Coal India's South Eastern Coalfields Files for IPO, Parent to Sell 66.81 Crore Shares in OFS-Only Offer

South Eastern Coalfields Ltd (SECL), one of Coal India's largest subsidiaries, has filed its draft prospectus with SEBI for an IPO made up entirely of an offer for sale of 66,80,56,100 shares by Coal India, with no fresh issue — a listing that could raise up to $800 million, according to people familiar with the matter cited by The Hindu BusinessLine.

Awaaz Punjab Investigations Desk2 November 20264 min readRead in all 3 languages

South Eastern Coalfields Ltd (SECL), a unit of state-run Coal India Ltd, has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offering, according to the draft prospectus reported on Monday, November 2.

Source: The Hindu BusinessLine

The offering will consist entirely of shares sold by parent Coal India, with no fresh issuance. Coal India plans to sell 668,056,100 equity shares — 66.81 crore shares — in the offer for sale (OFS), so the company itself will receive no proceeds; the entire amount will go to the selling shareholder, Coal India.

Source: Upstox (DRHP details)

The IPO could raise as much as $800 million, people familiar with the matter have said, The Hindu BusinessLine reported. That figure is a reported estimate, not a price set in the prospectus; the final size and pricing will follow SEBI review and market conditions. Of the net issue, 50 per cent will be reserved for qualified institutional buyers, 35 per cent for retail investors and 15 per cent for non-institutional investors, and the shares are proposed to be listed on the NSE and BSE.

SBI Capital Markets, ICICI Securities, IDBI Capital Markets & Securities and Motilal Oswal Investment Advisors are the book-running lead managers, with KFin Technologies as registrar, according to the prospectus details reported by both sources.

SECL is one of India's largest coal producers. It produced 176.29 million tonnes of coal in the financial year 2025-26, accounting for 16.94 per cent of domestic coal production, and held geological resources of around 47.55 billion tonnes as of April 2026, Upstox reported from the DRHP. The Bilaspur-based company reported revenue of about Rs 33,000 crore for the year ended March 31, 2026, with net income of Rs 4,755 crore, The Hindu BusinessLine reported from the prospectus.

The filing is part of Coal India's programme to list its subsidiaries. Another unit, Mahanadi Coalfields Ltd, filed draft paperwork with SEBI in September. What happens next is SEBI's review of the draft prospectus, followed by pricing and launch dates if the regulator clears the offer.

Sources