“India’s First IPO of 2026 Is Here — And Retail Investors Are Already Betting Big.”
Bharat Coking Coal Limited (BCCL), a wholly-owned subsidiary of Coal India, has officially launched its IPO today, January 9, 2026, making it the first mainboard IPO of the year. The issue has already caught strong attention from retail investors, signaling early market excitement.
The BCCL IPO aims to raise ₹1,071.11 crore through a complete Offer for Sale (OFS) of 46.57 crore equity shares by promoter Coal India. There is no fresh issue, meaning the company will not receive new funds from the IPO. Instead, Coal India is partially monetising its stake.
IPO Dates and Key Timelines
The IPO opened for subscription on January 9 and will close on January 13, 2026.
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Allotment: January 14
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Refunds: January 15
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Listing on BSE & NSE: January 16
Before opening to the public, BCCL raised ₹273.1 crore from anchor investors, including LIC and Societe Generale, boosting confidence ahead of the issue.
Price Band and Retail Investment
The IPO price band is fixed at ₹21–₹23 per share.
The lot size is 600 shares, requiring a minimum retail investment of ₹13,800 at the upper price band.
The allocation structure includes:
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35% for retail investors
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50% for QIBs (including anchors)
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15% for NIIs
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A special shareholder quota for eligible Coal India shareholders as of January 1, 2026
Subscription Status: Strong Retail Demand
On Day 1, the IPO was subscribed over 2.29–2.41 times overall.
Retail investors led the charge with 3.34 times subscription, while the shareholder category was subscribed 2.89 times.
QIB participation (excluding anchors) remained low initially at 0.01 times, which is common in PSU IPOs during early days. The issue was reported to be fully subscribed early, driven mainly by retail and NII demand.
Grey Market Premium (GMP) Signals Strong Listing
The latest GMP ranges between ₹9.4 and ₹16.25 as of January 9 morning. This suggests a 40–70% potential listing gain over the ₹23 upper band. Earlier, GMP stood at ₹11.5 on January 7, indicating sustained interest.
Brokerage Views and Future Outlook
Brokerages like SBI Securities and Canara Bank have recommended subscribing to the IPO. They highlight BCCL’s 80% share in India’s coking coal production and its strategic importance to the steel sector.
BCCL, a Mini Ratna PSU, targets ₹5,000 crore EBITDA and ₹2,900 crore profit by 2030. However, investors should be mindful of risks related to commodity price cycles and regulatory changes.
Interestingly, Coal India shares have already risen 12% in the past month, reflecting positive sentiment ahead of the IPO.
Disclaimer: Yeh views market experts ke hain and not of trueincome. Investment karne se pehle certified advisor se consult zaroor karein.