Bharat Coking Coal IPO Day 1: GMP for first mainboard issue of 2026 remains strong

Bharat Coking Coal Ltd., a subsidiary of India's largest mining company, Coal India Ltd

. will begin to offer shares to potential investors starting Friday, January 9, marking the first mainboard Initial Public Offering (IPO) of 2026.

Ahead of the issue opening for subscription, the company had raised ₹273.1 crore from anchor investors including the likes of Life Insurance Corporation, Societe Generale, Copthall Mauritius Investment Ltd., among others.

Premium in the unlisted market for the Coal India-subsidiary continues to remain strong with reports indicating a range of ₹9.25 per share to as high as ₹16.25 per share. Even at the lower end of this range, the GMP indicates a 40% listing premium for the stock.

However, it must be noted that these reports are only speculative in nature and that the actual listing price may vary from these rates.

The ₹1,071 crore issue is a complete Offer For Sale (OFS), which means parent Coal India will receive all the proceeds and not BCCL.

Price band has been fixed between ₹21 to ₹23 per share. Retail investors can bid for one lot of 600 shares with a minimum investment of ₹13,800. 35% of the issue is reserved for retail investors.

BCCL is part of Coal India's plans to list all of its subsidiaries by financial year 2030, according to reports. The process for the listing of two other Coal India subsidiaries is also in the works.

Coal India shares are currently trading close to their 52-week high level of ₹436.5.