Rs 1,069 Crore Bharat Coking Coal IPO Makes Strong Market Debut in 2026

Bharat Coking Coal Limited has made a confident debut in the primary market, with its IPO witnessing strong investor participation on the very first day of bidding. The issue, which opened on January 9 and closes on January 13, marks the first mainboard IPO of 2026 and has already generated meaningful discussion across the investment community.

Priced in the range of Rs 21 to Rs 23 per share, the IPO seeks to raise Rs 1,068.78 crore entirely through an offer for sale by Coal India Limited. By mid-session on day one, the issue was subscribed over six times, with particularly strong demand from high net-worth individuals and retail investors. The non-institutional segment was subscribed more than 11 times, while retail participation stood above seven times. Early traction from Coal India shareholders further reinforced investor confidence, even as institutional participation is expected to build in later sessions.

Ahead of the public issue, Bharat Coking Coal raised Rs 273.13 crore from anchor investors at the upper price band, valuing the company at approximately Rs 10,711 crore. The offering also includes reserved portions for employees and eligible Coal India shareholders, aligning long-term stakeholder participation with the listing process.

Founded in 1972 and headquartered in Dhanbad, Bharat Coking Coal is India’s largest producer of coking coal, operating 34 mines across underground, opencast and mixed formats. With estimated reserves of nearly 7,910 million metric tonnes, the company plays a vital role in supporting the domestic steel sector, particularly at a time when India is expanding steel capacity and reducing dependence on imports.

From a financial standpoint, the company reported revenue of Rs 14,401.63 crore and net profit of Rs 1,240.18 crore in FY25. The business remains debt free and benefits from strong parentage and stable demand visibility. That said, market participants are also weighing valuation comfort and the absence of fresh capital infusion, which has reflected in a moderation of grey market premium levels.

As India pushes ahead with infrastructure growth, manufacturing expansion and energy security objectives, Bharat Coking Coal sits at the intersection of policy support and industrial demand.

Do you see this IPO as a long-term structural play on India’s steel growth story, or is valuation the key factor to watch post listing? Curious to hear perspectives from investors, analysts and market watchers.

Let’s discuss.