New Delhi, 09 January (H.S.): Bharat Coking Coal Limited (BCCL), Coal India's largest subsidiary and India's premier coking coal producer, launched its ₹1,071.11 crore initial public offering (IPO) Friday for public subscription through January 13, marking 2026's inaugural mainboard listing with shares priced in a ₹21-23 band and a minimum lot size of 600 shares requiring ₹13,800 minimum retail investment.

Bidding closes January 13, followed by allotment on January 14, demat crediting January 15, and BSE-NSE listing January 16; by 1:30 p.m. Friday, the issue achieved 5.42x oversubscription. Retail investors can bid up to 14 lots (8,400 shares) worth ₹1,93,200, with allocation reserving 42.50% for qualified institutional buyers (QIBs including anchors), 29.75% retail, 12.75% non-institutional investors (NIIs), 5% employees, and 10% existing shareholders; IDBI Capital Markets Services leads as book-running lead manager, KFin Technologies as registrar.

Anchor Surge and Volatile Financial Track Record

BCCL mopped up ₹273.13 crore from anchors Thursday, led by LIC's ₹78 crore for 3.39 crore shares, alongside Nippon Life India MF and Bandhan MF each investing ₹75 crore for 3.26 crore shares apiece, joined by UTI MF, Societe Generale, Citrine Fund, Rajasthan Global Securities, M-7 Global Fund, Copthall Mauritius Investment, and Maybank Securities.

Financials per SEBI-filed DRHP reveal fluctuations: FY23 net profit ₹664.78 crore on ₹13,018.57 crore revenue; FY24 surged to ₹1,564.46 crore profit on ₹14,652.53 crore turnover; FY25 dipped to ₹1,240.19 crore profit on ₹14,401.63 crore revenue; H1 FY26 (April-September 2025) posted ₹123.88 crore profit on ₹6,311.51 crore sales, with reserves rising from ₹664.72 crore (FY24) to ₹1,805.73 crore (FY25) and ₹1,006.52 crore (H1 FY26), against ₹1,559.13 crore debt as of September 30, 2025; EBITDA climbed from ₹891.31 crore (FY23) to ₹2,493.89 crore (FY24), moderated to ₹2,356.06 crore (FY25), and ₹459.93 crore (H1 FY26).

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Hindusthan Samachar / Jun Sarkar