Sebi issued its final observations on November 4 following the subsidiary's September draft filing, setting up a launch in late November or early December. As an entirely secondary offering, all funds raised will flow directly to parent firm Coal India. The public issue is managed by five major financial institutions and targets listings across both primary domestic exchanges. For the quarter ended June 2026, the company posted a net profit of ₹2,399 crore alongside revenue from operations of ₹8,034 crore.
Key points
Mahanadi Coalfields accounts for roughly 28% of Coal India's overall production and 22.4%…: Mahanadi Coalfields accounts for roughly 28% of Coal India's overall production and 22.4% of the country's total non-coking coal output.
All capital raised from the share sale will accrue to parent entity Coal India rather tha…: All capital raised from the share sale will accrue to parent entity Coal India rather than the operating subsidiary.
Shares of the coal subsidiary will be listed on both the BSE and the NSE following comple…: Shares of the coal subsidiary will be listed on both the BSE and the NSE following completion of the offering.
Sources checked by our analysis pipeline: 1
Mahanadi Coalfields Ltd (MCL), a subsidiary of state-owned Coal India Ltd, has received approval from the Securities and Exchange Board of India (Sebi) to proceed with its proposed initial public offering (IPO). The development brings the coal producer one step closer to entering the stock market, with the public issue expected to be launched in the second half of November or early December.
According to news agency PTI, citing sources, Sebi issued its final observations on MCL's draft offer documents on November 4. The regulator's observations mark an important milestone in the IPO process, allowing the company to move ahead with preparations for the public issue, subject to applicable regulatory requirements.
Bloomberg, citing people familiar with the matter, reported that Coal India is preparing to launch the share sale as early as this month. MCL has reportedly started investor meetings to gauge interest in the proposed offering.
The IPO could raise up to $1 billion (approximately ₹8,800 crore) and value Mahanadi Coalfields at as much as $10 billion, according to the Bloomberg report.
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