Bharat Coking Coal Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹23
Per ShareLot Size
600 Shares
Minimum Investment
₹13,800
Issue Size
₹1,071.11 Cr
Face Value
₹10
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Bharat Coking Coal Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
100%
Promoter Holding (Post-Issue)
90%
Issue Type
Book Building
ISIN
INE05XR01022
About the Company
The Company produce various grades of coking coal, non-coking coal and washed coals for applications primarily in the steel and power industries. The Company was incorporated in 1972 to mine and supply coking coal concentrated in mines located at Jharia, Jharkhand and Raniganj, West Bengal coalfields. The Company has expanded its operations significantly over the years, with its coal production increasing from 30.51 million tonnes in Fiscal 2022 to 40.50 million tonnes in Fiscal 2025, which is an increase of 32.74% over Fiscal 2022. Further, its coal production was 15.75 million tonnes in the six months period ended September 30, 2025, as compared to 19.09 million tonnes in six months period ended September 30, 2024. In Fiscal 2024, we produced 39.11 million tonnes of coking coal and 1.99 million tonnes of non-coking coal, surpassing its previous records of coking coal production.
Industry Overview
Coal and iron ore are the bedrock of India's mineral wealth, playing a critical role in driving the nation's industrial and economic progress. These minerals not only fuel the country's energy needs but also support the backbone of its manufacturing sector, particularly in steel production. (Source: CRISIL Report, Industry Overview on page 162) In Fiscal 2025, the coking coal demand is 67 MMT and is expected to reach 138 MMT in Fiscal 2035. Thetotal coking coal supply shows a surplus in most years, which is not the case as very limited coking coal is directlybeing used in steel industry owning to the inferior quality of Indian coking coal. Going ahead, though the cokingcoal supply is expected to be more than the demand, demand of coking coal for steel is expected to increase.
Company History
The Company was incorporated in Bihar as "Bharat Coking Coal Limited", as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated January 01, 1972, issued by the Registrar of Companies, Bihar at Patna. Thereafter, the Company was converted from a private limited company to a public limited company, pursuant to a special resolution passed by its shareholders in the extraordinary general meeting held on April 28, 2025, and a fresh certificate of incorporation dated May 7, 2025, was issued by the Registrar of Companies, Central Processing Centre.
Products & Services
- The Company produces various grades of coking coal, non-coking coal and washed coals for applications primarily in the steel and power industries.
Growth Strategy
- Utilize its resources effectively to sustain and expand operations, driving growth and maximizing efficiency.
- Transform discontinued mines into profitable ventures through resource monetization, and strategic repurposing.
- Monetize, modernize, and renovate its washeries.
- Implement energy conservation methods to enhance operational efficiency and reduce environmental impact.
- Leverage its resources in the Jharia coalfields to drive growth.
- Explore opportunities in coal bed methane projects to harness untapped energy resources.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a standalone basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of up to 465,700,000 equity shares of face value of Rs. 10/- each ("Equity Shares") of Bharat Coking Coal Limited (the "Company") for cash at a price of Rs.23per equity share including a premium of Rs.13 per equity share (the "Offer Price") through an offer for sale (the "Offer") of up to 465,700,000 equity shares aggregating up to Rs. 977.97-1071.11 crores by Coal India Limited (the "Promoter Selling Shareholder" or "Selling Shareholder" and such equity shares offered by the selling shareholder, the "Offered Shares"). The offer includes a reservation of up to 23,285,000 equity shares of face value of Rs. 10/- each, aggregating up to Rs.53.56 crores (Constituting up to 0.50% of the post-offer paid-up equity share Capital) for subscription by eligible employees ("Employee Reservation Portion") and a reservation of up to 46,570,000 equity shares aggregating up to Rs.107.11 crores (Constituting up to 1.00% of the post-offer paid-up Equity Share Capital) for subscription by eligible shareholders ("Shareholder Reservation Poriton"). The offer less the employee reservation portion and the shareholder reservation portion is hereinafter referred to as the "Net Offer". The offer and the net offer shall constitute [*]% and [*]%, Respectively, of the post-offer paid-up equity share capital of the company. The company may in consultation with the brlms, offer a discount of up to 5.00% on the offer price to eligible employees bidding in the employee reservation portion ("Employee Discount"). Price Band: Rs. 23 per equity share of face value Rs. 10/- each. The floor price is 2.3 times of the face value of the equity shares. Bids can be made for a minimum of 600 equity shares and in multiples of 600 equity shares thereafter. A discount of Rs. 1 per equity share is being offered to eligible employees bidding in the employee reservation portion.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Largest coking coal producer in India with access to large reserves.
- Strategically located mines with large washeries.
- Well positioned to capitalize on demand for coking coal in India.
- Strong parentage of Coal India Limited.
- Consistent track record of growth and financial performance.
- Information relating to its reserve and resource base included in this Red Herring Prospectus are estimates, and the company's actual production, revenues and expenditure with respect to its reserves and resources may differ materially from these estimates. Additionally, certain reserve and resource base information provided in this Red Herring Prospectus has been prepared and classified in accordance with Indian Standard Procedure guidelines (the "ISP Guidelines"), which has not been audited by SRK Mining Services (India) Private Limited ("SRK") and differs from international standards.
- The company's mines and washeries are concentrated in Jharia, Jharkhand and Raniganj, West Bengal and the eventual exhaustion of coal reserves in these areas or its inability to successfully exploit existing reserves may adversely affect the company's business, results of operations, financial conditions and cash flows.
- A significant portion of its revenues is derived from production of raw coking coal, which accounted for 77.20%, 74.13%, 75.72%, 75.75% and 74.79% of the company's revenue from operations in the six months period ended September 30, 2025 and 2024 and Fiscals 2025, 2024 and 2023, respectively. Any decline in demand for raw coking coal could have an adverse impact on its business, results of operations, financial condition and cash flows.
- The companyn has certain contingent liabilities that have been disclosed in the Restated Financial Information (Rs. 35,985.90 million as of September 30, 2025), which if materialize, may adversely affect its business, results of operations, financial condition and cash flows.
- The company is dependents upon the pricing and continued supply of raw materials, the costs and supply of which can be subject to significant variation due to factors outside its control.