Mahanadi Coalfields IPO: Coal India subsidiary files RHP - Latest GMP at ₹12.5; check key dates, size, valuation, more

Résumé détaillé

Mahanadi Coalfields has filed its RHP for an IPO opening November 19, 2026. The offer is an offer for sale of up to 66.18 crore shares by Coal India, with no proceeds going to MCL. The company produced 218.31 million tonnes of coal in FY26.

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.

Since the issue is entirely an OFS, Mahanadi Coalfields will not receive any proceeds. The money, after applicable expenses and taxes, will go to Coal India.

The issue will open on November 19 and close on November 23, 2026. Anchor investor bidding is scheduled for November 18. The tentative allotment date is November 25, while listing is expected on November 27.

The latest reported grey market premium (GMP) is ₹12.50 per share. GMP is an unofficial indicator and can change before listing. It does not guarantee listing gains.

Since the issue has not declared its price band yet, listing gains can't be estimated yet.

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