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What is the story about?
South Eastern Coalfields Ltd. (SECL), a wholly owned subsidiary of state-owned Coal India Ltd., has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
The proposed IPO will be entirely an offer for sale (OFS), with no fresh issue of shares. Coal India plans to offload up to 66.81 crore shares of SECL through the public offering, according to the draft prospectus.
Around 35% of the offer will be reserved for retail investors, while employees will have a 5% reservation. The IPO also includes a special reservation of 10% for eligible shareholders of Coal India.
The proposed offering could raise as much as $800 million, according to a Bloomberg report.
The proposed listing of SECL is part of Coal India's broader plan to unlock value from its subsidiaries by bringing them to the stock market.
Another subsidiary, Mahanadi Coalfields Ltd. (MCL), had filed its draft IPO papers with SEBI in September.
In December 2025, Coal India's board granted in-principle approval for the proposed listings of SECL and MCL, following a directive from the Ministry of Coal to initiate concrete steps towards taking the two subsidiaries public.
In an office memorandum dated December 16, 2025, the Ministry of Coal had asked Coal India to take necessary steps towards listing SECL and MCL in the following financial year.
SBI Capital Markets Ltd., ICICI Securities Ltd., IDBI Capital Markets & Securities Ltd. and Motilal Oswal Investment Advisors Ltd. have been appointed as the book-running lead managers for the SECL IPO.
SECL is one of Coal India's largest subsidiaries and among the country's leading coal producers. Its mining operations are spread across Chhattisgarh and Madhya Pradesh.
As of April 1, 2022, the company operated 67 coal mines, comprising 41 mines in Chhattisgarh and 26 in Madhya Pradesh. Its mining portfolio included 46 underground mines and 21 opencast mines.
SECL reported revenue of approximately ₹33,000 crore for the financial year ended March 31, 2026, while its net income stood at ₹4,755 crore, according to the draft prospectus.
The proposed IPO adds to India's growing pipeline of public offerings, as companies look to tap increasing domestic investor participation and the country's expanding capital markets.
With inputs from Bloomberg.
Read more: GAIL Gas IPO: Board approves listing, GAIL to dilute up to 25% stake in subsidiary
The proposed IPO will be entirely an offer for sale (OFS), with no fresh issue of shares. Coal India plans to offload up to 66.81 crore shares of SECL through the public offering, according to the draft prospectus.
Around 35% of the offer will be reserved for retail investors, while employees will have a 5% reservation. The IPO also includes a special reservation of 10% for eligible shareholders of Coal India.
The proposed offering could raise as much as $800 million, according to a Bloomberg report.
The proposed listing of SECL is part of Coal India's broader plan to unlock value from its subsidiaries by bringing them to the stock market.
Another subsidiary, Mahanadi Coalfields Ltd. (MCL), had filed its draft IPO papers with SEBI in September.
In December 2025, Coal India's board granted in-principle approval for the proposed listings of SECL and MCL, following a directive from the Ministry of Coal to initiate concrete steps towards taking the two subsidiaries public.
In an office memorandum dated December 16, 2025, the Ministry of Coal had asked Coal India to take necessary steps towards listing SECL and MCL in the following financial year.
SBI Capital Markets Ltd., ICICI Securities Ltd., IDBI Capital Markets & Securities Ltd. and Motilal Oswal Investment Advisors Ltd. have been appointed as the book-running lead managers for the SECL IPO.
SECL is one of Coal India's largest subsidiaries and among the country's leading coal producers. Its mining operations are spread across Chhattisgarh and Madhya Pradesh.
As of April 1, 2022, the company operated 67 coal mines, comprising 41 mines in Chhattisgarh and 26 in Madhya Pradesh. Its mining portfolio included 46 underground mines and 21 opencast mines.
SECL reported revenue of approximately ₹33,000 crore for the financial year ended March 31, 2026, while its net income stood at ₹4,755 crore, according to the draft prospectus.
The proposed IPO adds to India's growing pipeline of public offerings, as companies look to tap increasing domestic investor participation and the country's expanding capital markets.
With inputs from Bloomberg.
Read more: GAIL Gas IPO: Board approves listing, GAIL to dilute up to 25% stake in subsidiary
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