Coal India Ltd. is preparing to launch an initial public offering of its unit Mahanadi Coalfields Ltd. as early as this month, according to people familiar with the matter. The company has begun investor meetings and is looking to kick off the share sale in the second half of November or early December. The offering could raise as much as $1 billion and value Mahanadi Coalfields at as much as $10 billion.
Deliberations are ongoing and details including the size, valuation and timing of the offering could still change. The IPO will consist entirely of shares sold by parent Coal India, with no fresh issuance. Representatives for Coal India and Mahanadi Coalfields didn't respond to requests for comment.
Mahanadi Coalfields could be among the biggest Indian IPOs still to come this year, with several offerings lined up for November and December. Companies have raised about $18.48 billion through IPOs in India so far in 2026, putting the market within reach of the record $22.36 billion raised in 2025. Separately, Coal India unit South Eastern Coalfields Ltd. has filed for an IPO as well.
Mahanadi Coalfields was India's largest coal producer by output in the fiscal year ended March 2026, producing 218.31 million tonnes, accounting for about 22.4% of the country's total non-coking coal production. As of June 30, the company operated 17 mines, comprising 14 open-cast mines and three underground mines.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing