SEBI has approved the Mahanadi Coalfields IPO, as per reports on 5 November 2026. Coal India, the parent, is selling a 10% stake in its unit. This is expected to be one of the biggest offerings in India this year.
What has SEBI cleared?
SEBI is the markets regulator. It has given its go-ahead to the IPO of Mahanadi Coalfields, a unit of state-run Coal India. The draft papers were filed in September.
The draft papers show that Coal India will sell up to 661.8 million shares. The issue is an offer for sale (OFS). That means the money goes to Coal India, not to Mahanadi Coalfields.
| Detail | What is known |
|---|---|
| Seller | Coal India |
| Stake on offer | 10% |
| Shares on offer | Up to 661.8 million |
| Status | Approved by SEBI |
| Dates, price band, lot size | Not announced |
What does the company do?
Mahanadi Coalfields works mainly in eastern Odisha. In fiscal year 2026, it made 21% of India's domestic coal. It also made 28.4% of Coal India's own output.
Coal India is the world's largest coal producer. It supplied about 74% of India's coal in the same year.
Why is only 10% on sale?
In March, Coal India said it could sell up to 25% in two subsidiaries, Mahanadi Coalfields and South Eastern Coalfields. The draft papers show a first sale of 10% in Mahanadi. We covered the earlier approval in our post on the Coal India nod.
When could the IPO open?
A Bloomberg report on 2 November said Coal India may launch the IPO as early as this month. It said the issue could raise as much as $1 billion. It also said the company could be valued at up to $10 billion.
These numbers come from sources quoted in that report. Neither the company nor SEBI has confirmed them, so size, value and timing can still change. The approval itself was reported by The Economic Times.
What happens next
The company now has to file its RHP, the final offer document. The RHP carries the price band, lot size and dates. It comes shortly before the issue opens.
Until then, there is no IPO page for Mahanadi Coalfields on IPO Guru. Track it on our upcoming mainboard IPO page. We will update when the dates are announced.
