Coal India has filed the red herring prospectus (RHP) for the Mahanadi Coalfields IPO. The RHP is the last offer document before the issue opens. The issue is entirely an offer for sale (OFS) of up to 66.18 crore shares by Coal India.
What has been filed?
Coal India told the exchanges on 13 November 2026 that it has filed the RHP of its wholly owned unit. The filing went to SEBI, the Registrar of Companies, BSE and NSE. The RHP is dated 13 November.
The notice does not give a price band or opening date. Those usually come in a separate announcement just before the issue opens.
| Detail | What the filing says |
|---|---|
| Issuer | Mahanadi Coalfields Limited |
| Seller | Coal India Limited |
| Issue type | Offer for sale only |
| Shares on offer | Up to 66.18 crore equity shares |
| Price band and dates | Not announced yet |
Who gets the money?
Only Coal India. Because the issue is entirely an OFS, Mahanadi Coalfields gets nothing from it. This is the first sale of up to 10% of the unit, as per a Moneycontrol report.
It is not rare for a parent to sell this way. In our look at IPO money this year, only 13 of 113 issues were entirely an OFS.
What our data shows
Mahanadi Coalfields has no IPO page on IPO Guru yet, so there is no GMP or subscription to track. Our tracker has followed the story since SEBI cleared the draft on 4 November. We will add the page once the price band is out.
How big could the issue be?
No official size is out. A Moneycontrol report on 13 November, quoting sources, says the issue could be about $1 billion, or around ₹9,500 crore. It also says the IPO could open next week.
Treat both as reports until the company announces them. The size will depend on the price band.
How will the shares be split?
As per the Moneycontrol report, not more than 50% of the net offer is for big institutions (QIBs). At least 15% is for non-institutional investors. At least 35% is for retail investors.
What happens next?
The company will announce the price band, lot size and dates. Those details decide the minimum amount you need for one lot. We covered the approval in our earlier post on the SEBI nod for Mahanadi Coalfields.
Track new issues on our upcoming mainboard IPO page. The sources for the size and timing are in the Moneycontrol report.
