Mahanadi Coalfields IPO Files RHP at ₹12.5

IPO Filing Details

Mahanadi Coalfields Ltd (MCL) has filed its Red Herring Prospectus (RHP) for an initial public offering opening November 19, 2026.

“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”

Offer Size and Structure

The IPO offers up to 66.18 crore shares with no proceeds going to MCL, part of Coal India's strategy to unlock value through subsidiary listings.

Production and Financials

MCL produced 218.31 million tonnes of coal in FY26, with revenue at ₹30,549.59 crore and profit of ₹10,677.74 crore.

IPO Timeline

The IPO opens November 19, closes November 23, with allotment on November 25 and listing expected November 27, 2026.

Grey Market Premium

Latest grey market premium (GMP) is ₹12.50 per share, an unofficial indicator that may change before listing.

Share Allocation

Up to 3.31 crore shares reserved for employees and 6.61 crore for Coal India shareholders, with 56.25 crore net shares available.

Book Running Managers

SBI Capital Markets, Axis Capital, BOB Capital Markets, IDBI Capital Markets & Securities and IIFL Capital Services lead the IPO.

Coal Production Details

MCL produced 218.31 million tonnes in FY26, accounting for 21% of India's domestic coal production.

Expansion Plans

MCL plans to expand mines, develop new projects, and increase coal beneficiation capacity by FY30.

Key Risks

MCL's business depends on power sector demand and faces risks from environmental clearances and land acquisition.