Bharat Coking Coal Shares Deliver 96% Listing Gain After Stellar IPO Debut

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.

Bharat Coking Coal IPO Listing: Strong Market Debut

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.

Post-Listing Volatility: Gains Trimmed After Initial Surge

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.

Bharat Coking Coal IPO Subscription Details

The ₹1,071 crore IPO was open for subscription from January 9 to January 13 and witnessed strong demand across investor categories.

Category-wise Subscription

• 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.

How the IPO Proceeds Were Used

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.

About Bharat Coking Coal

Founded in 1972, Bharat Coking Coal is a wholly owned subsidiary of Coal India.

Operations and Presence

• 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.

Market Share and Production

In FY2025, Bharat Coking Coal accounted for 58.50% of India’s total coking coal production, making it a critical supplier to domestic steelmakers.

Financial Performance Overview

Net Profit

• FY2023: ₹664.78 crore

• FY2024: ₹1,564.46 crore

• FY2025: ₹1,240.19 crore

Total Income

• FY2023: ₹13,018.57 crore

• FY2024: ₹14,652.53 crore

• FY2025: ₹14,401.63 crore

FY2026 (April–September 2025)

• 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