
Price23.00
GMP10(43.48%)
Estimate List Price33
Date08-01-2026
Price23.00
GMP9.25(40.22%)
Estimate List Price32.25
Date07-01-2026
Price23.00
GMP11.4(49.57%)
Estimate List Price34.4
Date06-01-2026
Price23.00
GMP11.5(50.00%)
Estimate List Price34.5
Date05-01-2026
Price23.00
GMP13.5(58.70%)
Estimate List Price36.5
Date04-01-2026
Price0
GMP16.25(0.00%)
Estimate List Price16.25
Date03-01-2026
Price0
GMP13(0.00%)
Estimate List Price13
IPO Important Dates
| IPO Open | Fri, Jan 9, 2026 |
| IPO Close | Tue, Jan 13, 2026 |
| Allotment | Wed, Jan 14, 2026 |
| Refund | Thu, Jan 15, 2026 |
| Credit of Shares | Thu, Jan 15, 2026 |
| Listing | Mon, Jan 19, 2026 |
IPO Open
Fri, Jan 9, 2026
IPO Close
Tue, Jan 13, 2026
Allotment
Wed, Jan 14, 2026
Refund
Thu, Jan 15, 2026
Credit of Shares
Thu, Jan 15, 2026
Listing
Mon, Jan 19, 2026
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 600 | ₹13,800 |
| Retail (Max) | 14 | 8,400 | ₹1,93,200 |
| S-HNI (Min) | 15 | 9,000 | ₹2,07,000 |
| S-HNI (Max) | 72 | 43,200 | ₹9,93,600 |
| B-HNI (Min) | 73 | 43,800 | ₹10,07,400 |
ApplicationRetail (Min)
Lots1
Shares600
Amount₹13,800
ApplicationRetail (Max)
Lots14
Shares8,400
Amount₹1,93,200
ApplicationS-HNI (Min)
Lots15
Shares9,000
Amount₹2,07,000
ApplicationS-HNI (Max)
Lots72
Shares43,200
Amount₹9,93,600
ApplicationB-HNI (Min)
Lots73
Shares43,800
Amount₹10,07,400
Key Performance Indicator
| ROCE | |
| RoNW | 13.12 |
| PAT Margin | 1.96 |
| EBITDA Margin | 7.29 |
| Price to Book Value | 1.84 |
ROCE
RoNW
13.12
PAT Margin
1.96
EBITDA Margin
7.29
Price to Book Value
1.84
Peers Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|---|
| Bharat Coking Coal Limited | 2.66 | 2.66 | 14.07 | 20.83 | ||
| Alpha Metallurgical Resources Inc | 1,233.78 | 1,222.65 | 11,182.10 | 14.87 | 11.48 | 1.63 |
| Warrior Met Coal, Inc | 410.12 | 410.12 | 3,423.71 | 19.44 | 12.82 | 2.33 |
Company NameBharat Coking Coal Limited
EPS (Basic)2.66
EPS (Diluted)2.66
NAV (₹ per share)14.07
P/E (x)
RoNW (%)20.83
P/BV Ratio
Company NameAlpha Metallurgical Resources Inc
EPS (Basic)1,233.78
EPS (Diluted)1,222.65
NAV (₹ per share)11,182.10
P/E (x)14.87
RoNW (%)11.48
P/BV Ratio1.63
Company NameWarrior Met Coal, Inc
EPS (Basic)410.12
EPS (Diluted)410.12
NAV (₹ per share)3,423.71
P/E (x)19.44
RoNW (%)12.82
P/BV Ratio2.33
IPO Reservation
| QIB Shares Offered | 19,79,22,500 (42.50%) |
| − Anchor Investor Shares Offered | 11,87,53,500 (25.50%) |
| − QIB (Ex. Anchor) Shares Offered | 7,91,69,000 (17.00%) |
| NII (HNI) Shares Offered | 5,93,76,750 (12.75%) |
| − bNII > ₹10L | 3,95,84,500 (8.50%) |
| − sNII < ₹10L | 1,97,92,250 (4.25%) |
| Retail Shares Offered | 13,85,45,750 (29.75%) |
| Employee Shares Offered | 2,32,85,000 (5.00%) |
| Shareholders Shares Offered | 4,65,70,000 (10.00%) |
| Total Shares Offered | 46,57,00,000 (100.00%) |
QIB Shares Offered
19,79,22,500 (42.50%)
− Anchor Investor Shares Offered
11,87,53,500 (25.50%)
− QIB (Ex. Anchor) Shares Offered
7,91,69,000 (17.00%)
NII (HNI) Shares Offered
5,93,76,750 (12.75%)
− bNII > ₹10L
3,95,84,500 (8.50%)
− sNII < ₹10L
1,97,92,250 (4.25%)
Retail Shares Offered
13,85,45,750 (29.75%)
Employee Shares Offered
2,32,85,000 (5.00%)
Shareholders Shares Offered
4,65,70,000 (10.00%)
Total Shares Offered
46,57,00,000 (100.00%)
Information about company
Incorporated in 1972, Bharat Coking Coal Limited (BCCL) is engaged in the production of coking coal, non-coking coal, and washed coal. The company is a wholly-owned subsidiary of Coal India Limited.
As of September 30, 2025, the company operates a network of 34 operational mines, including four underground, 26 opencast, and four mixed mines.
The company's primary product is coking coal, catering to the steel and power industries. As of April 1, 2024, BCCL has an estimated coking coal reserve of approximately 7,910 million tonnes. In Fiscal 2025, BCCL accounted for 58.50% of the total domestic coking coal production in India.
The company operates across Jharia, Jharkhand, and Raniganj, West Bengal, covering a total leasehold area of 288.31 square kilometres.
The company's operations include opencast and underground mining projects, coal washeries, monetisation of idle washeries through the Washery Developer and Operator (WDO) model, reopening discontinued underground mines through the Mine Developer and Operator (MDO) model, and solar power project monetisation through self-consumption and grid injection.
The company's coal production increased from 30.51 million tonnes in Fiscal 2022 to 40.50 million tonnes in Fiscal 2025. In Fiscal 2024, the company produced 39.11 million tonnes of coking coal and 1.99 million tonnes of non-coking coal.
Competitive Strenghts
Objectives of IPO
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Achieve the benefits of listing the Equity Shares on the Stock Exchange
Disclaimer
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