Bharat Coking Coal (BCCL) IPO: The Mainboard Giant Awakens

As a subsidiary of Coal India, Bharat Coking Coal is set to launch the first major mainboard IPO of 2026 on January 9. This preview analyzes the ₹1,071 crore issue and the 50% listing gains predicted by current grey market trends. 

The wait for the first mainboard listing of 2026 is almost over. Bharat Coking Coal Limited (BCCL), a vital subsidiary of the maharatna giant Coal India, has officially announced its price band of ₹21 to ₹23 for its upcoming IPO opening on January 9. This issue is a pure "Offer for Sale" (OFS) of 46.57 crore shares, making it one of the most anticipated public sector divestments of the year.

What has captured the market’s attention is the aggressive grey market activity even before the bidding starts. The GMP for BCCL currently stands at ₹13.5, which is more than 50% of the upper price band. This suggests that the stock could list near ₹36, rewarding investors with substantial immediate gains. As India's largest producer of coking coal—a key ingredient for the domestic steel industry—BCCL’s monopoly-like status is a major draw for institutional investors (QIBs) who are looking for stable, dividend-yielding industrial stocks.

Strategic investors are also keeping a close eye on the allocation rules; with a 35% quota reserved for retail investors, the BCCL IPO is expected to see a massive turnout of individual traders. The listing, tentatively scheduled for January 16, will be a litmus test for other upcoming PSU listings later this year, including the potential IPO of Coal India’s other subsidiaries.