Coal India unit SECL advances plans for up to US$1.14 billion IPO

By Staff Report 1 September 28, 2026 7:08 pm IST

South Eastern Coalfields has reportedly appointed four investment banks for a proposed IPO that could raise up to US$1.14 billion.

South Eastern Coalfields (SECL), a subsidiary of Coal India, has reportedly appointed four investment banks for a proposed initial public offering (IPO) in Mumbai. The proposed IPO could be valued at up to US$800 million, equivalent to about US$1.14 billion based on the figure reported by Bloomberg, according to the source. The reported advisers are ICICI Securities, SBI Capital Markets, Motilal Oswal Investment Advisors and IDBI Capital Markets & Securities.

A draft prospectus could be filed as early as December. However, discussions are still underway, and the size and timing of the offering could change. Coal India, SECL and the appointed banks have not publicly confirmed the reported appointments.

Coal India’s board approved the proposed listing structure in an exchange filing dated 23 March. Under the approved structure, Coal India can sell up to 25% of its holding in SECL through an offer for sale. SECL may also issue new shares representing up to 10% of its post-offering capital.

Under this structure, proceeds from the offer-for-sale component would go to Coal India, while funds raised through a fresh issue of shares would flow to SECL. The final composition of the offering has not been disclosed. Coal India has stated that the proposed listing remains subject to regulatory approvals and other required formalities. Its board had first granted in-principle approval for an SECL listing in December 2025.

SECL is a state-owned coal producer operating across Chhattisgarh and Madhya Pradesh. It is one of Coal India’s largest coal-producing subsidiaries.

Source: Mining COM. AU