After a brief hiatus, the Indian Initial Public Offering (IPO) market is poised for a busy period, with at least two significant mainboard issues slated to open in the coming weeks. Sources indicate that Mahanadi Coalfields and Milestone Gears are likely to announce their maiden stake sales next week, collectively targeting an impressive ₹10,000–11,000 crore. However, official confirmations from the companies are still pending.
Mahanadi Coalfields IPO Details
Mahanadi Coalfields, a subsidiary of Coal India Ltd (CIL), is set to launch an offer-for-sale (OFS) of up to 661,836,300 equity shares by its parent company. This stake sale is expected to raise between ₹8,500–10,000 crore. The company, which received SEBI approval on October 15, 2026, has a face value of ₹2 per share. The IPO will be managed by a consortium of book-running lead managers including SBI Capital Markets, Axis Capital, BoB Capital Markets, IDBI Capital Markets & Securities, and IIFL Capital Markets. KFin Technologies Ltd will serve as the registrar for the issue, with shares slated for listing on both NSE and BSE.
Mahanadi Coalfields stands as India's largest coal producer, contributing 21% of the nation's domestic coal output in FY26. Its primary product, non-coking coal, is supplied in various grades to critical sectors such as power utilities, sponge iron, cement, aluminum, and paper industries. The company boasts robust operational efficiencies, supported by extensive evacuation infrastructure including rail connectivity across three railway zones, dedicated road corridors, access to five ports, and one coal washery. Its allocated blocks hold an estimated 40.34 billion tonnes of coal resources, representing 9.80% of India’s total coal resource base.
Despite its scale, Mahanadi Coalfields reported a decline in revenue from operations to ₹30,550 crore in FY26, with net profit moderating to ₹10,698 crore. EBITDA margins also saw a reduction from 46.41% in FY24 to 41.69% in FY26, indicating pressure on operating profitability. Analysts highlight that for prospective investors, factors beyond production volumes—such as coal realizations, mining costs, operational efficiency, and demand from the power sector—will significantly influence future earnings. Furthermore, India’s long-term energy transition goals present a structural consideration for coal-dependent businesses.
Milestone Gears IPO Overview
Milestone Gears is the second company gearing up for its initial public offering. This proposed issue will comprise a fresh share sale of ₹800 crore and an OFS of up to ₹300 crore by its promoters and existing shareholders, bringing the total offer size to ₹1,100 crore. Official confirmation regarding the RHP filing is still awaited.
Based in Solan, Milestone Gears specializes in manufacturing high-precision, complex engineered transmission components. These components are vital for various sectors, including tractors, construction equipment, electric vehicles, locomotives, windmills, and other heavy industries. The company has a global footprint, exporting its products to ten countries, including the US, Turkey, Germany, Belgium, Italy, Brazil, China, Hungary, and Malaysia. JM Financial Ltd, Axis Capital, and Motilal Oswal Investment Advisors are appointed as the lead managers for Milestone Gears, with KFin Technologies as the registrar. The shares are expected to list on both BSE and NSE.