BCCL IPO to Open on January 9: Price Band, Lot Size, GMP Trend and Brokerage View

Bharat Coking Coal Limited (BCCL), a subsidiary of Coal India, is set to launch its ₹1,071.11 crore IPO on January 9. Although the GMP has slipped recently, SBI Securities has issued its recommendation for investors. Here are all the important details.

BCCL IPO to Open on January 9

The first mainboard IPO of the new year — Bharat Coking Coal Limited (BCCL) — is ready to hit the market.
Investors are closely watching the IPO, especially as the grey market premium (GMP) is indicating potential listing gains, even though it has declined compared to earlier levels.

For investors still confused about whether to apply, brokerage firm SBI Securities has shared its view.

Issue Size and Structure

The Bharat Coking Coal IPO is a book-built issue worth ₹1,071.11 crore.

• The entire issue is Offer for Sale (OFS)

• It comprises 46.57 crore equity shares

The IPO will open on January 9, 2026, and close on January 13, 2026.

• Allotment date: January 14, 2026

• Listing expected on: January 16, 2026

• Exchanges: BSE and NSE

Price Band and Investment Details

• IPO price band: ₹21–₹23 per share

• One lot consists of 600 shares

• Minimum investment for retail investors: ₹13,800

For NII categories:

• Small NII: Minimum 15 lots (9,000 shares) — approx. ₹2,07,000

• Large NII: Minimum 73 lots (43,800 shares) — approx. ₹10,07,400

What Is the GMP Indicating?

According to Investorgain, as of January 7, 2026 (11:33 AM):

• The latest GMP is ₹11

• Based on the upper price band of ₹23, the stock could list around ₹34

• This implies a possible listing gain of about 47.83%

However, GMP has slipped compared to earlier:

• On January 4, the GMP was ₹16.25

• It has now fallen to ₹11

Who Is Managing the IPO?

• Book Running Lead Manager: IDBI Capital Markets Services Ltd

• Registrar: KFin Technologies Ltd

SBI Securities’ Recommendation

Brokerage firm SBI Securities has recommended subscribing to the BCCL IPO.

The firm highlighted the company’s:

• Strong position in India’s domestic coking coal production

• Solid fundamentals

• Strategic importance to core industries

Company Strengths

Founded in 1972, Bharat Coking Coal Limited produces:

• Coking coal

• Non-coking coal

• Washed coal

It is a wholly owned subsidiary of Coal India Limited.

As of September 30, 2025:

• BCCL operated 34 mines

  • underground

  • opencast

  • mixed mines

The company primarily supplies coking coal to the steel industry, and also provides coal for power generation.

As of April 1, 2024:

• Estimated reserves: about 7,910 million tonnes of coking coal

• In FY25, BCCL accounted for 58.50% of India’s total domestic coking coal production, highlighting its dominant market position.