Coal India Subsidiary Mahanadi Coalfields Sets IPO Dates to Raise Around 9500 Crore Rupees

Mahanadi Coalfields Limited will open its initial public offering for subscription from 19 to 23 November, with the price band expected to be announced soon.

IPO Schedule And Structure

Parent company Coal India is offering up to 66.18 crore equity shares through an offer for sale, which aims to raise about 9,500 crore rupees. Anchor investors will receive their share allocation on 18 November. The basis of share allotment is set for 25 November, with successful bidders getting shares and unsuccessful applicants receiving refunds on 26 November. The stock market debut on the BSE and NSE is scheduled for 27 November.

Company Background And Reservation

Established in 1992, the firm produced 218.31 million tonnes of coal in fiscal year 2026, making up about 22.4 percent of the country's total non-coking coal output. The share reservation assigns not more than 50 percent for qualified institutional buyers, not less than 15 percent for non-institutional investors, and not less than 35 percent for retail investors. Book-running lead managers include SBI Capital Markets, Axis Capital, BOB Capital Markets, IDBI Capital Markets and Securities, and IIFL Capital Services, while Kfin Technologies serves as the registrar.

Context

Public stock market listings of state-owned company subsidiaries help unlock hidden value and provide direct access to capital markets for individual and institutional investors. Coal India previously listed two other subsidiaries, Bharat Coking Coal and Central Mine Planning and Design Institute, earlier in the year as part of this ongoing value-realisation strategy.