South Eastern Coalfields Limited (SECL), a wholly owned subsidiary of state-run Coal India, has filed its draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering. The entire issue is an offer for sale of up to 668,056,100 shares by Coal India. There is no fresh issue, so SECL itself receives nothing from the listing; every rupee of proceeds goes to the parent.
SECL is one of India’s largest coal producers. The prospectus records production of 176.29 million tonnes in the fiscal year ended March 2026, 16.94 percent of India’s total coal output and 22.95 percent of Coal India’s, making it the group’s second-largest producing subsidiary. It reported revenue of about 33,000 crore rupees (about $3.7 billion) and net income of 4,755 crore rupees for that year, held geological resources of about 47.55 billion tonnes as of April 2026, and operated 53 producing mines, 19 opencast and 34 underground, across the Korba, Mand-Raigarh and Central India coalfields as of September 30, 2026.
Bloomberg reported the offering could raise as much as $800 million, citing people familiar with the matter. The prospectus itself sets no price band or timetable, and the offer remains subject to regulatory approval and market conditions. SBI Capital Markets, ICICI Securities, IDBI Capital Markets and Motilal Oswal Investment Advisors are the book-running lead managers, with KFin Technologies as registrar. Of the net offer, up to 50 percent is reserved for qualified institutional buyers, 35 percent for retail investors and 15 percent for non-institutional bidders.
SECL is the second Coal India subsidiary to file this year: Mahanadi Coalfields filed draft papers in September for an offer in which Coal India will sell a 10 percent stake. The pattern is a staged public float of the state coal group’s producing assets, transferring minority ownership to public investors while control, and the cash from the sales, stay with the parent.