Mahanadi Coalfields IPO: Coal India subsidiary Mahanadi Coalfields Ltd (MCL) has filed its Red Herring Prospectus (RHP) for its proposed initial public offering, bringing the public issue closer to launch. The IPO will give investors an opportunity to buy into one of India's largest coal producers, while allowing Coal India to unlock value from the subsidiary through a partial stake sale.
Coal India disclosed the development in an exchange filing on Saturday, November 14. It said, “the Red Herring Prospectus (RHP) dated 13th November, 2026 of Mahanadi Coalfields Limited (MCL), a wholly owned subsidiary of Coal India Limited, was filed with RoC, SEBI, BSE and NSE.”
Coal India plans to divest up to 10% of its holding through an initial public offering comprising 66.18 crore shares.
The IPO comprises an offer for sale of up to 66,18,36,300 equity shares, with a face value of ₹2 each. Coal India, the promoter and selling shareholder, will sell the entire stake on offer. There is no fresh issue component.
Its expected to be around ₹9,500 crore to ₹10,000 crore (approximately $1 billion). Meanwhile, its estimated valuation is likely to be up to $10 billion (roughly ₹83,000 crore to ₹90,000 crore) based on market reports and financial projections.