Bharat Coking Coal is launching its initial public offering from January 9 to 13. The Rs 1,071.11 crore issue is entirely an offer for sale, with a price band of Rs 21-23 per share and a lot size of 600 shares.
Bharat Coking Coal's initial public offering, the first mainboard IPO of 2026, is set to hit the primary market on January 9, with strong early buzz in the grey market indicating healthy investor interest. The issue will close on January 13 and is a book-built IPO worth Rs 1,071.11 crore. Notably, the entire offering is an offer for sale of 46.57 crore shares, meaning the proceeds will go to the selling shareholder and not into the company’s coffers.
Price band, lot size and who should apply for how much
The company has fixed the price band at Rs 21 to Rs 23 per share, with a lot size of 600 shares. At the upper price band, retail investors will need to shell out at least Rs 13,800 for one lot.
For small non-institutional investors, the minimum application is 15 lots or 9,000 shares, translating to Rs 2.07 lakh. Big non-institutional investors will need to bid for at least 73 lots or 43,800 shares, which comes to Rs 10.07 lakh.
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IDBI Capital Markets Services is the book-running lead manager, while Kfin Technologies will handle the registrar duties.
GMP signals solid listing potential
As per the latest grey market data updated on January 7 around 6.59 am, Bharat Coking Coal IPO is commanding a premium of Rs 11.5.
Based on the upper issue price of Rs 23, this suggests a likely listing price of about Rs 34.5 per share, indicating potential listing gains of nearly 50 per cent.
Premium cools off but remains healthy
The GMP has seen some fluctuations in recent days. It stood at Rs 13 on January 3 before rising to Rs 16.25 on January 4. The premium then eased to Rs 13.5 on January 5 and slipped to Rs 11.5 on January 6, where it has remained.
Even after this moderation, the grey market still reflects strong appetite for the stock ahead of the issue opening.
How much can retail investors make?
At the current GMP, a retail investor applying for one lot of 600 shares could make an estimated profit of around Rs 6,900 if the stock lists close to grey market expectations. Investors are, however, advised to remember that GMP is an unofficial indicator and can change closer to listing.
A coal major at the heart of India’s steel industry
Founded in 1972, Bharat Coking Coal Limited is a wholly owned subsidiary of Coal India and plays a critical role in supplying coking coal to India’s steel sector, besides catering to power producers.
As of September 30, 2025, the company operated 34 mines, including four underground, 26 opencast and four mixed mines. It had estimated coking coal reserves of around 7,910 million tonnes as of April 1, 2024 and contributed 58.5 per cent of India’s domestic coking coal production in FY25.
