Bharat Coking Coal Limited (BCCL), a subsidiary of Coal India Limited, has fixed the price band for its initial public offering (IPO) at ₹21 to ₹23 per share. The company plans to raise about ₹1,071 crore through this issue, which will be entirely an offer-for-sale (OFS). This means Coal India will sell part of its stake, while BCCL itself will not receive any fresh funds from the IPO.
The IPO will open for public subscription on January 9 and close on January 13. Anchor investors will be able to bid a day earlier, on January 8. Shares are expected to be listed on the BSE and NSE on January 16, subject to final approvals.
The issue consists of up to 46.57 crore equity shares with a face value of ₹10 each. Retail investors can apply for a minimum of one lot of 600 shares. At the lower end of the price band, the minimum investment works out to about ₹12,600, while at the upper end it is around ₹13,800. Eligible employees will get a discount of ₹1 per share.
As per market rules, up to 50% of the issue is reserved for qualified institutional buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors such as high-net-worth individuals. Separate reservations have also been made for eligible employees and existing Coal India shareholders.
Market interest in the IPO appears strong. In the grey market, BCCL shares are reportedly trading at a premium of around ₹16 per share, suggesting expectations of a healthy listing gain. However, investors are advised to note that grey market premiums are unofficial and can change quickly.
Bharat Coking Coal is one of India’s key producers of coking coal, which is mainly used in steel making. The company operates largely in Jharkhand and West Bengal, including the Jharia coalfields. Its listing is part of the government’s broader plan to unlock value from public sector subsidiaries and improve transparency through market participation.
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