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The IPO of the company is likely to open on November 19 and close on November 23. The issue size of the proposed IPO is expected to be around ₹10,000 crore, said the people cited above.
“The IPO will launch on November 19 while the price band is likely to be announced on Monday (November 16),” said a person familiar with the matter.
The company received approval for its share sale from the Securities and Exchange Board of India (Sebi) on November 4. Emails and messages sent to the bankers remained unanswered until the publication of this report.
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Coal India plans to divest up to 10% of its stake in MCL through the IPO. The proposed issue will comprise an offer for sale (OFS) of up to 66.18 crore equity shares by the parent company, Coal India, according to MCL’s draft red herring prospectus (DRHP).
There will be no fresh issue component in the issue, which means the proceeds from the offering will accrue to Coal India. SBI Capital Markets, Axis Capital, BOB Capital Markets, IDBI Capital Markets & Securities and IIFL Capital Services are the book-running lead managers to the issue.The proposed listing is part of Coal India’s broader plan to unlock value in its subsidiaries through public offerings.
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The company has been taking its subsidiaries to the stock market this year. Bharat Coking Coal (BCCL) was listed in January, followed by Central Mine Planning & Design Institute (CMPDI) in March.
Another subsidiary, South Eastern Coalfields (SECL), has also filed its draft IPO papers this month and is awaiting Sebi’s approval.
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https://economictimes.indiatimes.com/markets/ipos/fpos/mahanadi-coalfields-ipo-may-open-next-week-issue-size-pegged-at-10000-crore/articleshow/135821208.cms
