Mahanadi Coalfields IPO: 66.18 crore shares in draft
Mahanadi Coalfields' draft covers up to 66,18,36,300 existing equity shares from Coal India. The proposed offer has no fresh-share component.
Published 11 November 2026 · Potoos Research Services
The short answer. The draft proposes an offer for sale of up to 66,18,36,300 shares, about 66.18 crore shares, held by Coal India. Mahanadi Coalfields would receive none of the offer proceeds. The draft reviewed here leaves the opening and closing dates blank.
What the draft actually proposes
An initial public offering, or IPO, is a company's first public offer of shares. The draft red herring prospectus, or DRHP, sets out the proposed offer and its risks before the final offer details are complete.
| Item | Primary document |
|---|---|
| Company | Mahanadi Coalfields Limited |
| Draft date | 31 August 2026 |
| Proposed existing shares | Up to 66,18,36,300 equity shares |
| Shareholder offering them | Coal India Limited |
| Fresh shares | No fresh-share component |
| Face value | Rs 2 per share |
| Proposed exchanges | BSE and NSE |
Source: DRHP cover pages. The 66.18 crore figure is the share count rounded to two decimal places.
Where would the money go?
An offer for sale, or OFS, transfers shares already held by an existing shareholder. A fresh issue creates new shares. This draft uses the OFS route only.
Its section on the purpose of the offer says Mahanadi Coalfields will receive no proceeds. Coal India would receive the proceeds after the offer-related expenses and relevant taxes. Proceeds means the money raised through the offer.
The distinction matters when reading a headline about money being raised. The proposed transaction concerns Coal India's existing shares. It does not bring fresh capital into Mahanadi Coalfields under this draft.
What does the latest SEBI status report say?
SEBI's processing-status report dated 9 November 2026 includes Mahanadi Coalfields in the section for drafts with observations issued, or issues withdrawn or returned. Its individual row records the draft as received on 3 September 2026 and observations issued on 15 October 2026. It identifies the issue as OFS only.
That is the date shown in the official row linked below. The report date and the observation date are separate entries. Neither is an IPO opening date.
The DRHP's general-risk section makes clear that SEBI has not endorsed the shares and does not guarantee the document's accuracy or completeness. The status entry is not a promise about investment performance.
Which details are still blank in this draft?
The offer-opening and offer-closing fields on the draft's cover are blank. It also leaves the offer price open and says the price band and minimum bid lot will be decided later. The price band is the permitted range for bids; a bid lot is the specified number of shares in one application unit.
The Rs 2 face value is the share's nominal value. It is not the IPO offer price. A verified offer price or date needs its own completed announcement. The documents reviewed here do not provide a completed issue calendar.
The draft also sets aside reserved portions for eligible employees and for eligible shareholders. The draft's shareholder portion covers eligible individuals and HUFs (Hindu undivided families) who are public shareholders of Coal India on the date of the red herring prospectus. That is the later offer document filed before bidding opens; it still does not contain the final offer price. It caps a bid in that shareholder portion at Rs 0.20 million (Rs 2 lakh). The size of each portion is left blank in the draft.
The draft proposes listing on BSE and NSE. Proposed listing venues are different from a confirmed listing day. This page does not infer a day from the month in which the story appears.
Sources
- Mahanadi Coalfields draft red herring prospectus. 31 August 2026 Physical PDF pages 1-3, cover, offer structure, listing and date fields; physical page 10, printed page 6, Eligible Shareholders definition; physical page 12, printed page 8, Red Herring Prospectus definition; physical page 109, printed page 105, Objects of the Offer.
- SEBI processing status of draft offer documents. 9 November 2026 Physical PDF page 7, Section VI, row 6, Mahanadi Coalfields Ltd; date of receipt 3 September 2026; last column records observations issued on 15 October 2026.
Sources checked on 10 November 2026. Information cutoff: 10 November 2026, 19:00 IST
Common questions
Will Mahanadi Coalfields receive fresh capital from this offer?
The draft has no fresh-share component. It states that Mahanadi Coalfields will receive no proceeds; Coal India would receive them after the stated expenses and taxes.
Is Rs 2 the IPO offer price?
No. Rs 2 is the face value per share. The draft leaves the offer price open and says the price band will be decided later.
Do these documents confirm an opening date?
No. The reviewed draft leaves the opening and closing fields blank. The date in SEBI's status row concerns observations on the draft, not the start of applications.
Potoos Research, SEBI-registered Research Analyst. Registration number INH000027380. SEBI is the Securities and Exchange Board of India.