IPO Action Returns: 3 Indian Share Sales Worth Rs 10,000 Crore
Three public share sales worth more than Rs 10,000 crore open on India's Dalal Street from November 18, led by Coal India arm Mahanadi Coalfields, ending a quiet stretch around the Diwali holidays. Two are mainboard issues and one is for a smaller company.
IPO action returns to India's primary market next week, with three public share offerings worth more than Rs 10,000 crore due to open on Dalal Street, the Mumbai stock exchange district, starting November 16. The lineup follows a relatively quiet two-week period, partly because of the Diwali holidays.
Two of the offerings are mainboard initial public offerings (IPOs), the larger issues on the main exchange boards. The third is from a small and medium enterprise (SME) company.
Crystal Crop Protection opens first
Agrochemicals and seeds company Crystal Crop Protection will launch first. Its offer opens for subscription on November 18, with a price band of Rs 259-272 per share.
The New Delhi-headquartered company aims to raise Rs 455.7 crore at a valuation of Rs 4,438.1 crore at the top of the band. The offer includes a fresh issue of shares worth Rs 355 crore. Promoter Ankur Aggarwal will sell shares worth Rs 100.7 crore through an offer for sale (OFS) of 37.02 lakh equity shares.
The company will use Rs 270 crore of the fresh-issue proceeds to repay debt. Its total borrowings stood at Rs 962.6 crore as of August 2026. The rest goes to general corporate purposes. The company is backed by the International Finance Corporation.
Mahanadi Coalfields is the biggest
Mahanadi Coalfields, a Coal India subsidiary, is expected to raise around Rs 9,500 crore. Its maiden public issue opens on November 19 and closes on November 23.
The offer is entirely an OFS of 66.18 crore equity shares by promoter Coal India. That represents 10 percent of Mahanadi Coalfields' total paid-up equity capital.
Mahanadi Coalfields will receive no money from the sale. After issue expenses, all proceeds go to Coal India, the selling shareholder.
SME issue from Watrana Rentals
Watrana Rentals, a Delhi-based material handling equipment provider, also opens its issue on November 19. The price band is Rs 232-245 per share, and the company aims to raise Rs 120 crore at the upper end.
The offer is entirely a fresh issue of 49.02 lakh equity shares. Watrana plans to spend Rs 98.12 crore on material handling equipment, aerial work platforms and batteries. The remainder covers general corporate purposes and offer expenses.
Across the January-October period of 2026, 303 companies launched IPOs, including 109 in the mainboard segment. They collectively raised Rs 1.66 lakh crore, of which mainboard IPOs accounted for more than Rs 1.57 lakh crore.
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