Bharat Coking Coal Limited (BCCL), a wholly-owned subsidiary of the Maharatna public sector undertaking Coal India Limited (CIL), commenced its Initial Public Offering (IPO) for public subscription on Friday, January 9, 2026. This marks a significant event in the Indian financial markets, being touted as the first mainboard IPO of 2026. The IPO aims to raise ₹1,071.11 crore through an Offer for Sale (OFS) of 46.57 crore equity shares by Coal India, meaning the proceeds will go to the parent company rather than BCCL itself. The price band for the issue has been set between ₹21 and ₹23 per equity share, with a minimum lot size of 600 shares. The subscription window for the BCCL IPO will remain open until January 13, 2026. Following the closure, the allotment of shares is expected to be finalized by January 14, 2026, with the shares slated for listing on the BSE and NSE on January 16, 2026. Adding to the buzz around the IPO, Coal India's own share price has witnessed a robust performance, gaining over 12% in the month leading up to the IPO launch. The Upstox article specifically noted an 11.88% surge as of January 8, 2026. A 10% portion of the IPO issue size has been reserved for eligible Coal India shareholders, providing them an opportunity to participate in the subsidiary's listing. Ahead of the public opening, BCCL successfully raised ₹273.13 crore from anchor investors, including prominent institutions like LIC and Societe Generale, on January 8, 2026, allocating shares at the upper end of the price band. Early subscription figures on the opening day showed strong investor interest, with the issue being fully booked within a short period.