Mahanadi Coalfields IPO: SEBI nod, size, expected date and how to apply
Coal India's subsidiary Mahanadi Coalfields has SEBI's observations for its IPO, reported on 4 November 2026. No price band or date yet. What is known and how to apply.
Mahanadi Coalfields Ltd (MCL), a subsidiary of Coal India, is preparing a stock market listing. There is no price band, lot size or opening date yet, so you cannot apply today. This guide gives what is known, what has to happen before the issue opens and how applying will work.
What is known
According to PTI, as reported by Livemint on 6 November 2026, SEBI issued its observations on MCL's draft papers on 4 November 2026. Observations mean the company can now file its red herring prospectus (RHP) and launch the issue. One other report, by Business Today on 10 November 2026, gives a different date of 15 October 2026 for the approval, so treat the exact date as unconfirmed until the RHP is out.
From the draft papers as reported:
- Structure: the issue is 100% offer for sale (OFS) of up to 66,18,36,300 equity shares, about 10% of the company, by Coal India. The face value is ₹2 per share.
- Who gets the money: all the money goes to Coal India, the selling shareholder. MCL does not receive any fresh funds.
- Size: Business Today reports ₹8,500 to ₹10,000 crore. Bloomberg, as reported by Livemint, said up to $1 billion (about ₹8,800 crore) at a valuation of up to $10 billion. These are estimates. The final size depends on the price band.
- Listing: on both NSE and BSE.
- Bankers: SBI Capital Markets, Axis Capital, BOB Capital Markets, IDBI Capital Markets and IIFL Capital are the lead managers. KFin Technologies is the registrar.
- Timing: reports say the issue could open in the second half of November or in early December 2026. Business Today says an announcement may come next week. Neither Coal India nor MCL has confirmed any date.
What has to happen before you can apply
- The company files the RHP with the price band, lot size and opening and closing dates.
- The price band is announced at least two working days before the issue opens.
- Anchor investors bid one working day before the issue opens.
We will update this guide when the dates and price band are out.
How to apply when it opens
- Retail investors can bid up to ₹2 lakh in one application. One lot is the minimum, and the lot size comes with the price band.
- Apply through your broker's app using UPI, or through your bank's net banking using ASBA. The money stays blocked in your account until allotment.
- Allotment and listing follow the T+3 timeline: shares list 3 working days after the issue closes. Check allotment on the registrar's site, as linked on our allotment status page.
- Live dates of IPOs that are open or coming up are on our IPO calendar.
About the grey market premium
There is no meaningful grey market premium yet, because there is no issue price. The grey market premium (GMP) is unofficial. It comes from deals outside the stock exchanges that SEBI does not regulate, and it can be very different from the listing price.
Before you decide
Saifu is not a SEBI-registered investment adviser. This guide reports facts and news. It is not a recommendation to apply or not to apply. Investments in shares are subject to market risk. Read the risk factors in the RHP when it is out and decide for yourself.
Sources: Livemint: Mahanadi Coalfields gets Sebi nod, 6 November 2026, Business Today: Upcoming IPOs, Mahanadi Coalfields and Milestone Gears, 10 November 2026.
Rules, rates and limits change. Check the official source linked above before you rely on a figure here. Posts never contain referral or affiliate links from the writer.
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