Mahanadi Coalfields, a subsidiary of the country's largest coal mining company, Coal India, will open its initial public offering (IPO) for public subscription on November 19. This will be the second mainboard IPO to open next week, alongside that of Crystal Crop Protection.
The IPO comprises an offer for sale (OFS) of 66.18 crore equity shares by promoter Coal India, representing 10 percent of Mahanadi Coalfields' total paid-up equity capital.
As a result, the entire proceeds from the offer, excluding issue expenses, will go to the selling shareholder, Coal India, and the company will not receive any funds from the IPO.
Moneycontrol was the first to report that Mahanadi Coalfields was likely to launch its maiden public offering next week, with the issue size expected to be around $1 billion, or approximately Rs 9,500 crore.
The one-day anchor book will open on November 18 for institutional investors, while the IPO will close for public subscription on November 23.