SECL IPO: Coal India to Sell 66.81 Crore Shares
South Eastern Coalfields has filed draft IPO papers with SEBI. The offer will consist entirely of Coal India selling up to 66.81 crore shares, with no fresh…
South Eastern Coalfields Ltd. (SECL) filed draft IPO papers with the Securities and Exchange Board of India on November 2, 2026, proposing an offer for sale of up to 66.81 crore shares by its parent, Coal India Ltd. The SECL IPO inside details show no fresh issue, so the proposed offering would involve Coal India selling existing shares.
The filing puts a major Coal India subsidiary on the path to a public listing, while setting out reserved portions for retail investors, employees and eligible Coal India shareholders. SECL reported revenue of approximately ₹33,000 crore and net income of ₹4,755 crore for the financial year ended March 31, 2026.
What are the SECL IPO inside details?
The proposed issue is entirely an offer for sale, or OFS. Coal India plans to offload up to 66.81 crore SECL shares, according to the draft prospectus; the filing does not propose issuing new shares.
Around 35% of the offer is reserved for retail investors, while employees have a 5% reservation. Eligible shareholders of Coal India have a separate 10% reservation.
Those allocations define how parts of the offering are set aside, but the prospectus does not establish the final price or the amount investors will pay. The proposed IPO could raise as much as $800 million, according to information attributed to Bloomberg in the source material.
Why is Coal India listing the subsidiary?
The proposed listing fits Coal India’s broader plan to unlock value from subsidiaries by bringing them to the stock market. Another subsidiary, Mahanadi Coalfields Ltd. (MCL), filed its draft IPO papers with SEBI in September.
Coal India’s board granted in-principle approval for the proposed SECL and MCL listings in December 2025. The Ministry of Coal had directed the company to take concrete steps towards listing the two subsidiaries.
An office memorandum dated December 16, 2025, asked Coal India to take the necessary steps to list SECL and MCL in the following financial year. The SECL filing is a further step in that process.
What does the filing say about SECL’s operations?
SECL is a wholly owned subsidiary of state-owned Coal India and operates mines across Chhattisgarh and Madhya Pradesh. As of April 1, 2022, it had 67 coal mines: 41 in Chhattisgarh and 26 in Madhya Pradesh.
The portfolio included 46 underground mines and 21 opencast mines. Those figures describe the company’s mine base at that date, while the draft prospectus reports revenue of approximately ₹33,000 crore and net income of ₹4,755 crore for the financial year ended March 31, 2026.
SBI Capital Markets Ltd., ICICI Securities Ltd., IDBI Capital Markets & Securities Ltd. and Motilal Oswal Investment Advisors Ltd. have been appointed as book-running lead managers for the proposed IPO.
