Bharat Coking Coal Limited (BCCL), a wholly-owned subsidiary of Coal India, has successfully raised Rs 273.13 crore from anchor investors ahead of its public market debut. The company opened its Rs 1,071 crore initial public offering for subscription on January 9, 2026, marking the first mainboard IPO of the new calendar year.

Key Highlights

• BCCL opens Rs 1,071 crore IPO today after raising Rs 273 crore from anchor investors yesterday.
• Grey market premium of Rs 10-16 indicates strong demand for Coal India subsidiary's maiden public offering.

The anchor book attracted marquee institutional investors including Life Insurance Corporation of India, Bandhan Mutual Fund, Nippon India Mutual Fund, and UTI Mutual Fund, along with foreign funds such as Citrine Fund, Copthall Mauritius, Societe Generale ODI, and Maybank Securities. The company allocated 118.7 million equity shares to these anchor investors at Rs 23 per share, the upper end of the price band.

The IPO, entirely structured as an offer-for-sale by parent Coal India Limited, will remain open for subscription until January 13. The price band has been set at Rs 21-23 per equity share, with a minimum lot size of 600 shares, requiring retail investors to invest at least Rs 13,800. The allocation includes 50 percent for qualified institutional buyers, 35 percent for retail investors, and 15 percent for non-institutional investors.

Grey market indicators suggest robust investor interest, with the grey market premium ranging between Rs 10-16 per share, pointing to potential listing gains. Market analysts have assigned fair valuations to the issue, with the company trading at 8.64 times price-to-earnings on FY25 earnings.

Also Read: First IPO of 2026: Bharat Coking Coal Issue Sees Strong Demand

BCCL holds an estimated 7,910 million tonnes of coking coal reserves and accounted for 58.5 percent of India's domestic coking coal production in FY25. The company operates 32 mines across Jharia coalfield in Jharkhand and Raniganj coalfield in West Bengal, with the largest coking coal washery capacity in India.

The listing is scheduled for January 16, 2026, and forms part of the government's broader divestment strategy in the coal sector aimed at unlocking value in Coal India's subsidiaries. This IPO follows a record-breaking 2025 for India's primary markets, where companies raised nearly Rs 1.76 lakh crore through public offerings