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The Bharat Coking Coal IPO is a mainboard, book-built public issue of ₹1,071.11 crore by Bharat Coking Coal Ltd, a leading player in the production of coking coal, non-coking coal, and washed coal in India. The company is a wholly owned subsidiary of Coal India Limited, giving it strong parentage and strategic importance in the country’s energy and steel supply chain.
As of September 30, 2025, Bharat Coking Coal operates 34 active coal mines, comprising four underground mines, 26 opencast mines, and four mixed mines. This wide operational base allows the company to maintain production stability while optimizing costs and improving mining efficiency across different geological conditions.
Coking coal is the company’s principal product and a critical raw material for the steel and power sectors. In FY 2025, Bharat Coking Coal contributed 58.50% of India’s total domestic coking coal production, highlighting its dominant position and vital role in supporting industrial growth.
In addition to core mining operations, the company focuses on asset optimization and sustainability through coal washeries, revival of closed underground mines under the Mine Developer and Operator (MDO) model, monetization of idle washeries via the Washery Developer and Operator (WDO) model, and solar power project monetization through self-consumption and grid injection. These initiatives strengthen operational efficiency and support long-term value creation.
Bharat Coking Coal IPO Details
| IPO Date | January 9, 2025 to January 13, 2026 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹21 to ₹23 per share |
| Lot Size | 600 Shares |
| Sale Type | Offer for Sale |
| Total Issue Size | 46,57,00,000 Crores |
| Fresh Issue | —- |
| Offer for Sale | Approx 10,55,13,839 Equity Shares |
| Issue Type | Book Built Issue |
| Listing At | BSE, NSE |
Bharat Coking Coal IPO Lot Size
The Bharat Coking Coal Ltd. IPO allows retail investors to subscribe to a minimum of 1 lot (600 shares) for Rs. 13,800 and a maximum of 14 lots (8,400 shares) for Rs. 1,93,200. For S-HNI investors, the minimum subscription is 15 lots (9,000 shares) amounting to Rs. 2,07,000.
| Application | Lots |
|---|---|
| Retail (Min) | 1 |
| Retail (Max) | 14 |
| S-HNI (Min) | 15 |
| S-HNI (Max) | 72 |
| B-HNI (Min) | 73 |
Bharat Coking Coal IPO Company Financial Report
| Period | Revenue | PAT | Assets (Cr) |
| 2023 | ₹-853.10 | ₹664.78 | ₹13,312.86 |
| 2024 | ₹664.72 | ₹1,564.46 | ₹14,727.73 |
| 2025 | ₹1,805.73 | ₹1,240.19 | ₹17,283.48 |
Conclusion
The Bharat Coking Coal IPO offers exposure to India’s largest coking coal producer with strong market share, healthy margins, and an attractive 8.6x FY25 P/E valuation. Despite being a pure OFS with no fresh capital infusion, the backing of Coal India Limited and steady demand from the steel sector make it appealing for listing gains and long-term investors, though risks from commodity cycles remain.
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