Bharat Coking Coal Limited (BCCL): The Jan 2026 IPO Preview | The IPO List

Coal India’s subsidiary, Bharat Coking Coal Limited (BCCL), is set to launch its ₹1,300 crore IPO in the first week of January 2026. This is a significant event as it marks the disinvestment of one of India’s most important coking coal producers. BCCL accounts for nearly 58% of the domestic production, making it a critical supplier to the Indian steel industry.\n\nThe IPO is structured as a pure offer for sale (OFS) of over 46 crore equity shares. This means the proceeds will go to the parent company, Coal India, rather than into the business operations of BCCL. However, the listing will provide a transparent market valuation for the subsidiary and improve its operational autonomy.\n\nBCCL’s strengths lie in its massive reserves of 7,910 MT and its strategic mines in Jharkhand and West Bengal. As India continues its infrastructure push, the demand for coking coal—a key ingredient in steel making—is expected to remain robust. This gives the company a very stable long-term revenue outlook despite the global shift toward green energy.\n\nInvestors should keep an eye on the company’s environmental and safety records, which are often points of concern for mining giants. Furthermore, the pricing of the IPO will be compared against its parent, Coal India, which currently offers a high dividend yield. BCCL will need to offer a similar value proposition to attract long-term yield-seeking investors.\n\nWith the steel sector in India projected to grow at a CAGR of 7-8% over the next decade, BCCL is a strategic play on the industrial backbone of the country. The January listing will likely set the tone for public sector disinvestments in the coming year.