Bharat Coking Coal made a strong debut on Indian stock exchanges after its ₹1,071 crore initial public offering (IPO) received massive investor interest. The stock delivered nearly 96% listing gains on its first day, although some profit booking later trimmed the gains. The IPO was part of Coal India’s broader plan to list its subsidiaries by FY2030.
After an overwhelming response to its IPO, Bharat Coking Coal shares entered the domestic market with a bang. The IPO received overall subscriptions of more than 143 times.
IPO Issue Price: ₹23 per share
BSE Listing Price: ₹45.21
NSE Listing Price: ₹45.00
This translated into a listing gain of around 96% for IPO investors.
Soon after listing, the stock witnessed profit booking.
After hitting a high of ₹45.21, the share slipped to ₹40.13 on BSE
It later recovered partially and closed at ₹40.66
Despite the decline, IPO investors were still sitting on a 76.78% profit at the end of the first trading day.
Employees benefited the most, as they received shares at a ₹1 discount, boosting their effective gains further.
The ₹1,071 crore IPO was open for subscription from January 9 to January 13 and witnessed strong demand across investor categories.
Qualified Institutional Buyers (QIBs): 310.81 times (excluding anchor investors)
Non-Institutional Investors (NIIs): 240.49 times
Retail Investors: 49.37 times
Employees: 5.17 times
Shareholders: 87.20 times
Shares worth ₹107 crore were reserved for Coal India shareholders who held the stock on or before January 1, 2026.
The IPO was a pure Offer for Sale (OFS).
Shares Offered: 46.57 crore equity shares
Face Value: ₹10 per share
Fresh Issue: None
All shares were sold by promoter Coal India, which diluted its stake by 10%. As a result, the entire IPO proceeds went to Coal India and not to Bharat Coking Coal.
Coal India plans to list all its subsidiaries by FY2030, and this IPO was part of that strategic roadmap.
Founded in 1972, Bharat Coking Coal is a wholly owned subsidiary of Coal India.
Produces coking coal, non-coking coal, and washed coal
Operates 34 mines:
4 underground
26 opencast
4 mixed mines
Active in:
Jharia (Jharkhand)
Raniganj (West Bengal)
Coking coal is its core product, primarily used in the steel and power industries.
In FY2025, Bharat Coking Coal accounted for 58.50% of India’s total coking coal production, making it a critical supplier to domestic steelmakers.
FY2023: ₹664.78 crore
FY2024: ₹1,564.46 crore
FY2025: ₹1,240.19 crore
FY2023: ₹13,018.57 crore
FY2024: ₹14,652.53 crore
FY2025: ₹14,401.63 crore
Net Profit: ₹123.88 crore
Total Income: ₹6,311.51 crore
As of September 2025, the company had:
Total Debt: ₹1,559.13 crore
Reserves and Surplus: ₹1,006.52 crore