Coal India subsidiary files IPO papers for a roughly $1 billion listing
Mahanadi Coalfields has filed its red herring prospectus for an IPO in which Coal India will sell up to 10% of the company. Subscription opens November 19.
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what happened
Coal India's subsidiary Mahanadi Coalfields has filed its Red Herring Prospectus for an initial public offering, the parent company said in an exchange filing on November 14. The issue opens on November 19 and closes on November 23, with listing expected on November 27.
Coal India will sell up to 10% of its holding, or 66.18 crore shares, and the offer contains no fresh issue. The parent will receive the proceeds, while MCL itself gets nothing. Market estimates put the deal at roughly Rs.9,500 to Rs.10,000 crore, about $1 billion, with a valuation of up to $10 billion. The price band has not yet been announced.
MCL's revenue from operations was Rs.30,549.59 crore in FY26 and profit attributable to owners was Rs.10,677.74 crore. In the six months to September 2026, revenue rose to Rs.16,093.04 crore and profit to Rs.4,878.57 crore. The company produced 218.31 million tonnes of coal in FY26, making it India's largest single coal producer that year.
why it matters
The listing is another step in Coal India's plan to unlock value through subsidiary IPOs, following Bharat Coking Coal and Central Mine Planning & Design Institute. Most of MCL's revenue comes from raw non-coking coal, so demand from the power sector remains the key driver. Investors will look to the valuation and price band once they are disclosed.
market impact
Coal India: sale of a 10% stake in a subsidiary worth about $1 billion signals asset monetisation
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sources
- Mahanadi Coalfields IPO: Coal India subsidiary files RHP - Latest GMP at Rs.12.5; check key dates, size, valuation, more — Moody's, 14 November 2026 at 11:19 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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