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Upcoming IPOs: In a significant development for India’s coal sector, Coal India Limited (CIL) is preparing to list its two subsidiaries, Bharat Coking Coal Limited (BCCL) and Central Mine Planning & Design Institute Limited (CMPDI), on the stock exchanges.

According to Zee Business sources, the listing of both companies is likely to take place in December 2025, through the Offer for Sale (OFS) route.

As part of the plan, Coal India will offload 10% of its paid-up capital in BCCL through the OFS route.

Additionally, it will sell around 7.14 crore shares of CMPDI in the IPO, allowing investors an opportunity to participate in two key arms of India’s coal ecosystem.

Headquartered in Dhanbad and Kolkata, BCCL was incorporated in January 1972 and taken over by the Government of India in October 1971.

It operates under the administrative control of the Ministry of Coal and plays a crucial role in India’s steel and power industries.

BCCL is the major producer of prime coking coal in the country, contributing nearly 50% of India’s total coking coal requirement for the steel sector. The company currently operates 36 coal mines, including eleven underground, sixteen open-cast, and nine mixed mines.

It also runs eight coal washeries, with four more under construction, and manages several supporting facilities such as sand gathering plants, aerial ropeways, and a coal bed methane-based power plant in Moonidih.

CMPDI, headquartered in Ranchi, Jharkhand, was established in 1974 and reconstituted as a public sector undertaking in 1975.

The company provides mine planning, design, and environmental consultancy services for coal, lignite, and other mineral resources, not only in India but also internationally.

CMPDI is a Mini Ratna (Category-II) company, recognised for its technical expertise in areas such as geological exploration, resource evaluation, hydro-geological studies, and environmental management.

According to a report by Emkay Investment Banking, the public sector is playing a crucial role in driving growth for investment banks in India, supported by the government’s divestment push and strong domestic inflows.

In recent years, IPOs of PSUs such as LIC, IREDA, and ONGC, along with OFS issues from IRCTC, HAL, and Coal India, have kept the market active.

The upcoming IPOs of Bharat Coking Coal, CMPDI, and Maharashtra Natural Gas Ltd (MNGL), along with fundraising plans from IREDA and several state-owned banks, are expected to further boost activity in the investment banking space during FY26 and beyond.

Anubhav Maurya is a Senior Sub-Editor at Zee Business, focusing on the stock market, personal finance, corporate news, and related sectors.

He has previously worked wi