India's capital markets regulator has approved state-run miner Coal India's unit Mahanadi Coalfields' IPO, in what is expected to be one of India's biggest offerings this year.
Here are some key details:
Earlier in September, draft papers filed with the markets regulator showed the parent Coal India, which is the world's largest coal producer, was selling a 10% stake in Mahanadi Coalfields through the unit's IPO.
Coal India is selling up to 661.8 million shares of its unit, the draft prospectus showed.
The unit operates primarily in eastern Odisha and accounted for 21% of India's overall domestic coal production and 28.4% of Coal India's total coal production in fiscal year 2026.
Coal India, which contributed about 74% of India's total coal production in fiscal 2026, had said in March it could sell up to 25% stakes in subsidiaries Mahanadi Coalfields and South Eastern Coalfields through IPOs or other routes.
Bloomberg reported on November 2 that Coal India is preparing to launch an IPO of Mahanadi Coalfields as early as this month, citing sources. The offering could raise as much as $1 billion and value Mahanadi Coalfields at as much as $10 billion, the report added.
India's capital markets have seen a string of high-profile offerings this year, including those by Jio Platforms and the National Stock Exchange of India, underscoring strong investor appetite for large, marquee listings.