Bharat Coking Coal IPO opens soon: GMP signals 50% listing gain! Review, other details about upcoming IPO in 10 points

By Admin

09 Jan, 2026

The much-awaited Bharat Coking Coal IPO is set to open shortly and has already created strong buzz in the primary market. Backed by its parent PSU Coal India Limited, the IPO has attracted investor attention due to its grey market premium (GMP), valuation comfort, and shareholder quota benefits. Below is a clear 10-point review covering all key details investors should know before applying.

Overview of Bharat Coking Coal IPO
Bharat Coking Coal Limited, a subsidiary of Coal India, is entering the Indian primary market through an Offer for Sale (OFS). The issue will be listed on both the Bombay Stock Exchange and the National Stock Exchange of India.

10 important points to know about Bharat Coking Coal IPO

1. Bharat Coking Coal IPO GMP today
   According to market observers, Bharat Coking Coal shares are trading at a grey market premium of ₹11.50 per share. Based on the upper price band of ₹23, this indicates an expected listing price of around ₹34.50, suggesting a possible 50% listing gain.
   
   

2. Bharat Coking Coal IPO date
   The book-building issue will open on January 9, 2026, and will close on January 13, 2026.
   
   

3. Bharat Coking Coal IPO price band
   The IPO price band has been fixed at ₹21 to ₹23 per equity share.
   
   

4. Bharat Coking Coal IPO issue size
   The company aims to raise ₹1,071 crore through the Offer for Sale route. Since it is an OFS, no fresh capital will be infused into the company.
   
   

5. Bharat Coking Coal IPO lot size
   Investors can apply in lots, with one lot consisting of 600 equity shares.
   
   

6. Bharat Coking Coal IPO allotment date
   The tentative allotment date for the IPO is January 14, 2026.
   
   

7. Bharat Coking Coal IPO registrar
   KFin Technologies has been appointed as the registrar for the IPO.
   
   

8. Bharat Coking Coal IPO lead managers
   IDBI Capital Markets Services and ICICI Securities are the lead managers for this public issue.
   
   

9. Bharat Coking Coal IPO listing date
   The shares are expected to be listed on January 16, 2026, subject to final approvals.
   
   

10. Bharat Coking Coal IPO review and financials
    Since the issue is an OFS, the proceeds will go to Coal India Limited and not to Bharat Coking Coal’s balance sheet. Over the last two financial years, the company has shown consistent growth in net worth. However, PAT and EBITDA declined in FY25 after a rise in FY24.
    
    

As of March 31, 2025, Bharat Coking Coal reported a price-to-book ratio of 1.63, PAT margin of approximately 8.60%, and EBITDA margin of 16.35%. Total borrowings stood at around ₹1,560 crore at the end of Q2 FY26.

Shareholder quota eligibility
Investors who held at least one share of Coal India as of January 1, 2026, are eligible to apply under the Bharat Coking Coal shareholder quota. This category is open to individual investors and HUFs, with a maximum application amount capped at ₹2 lakh.

Final thoughts
With a strong GMP, PSU backing, and reasonable valuation metrics, the Bharat Coking Coal IPO is attracting significant attention. While the grey market indicates strong listing gains, investors should also consider financial performance trends and the OFS nature of the issue before making an investment decision.