Coal India unit SECL selects banks for $800 million Mumbai IPO - Bloomberg

Investing.com -- South Eastern Coalfields Ltd. (SECL), a major operational subsidiary of India's state-backed mining giant Coal India Ltd (NSE:COAL), has selected investment banks for a planned initial public offering in Mumbai that could raise up to $800 million, according to reporting from Bloomberg. The proposed transaction marks the latest move by the state-controlled parent company to unlock value from its subsidiary network amid a sustained boom in India's primary equity markets.

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The coal producer has appointed ICICI Securities Ltd., SBI Capital Markets Ltd., Motilal Oswal Investment Advisors Pvt., and IDBI Capital Markets & Securities Ltd. to arrange the share sale, according to people familiar with the matter. The company aims to file its preliminary draft prospectus as early as December, with parent entity Coal India expected to offload a portion of its equity stake through an offer for sale.

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The prospective listing underscores a broader corporate strategy by Coal India to monetize its key operating units while domestic liquidity remains buoyant. Notably, sister subsidiary Mahanadi Coalfields Ltd. initiated its own public listing process earlier this month after submitting regulatory filings to offer as many as 661.8 million shares.

As one of Coal India's largest production engines, South Eastern Coalfields maintains a extensive operational footprint across central India, running 60 coal mines spanning Chhattisgarh and Madhya Pradesh. A successful public debut would further bolster Mumbai's robust capital-raising momentum, where record retail participation and strong domestic institutional inflows continue to absorb large-scale paper.

Deliberations regarding the offering remain ongoing, and key parameters, including the final transaction size and execution timeline, could still shift depending on regulatory approvals and broader market conditions, the report noted. Investors will likely track the upcoming regulatory filings closely for additional clarity on valuation metrics and asset allocation plans.

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Coal India unit SECL selects banks for $800 million Mumbai IPO - Bloomberg

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