Upcoming IPO: Coal India’s Mahanadi Coalfields gets Sebi nod for public issue; top things to know about PSU public offer
Mint · Rajendra Saxena ·
Mahanadi Coalfields filed its draft red herring prospectus (DRHP) with the Sebi in September. The proposed IPO will be entirely an offer for sale (OFS) by promoter
Mahanadi Coalfields Ltd (MCL), a subsidiary of state-owned Coal India Ltd, has received approval from the Securities and Exchange Board of India (Sebi) to proceed with its proposed initial public offering (IPO). The development brings the coal producer one step closer to entering the stock market, with the public issue expected to be launched in the second half of November or early December.
According to news agency PTI, citing sources, Sebi issued its final observations on MCL's draft offer documents on November 4. The regulator's observations mark an important milestone in the IPO process, allowing the company to move ahead with preparations for the public issue, subject to applicable regulatory requirements.
Bloomberg, citing people familiar with the matter, reported that Coal India is preparing to launch the share sale as early as this month. MCL has reportedly started investor meetings to gauge interest in the proposed offering.