This paper proposes Coalitional Game-Based Broadcast Proxy Re-encryption in IoT a broadcast proxy re-encryption for adding new IoT devices. The proxy re-encryption is extended to broadcast proxy re-encryption to prevent re-calculation of the re-encryption key. However, the group of recipients needs to be pre-determined before the calculation of the re-encryption key. If any new IoT device requires the same data, an individual re-encryption key is generated for him/her. Hence, generating individual re-encryption key is an overhead for the organization. We propose a re-encryption key updation for the broadcast proxy re-encryption method. If excessive IoT devices want to join the group of the existing recipient, then updation needs to be done learnedly as an excessive number of recipients in a group increases the computation cost of the decryption extremely for all the members of the group. Therefore, we use the coalitional game theory to estimate the optimal number of new recipients from all new recipients. We update the re-encryption key for the optimal number of members and a separate re-encryption key is calculated for other recipients. We prove the correctness of the CBP. We prove that if any recipient behaves maliciously, s/he cannot get the secret key of the organization.