Bharat Coking Coal Limited (BCCL), a wholly-owned subsidiary of Coal India Limited and India's largest coking coal producer, launched its Initial Public Offering (IPO) on January 9, 2026, and it will remain open for subscription until January 13, 2026 [1, 4, 6, 7, 8, 9, 12, 23]. This marks the first mainboard IPO of 2026 [7, 8, 11, 23]. The offering, priced between ₹21 and ₹23 per equity share, aims to raise ₹1,071 crore through an Offer for Sale (OFS), meaning the entire proceeds will go to the parent company, Coal India, rather than BCCL itself [2, 4, 6, 8, 12, 16, 23]. Coal India's shares have shown strong performance, gaining approximately 11.88% to 12.93% over the past month, leading up to the IPO launch [11, 15]. Ahead of the public issue, BCCL successfully raised ₹273.1 crore (or ₹273.13 crore) from a diverse group of anchor investors on January 8, including prominent names like Life Insurance Corporation of India, Societe Generale, and various mutual funds [3, 11, 16, 19, 20]. The IPO quickly garnered significant investor interest, with reports indicating it was fully subscribed within half an hour of opening on the first day, driven particularly by strong demand from Non-Institutional Investors (NIIs) [1]. For retail investors, the minimum application lot size is 600 shares, requiring an investment of ₹13,800 at the upper price band [2, 4, 6, 13]. A 10% reservation has been set aside for eligible Coal India shareholders who held shares on or before January 1, 2026 [3, 6, 7, 11]. Grey Market Premium (GMP) indications have been strong, hinting at potential listing gains of around 40-50% [1, 3, 4, 6, 18, 21]. The allotment of shares is expected to be finalized around January 14, 2026, with listing anticipated on BSE and NSE by January 16, 2026 [2, 3, 4, 6, 7, 9]. BCCL plays a crucial role as India's dominant producer of prime coking coal, essential for the steel industry, and holds estimated coking coal reserves of around 7.91 billion tonnes [1, 4, 5, 9, 10].