The strong investor response to the initial public offering of Bharat Coking Coal Ltd has boosted confidence within CIL and provided positive momentum as the company evaluates the listing of its other subsidiaries, Chairman-cum-Managing Director B Sairam said.
The IPO of Bharat Coking Coal Ltd (BCCL), an arm of Coal India Ltd (CIL), got fully subscribed within minutes of opening for bidding on January 9.
“As directed by the government, we would step into the market and look forward to unlock the true potential of our companies. We will closely study and assess the market dynamics for listing the companies,” Sairam said in an interview with PTI.
1 January 2026
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BCCL is slated to list on the bourses on Monday.
Referring to the BCCL IPO issue, Sairam said the "response has been encouraging and has reinforced confidence within the miner".
“With an overwhelming response, BCCL’s IPO resulted in full subscription within minutes of the opening. The strong investor interest continued unabated till the closure of the offering, with the issue getting subscribed over 146 times. It is a true confidence booster for CIL,” the CIL chief told PTI.
Sairam said the experience would be useful as Coal India considers future listings, while underlining that valuation and market conditions would remain key considerations.
“For any company, it is a good idea to look at its market valuation. Stimulated by it (BCCL IPO), we expect a similar response for our other companies as well,” he added.
The government has been encouraging Coal India to unlock value through the listing of its subsidiaries as part of the Centre's broader public sector reform agenda.
The coal behemoth has eight wholly owned subsidiaries, of which seven are coal-producing companies.
Beyond the listing of its coking coal arm, CIL is accelerating the capital market debut of other key subsidiaries.
Central Mine Planning and Design Institute Ltd (CMPDI), the consultancy and technical arm of Coal India, has already filed its draft red herring prospectus with the Securities and Exchange Board of India.
The proposed IPO is an offer for sale of up to 7.14 crore equity shares, representing a 10% stake divestment by CIL, and is expected to be completed by March 2026.
The CIL board has also granted in-principle approval for the listing of Mahanadi Coalfields Ltd (MCL) and South Eastern Coalfields Ltd (SECL), two of its largest production subsidiaries.
Their listings are targeted for the 2026-27 financial year, following a specific directive from the Ministry of Coal.
Coal India, which accounts for over 80% of India’s domestic coal production, has multiple producing and non-producing subsidiaries.
Meanwhile, the highly anticipated market debut of BCCL, has been rescheduled from its original listing date of January 16 to January 19.
The decision to postpone the listing comes in the wake of municipal corporation elections in Maharashtra, where both the BSE and the National Stock Exchange (NSE) are headquartered.
