South Eastern Coalfields Ltd., one of Coal India Ltd.’s largest subsidiaries, has filed draft papers with the Securities and Exchange Board of India for an initial public offering that could raise as much as $800 million, according to the prospectus reported by Business Standard.
The proposed issue will consist entirely of an offer for sale by Coal India, with no fresh shares being issued by South Eastern Coalfields. Coal India plans to sell as many as 668.1 million shares under the offering.
The filing places one of India’s largest coal-producing subsidiaries in the public-markets pipeline at a time when state-owned companies are seeking to unlock value from operating units and companies across sectors are tapping domestic investors. The proposed transaction would give investors direct access to a subsidiary that remains fully controlled by Coal India until the offer is completed and listed.
South Eastern Coalfields operates 60 coal mines across central India, including 35 mines in Chhattisgarh and 25 in Madhya Pradesh, according to information on the company’s website. Its operations make it a significant part of the coal supply chain serving the country’s energy and industrial economy.
The company reported revenue of about ₹33,000 crore for the financial year ended March 31, 2026, while its net income stood at ₹4,755 crore, the draft prospectus showed. The figures provide the operating scale behind the proposed listing, although the final issue size, valuation and pricing will depend on the regulatory process and offer structure.
SBI Capital Markets, ICICI Securities, IDBI Capital Markets & Securities and Motilal Oswal Investment Advisors have been appointed as the book-running lead managers for the offering. The managers will oversee the issue process, including investor marketing and share-sale arrangements, subject to regulatory clearances and subsequent filings.
The proposed listing is part of Coal India’s broader effort to take some of its subsidiaries public. Mahanadi Coalfields Ltd., another Coal India unit, filed draft IPO papers with the regulator in September, according to the report.
For Coal India, the South Eastern Coalfields offer is structured as a sale of existing shares rather than a fund-raising issue for the subsidiary. That means proceeds from the offer would accrue to the selling parent, while South Eastern Coalfields would not receive fresh equity capital from the transaction based on the draft structure reported so far.
The filing also adds to an active pipeline of Indian share sales, as companies seek to access a growing pool of domestic capital. The next milestones for the offering will include regulatory review, possible updates to the draft prospectus and the determination of the final issue terms before the shares can be offered to investors.
