South Eastern Coalfields Ltd., a unit of state-run Coal India Ltd., has filed a draft prospectus with India's markets regulator for an initial public offering. The offering will consist entirely of shares sold by parent Coal India, with no fresh issuance, according to the draft prospectus filed with the Securities and Exchange Board of India. Coal India plans to sell as many as 668.1 million shares.
SBI Capital Markets Ltd., ICICI Securities Ltd., IDBI Capital Markets & Securities Ltd. and Motilal Oswal Investment Advisors Ltd. are the book-running lead managers for the offering. The IPO could raise as much as $800 million, people familiar with the matter have said.
The potential listing is part of Coal India's efforts to take some of its subsidiaries public. Another unit, Mahanadi Coalfields Ltd., filed draft paperwork with the regulator in September. The proposed IPO would also add to a busy pipeline of Indian share sales as companies seek to tap the country's deepening pool of domestic capital.
South Eastern Coalfields is among Coal India's largest subsidiaries and operates 60 coal mines across central India, including 35 in Chhattisgarh and 25 in Madhya Pradesh, according to its website. The company reported revenue of about 330 billion rupees ($3.7 billion) for the fiscal year ended March 31, 2026, with net income of 47.55 billion rupees, the prospectus showed.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing