Coal India unit South Eastern Coalfields files for IPO
The state-run subsidiary plans to sell up to 668.1 million shares through an offer for sale.
South Eastern Coalfields Ltd (SECL), a subsidiary of state-run Coal India Ltd, has filed a draft prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO), according to reports by Moneycontrol and Business Standard.
The offering will consist entirely of an offer for sale (OFS) of up to 66.81 crore equity shares by the parent company, Coal India. There will be no fresh issuance of shares, meaning SECL will not receive any proceeds from the sale.
People familiar with the matter told Moneycontrol that the IPO could raise as much as $800 million. The move is part of Coal India's strategy to list some of its subsidiaries, following the September filing by Mahanadi Coalfields Ltd and a previous offering by Bharat Coking Coal Ltd.
Headquartered in Bilaspur, Chhattisgarh, SECL operates 60 coal mines across central India, including 35 in Chhattisgarh and 25 in Madhya Pradesh. For the fiscal year ended March 31, 2026, the company reported revenue of approximately Rs 32,956.5 crore and a net profit of Rs 4,754.5 crore.
The company's coal production reached 176.29 million tonnes in FY26, representing 16.94 per cent of India's total coal production. For the six months ended September 30, 2026, SECL reported revenue of Rs 16,593.7 crore and a net profit of Rs 2,174.3 crore.
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 issue. KFin Technologies is the registrar.