Mahanadi Coalfields to Open Rs 10,000 Crore All-OFS IPO on November 19 Alongside Two Other Issues

Mahanadi Coalfields, a wholly owned subsidiary of Coal India, plans to raise around Rs 10,000 crore through an initial public offering that opens for subscription on November 19 and closes on November 23, ET NOW reported. The state-owned coal miner's issue is the largest of three public offerings scheduled for the week.

Mahanadi Coalfields' All-OFS Structure

The Mahanadi Coalfields issue is entirely an offer for sale, under which 66.18 crore shares will be offered. The company will not issue fresh shares, and the proceeds will go to the existing selling shareholder. The company has not yet announced the price band.

Allotment is expected to be finalised on November 25. Shares are likely to be credited to investors' demat accounts on November 26, along with completion of the refund process, and the stock is expected to debut on the NSE and BSE on November 27. Mahanadi Coalfields operates in Odisha and is a Coal India subsidiary.

The same week brings Crystal Crop Protection's Rs 455.49 crore mainboard IPO, which opens November 18 and closes November 20. That issue comprises a fresh issue of shares worth Rs 354.77 crore and an offer for sale of Rs 100.71 crore, with a price band of Rs 259 to Rs 272 per share and a lot size of 55 shares. Retail investors will need a minimum of Rs 14,960 to apply for one lot at the upper end of the band. Allotment is expected on November 23, credit to demat accounts on November 25 and listing on November 26.

Watrana Rentals will launch its Rs 120.10 crore SME IPO on November 19, closing November 23. The entire issue comprises fresh shares, so the proceeds go to the company. The price band is Rs 232 to Rs 245 per share, with a lot size of 600 shares; retail investors must apply for at least two lots, or 1,200 shares, requiring a minimum investment of Rs 2,94,000 at the upper band. Watrana Traction Private Limited plans to use Rs 98.12 crore of the proceeds for equipment purchases and expects to debut on NSE Emerge on November 27, Moneycontrol.com reported.

Coal India's Path to the Offer

Coal India filed a draft red herring prospectus for the Mahanadi Coalfields IPO on September 1, 2026, covering an offer for sale of up to 661,836,300 equity shares of face value Rs 2 each held by Coal India, Business Standard reported. CNBCTV18 reported on September 2, 2026 that the 66.18 crore shares represented a 10% stake and that Mahanadi Coalfields would receive no proceeds. On November 4, 2026, Business News Today reported that SEBI had approved Mahanadi Coalfields, Sagar Defence Engineering and Arjun Jewellers to launch IPOs, with Mahanadi Coalfields planning to raise up to $1 billion via a promoter OFS.

Coal India Files the Red Herring Prospectus

Coal India filed the Red Herring Prospectus for the Mahanadi Coalfields IPO on November 13, 2026, submitting it to SEBI and the stock exchanges on November 14, ScanX reported. The offer involves an offer for sale of 661,836,300 equity shares by Coal India, subject to regulatory approvals and market conditions.