Coal India just added one more name to its growing list of listed subsidiaries. Mahanadi Coalfields, its largest coal-producing arm, has filed papers with SEBI to go public.

The proposed issue will see promoter Coal India sell 66.18 crore shares, equivalent to a 10% stake, through an Offer for Sale (OFS). 

There is also another interesting fact about the upcoming IPO. Mahanadi Coalfields will not receive any money from the IPO. Since the issue is entirely an OFS, the proceeds will go to Coal India. 

Mahanadi Coalfields IPO: Coal India to sell 66.18 crore shares

Coal India plans to sell 661,836,300 shares, or around 66.18 crore shares, in the proposed offering. The shares represent a 10% stake in Mahanadi Coalfields.

The company plans to reserve 50% of the net offer for Qualified Institutional Buyers (QIBs), 35% for Retail Individual Investors (RIIs) and 15% for Non-Institutional Investors (NIIs).

The shares are proposed to be listed on both the National Stock Exchange (NSE) and the BSE.

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For the year ended March 2026, the company reported a net profit of Rs 10,678 crore, down 1.3% year-on-year. Furthermore, the revenue also declined 2.6% to Rs 30,550 crore.

Mahanadi Coalfields IPO: Key players of the issue

SBI Capital Markets, BOB Capital Markets, Axis Capital, IIFL Capital Services and IDBI Capital Markets & Securities have been appointed as book-running lead managers. KFin Technologies will act as the registrar.

Mahanadi Coalfields: About the company

Mahanadi Coalfields is primarily based in Odisha. It is a key part of India’s coal supply chain. The company operates mainly in Odisha and accounted for around 21% of India’s domestic coal production and 28.4% of Coal India’s production in FY26.

Coal India accounts for nearly 74% of India’s total coal output in FY26.

Coal India has already tested the subsidiary-listing route

Mahanadi Coalfields is not the first Coal India subsidiary to enter the stock market. But before anyone gets too excited about a fresh IPO, it might help to ask a simple question – how have Coal India’s other recent spin-offs actually performed once the listing-day confetti settled?

The company has already listed Bharat Coking Coal (BCCL) and Central Mine Planning & Design Institute (CMPDI) this year.

Bharat Coking Coal: Listed on January 19

Bharat Coking Coal is Coal India’s coking coal-producing arm. The company operations across Jharkhand and West Bengal.

The public offering of the company was opened for subscription from January 9 to January 13, 2026. Coal India raised Rs 1,068.78 crore by selling 46.57 crore shares through an OFS.

The price band was fixed at Rs 21-23 per share. The issue attracted around 146.4 times subscription and the shares listed on the NSE and BSE on January 19.

BCCL shares have fallen around 3% over the last five trading sessions and are down around 18% so far.

Central Mine Planning & Design Institute: Listed on March 30

CMPDI has a different role within the group. It provides engineering, mine planning and technical consultancy services to Coal India and the wider mining sector.

Its IPO opened from March 20 to March 24, 2026. The company raised Rs 1,842 crore through an OFS, with the price band set at Rs 163-172 per share.

CMPDI made its stock market debut on March 30.

Its share price declined around 5% over the past five sessions. The stock has delivered a return of around 44% so far after its listing.

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Coal India: 2030 listing deadline for all subsidiaries

Coal India primarily operates via 8 wholly-owned subsidiaries. This includes BCCL, CCL, ECL, MCL, NCL, SECL, WCL and CMPDI. 

Of these seven are coal-producing companies, and one is a mine planning and consultancy unit. 

After successfully listing two of its arms – Bharat Coking Coal and CMPDI – all eyes are on the listing plans of the other subsidiaries.  Under the Prime Minister’s Office directives, the remaining subsidiaries are slated for restructuring and listing ahead of the 2030 deadline.