Bharat Coking Coal files RHP, IPO to open on Jan 9

Mumbai, Jan 3 State-owned Bharat Coking Coal, a subsidiary of Coal India, has filed its Red Herring Prospectus with the Registrar of Companies to launch its Initial Public Offering on January 9, marking the first mainboard IPO of the new year 2026.

The public issue will be entirely an offer-for-sale of 46.57 crore equity shares by its promoter Coal India.

There is no fresh issue component, which means the company itself will not receive any funds from the IPO.

All proceeds from the issue will go to Coal India as the selling shareholder.

In its prospectus filed on January 2, Bharat Coking Coal said the main objectives of the IPO are to carry out the offer-for-sale and to gain the benefits of listing its equity shares on the stock exchanges.

The IPO represents 10 per cent of the company’s total paid-up equity capital. It includes 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 will open on January 8. The IPO will be available for public subscription from January 9 to January 13.

The company is expected to finalise the allotment of shares on January 14, while the stock is likely to list on the BSE and NSE on January 16.

Coal India currently holds a 100 per cent stake in Bharat Coking Coal. The company is the largest producer of coking coal in India and accounted for 58.50 per cent of the country’s total domestic coking coal production in the financial year 2024–25.

Under the issue structure, 50 per cent of the net public offer, excluding the employee and shareholder portions, has been reserved for qualified institutional buyers.

Fifteen per cent has been set aside for non-institutional investors, while the remaining 35 per cent is earmarked for retail investors.

Bharat Coking Coal was incorporated in 1972 and holds Mini Ratna status. The company does not have any directly comparable listed peers in India and has therefore drawn comparisons with global players such as Alpha Metallurgical Resources and Warrior Met Coal.

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