Bharat Coking Coal, a Coal India unit, fixes price band for ₹1,071 crore IPO; Details here

The first mainboard IPO of 2026 is here, after a record-breaking 2025.

Bharat Coking Coal, a subsidiary of India's largest mining company, Coal India Ltd., has fixed the price band for its ₹1,071 crore Initial Public Offering, which will open for subscription on Friday, January 9.

Price band for the three-day issue has been fixed between ₹21 to ₹23 per share. Eligible employees will have a discount of ₹1 per share.

The issue is a complete Offer for Sale (OFS), with parent Coal India selling 10% of its total holdings.

Retail shareholders can bid for one lot of 600 shares with a minimum investment of ₹13,800, and in multiples of 600 thereafter. 35% of the issue has been reserved for retail investors.

50% of the issue has been reserved for Qualified Institutional Bidders, while the remaining 10% is for Non-Institutional Investors (HNIs).

Shares worth ₹107 crore have been reserved for eligible shareholders of

Coal India Ltd. Under the shareholder quota, those who purchased Coal India shares on or before January 1, 2026, will be eligible to apply for shares.

At the upper end of the price band, the company intends to have a post issue market capitalization of ₹10,711 crore. Post the IPO, Coal India's holdings in Bharat Coking Coal will fall to 90% from 100% earlier, still above the minimum shareholding limit of 75%.

IDBI Capital and ICICI Securities are the Book Running Lead Managers of the IPO.

The issue will close for subscription on Tuesday, January 13. Allotment of shares will take place the next day, January 14, while the stock will begin trading on Friday, January 16.

Bharat Coking Coal is part of Coal India's plans to list all of its subsidiaries by financial year 2030, according to reports. Shares of Coal India also ended at a 52-week high on Friday.