Missed the bus on BCCL? Two bigger Coal India IPOs are coming soon; Check details

Bharat Coking Coal IPO is buzzing in the latest trends as the most subscribed IPO of 2026 to date, as investors piled up to grab the opportunity to take a share in the PSU subsidiary. The IPO received a strong response from the investors, as the overall IPO was 147x oversubscribed on the last day. The IPO also held a shareholders' quota for Coal India’s shareholders, giving an opportunity to existing owners as well. The strong success of Bharat Coking Coal IPO can be attributed to multiple factors, like being a PSU subsidiary, an attractive price band of ₹21 to ₹23, near monopoly business model and strong fundamentals. A ₹1,017 crore IPO received bids for over ₹1 lakh crore, making it a huge success. The retail portion was subscribed 49x, shareholders quota by 87x, NII by 240x and QIB by 310x.

As the subscription gets higher, the probability of allotment gets trimmed. If you are also one of those unlucky investors who didn't get the allotment of BCCL shares. Need not to be worried as Coal India is set to come up with the IPO of its two very significant subsidiaries.

Ministry of Coal gave in-principle approval for the public issue for the other two subsidiaries, namely, South Eastern Coalfields (SECL) and Mahanadi Coalfields (MCL) in December 2025.

Here is all you need to know about SECL and MCL

Mahanadi Coalfields IPO

The company is one of the major arms of Coal India, holding 21% of the overall company’s resources with 25,099 million tonnes of output capacity. As of FY25, Mahanadi Coalfields contributed 30% to the consolidated net profit of the company at ₹10,823 crore and held the networth of ₹18,278 crore. Similarly, the company recorded the highest-ever output in FY25 at 781 million tonnes and aims to produce over 1.2 billion tonnes of output by 2035. The company also plans to do a capex of ₹11,782 crore.

The Mahanadi Coalfields IPO is expected to commence at the start of FY26-27, and a formal announcement on valuations, amount to be raised, issue size, and price band will be announced after all the due regulatory approvals.

South Eastern Coalfields IPO

The South Eastern Coalfields is another major Coal India subsidiary with 25% of Coal India’s entire reserves and could be termed as a volume giant of all the subsidiaries. Despite holding higher reserves than MCL, the company’s net profit is almost half of MCL’s net profit at ₹4,648 crore. South Eastern Coalfields operates primarily in underground mines, which involves higher operating costs. While Mahanadi Coalfields operates in open ground mines, making them operationally more efficient than SECL. However, SECL holds one of the largest coal mines in the world at Gevra. In terms of financials, the revenue of SECL is almost equal to that of Mahanadi Coalfields at ~₹35,000 crore for FY25, but due to high costs, the profits remain low at ~₹4,648 crore. Similarly, due to low profits and higher cash dividend payout to Coal India, the overall dividend is estimated at ~₹7000 to ~₹8000 crore.

The SECL IPO also holds a similar timeline as for MCL in FY27, and all the information about the issue size, issue price band, and date will be announced after necessary regulatory approvals.

In line with the BCCL IPO, SECL IPO and MCL IPO too, will have a shareholder quota being a Coal India subsidiary. The BCCL IPO will list on the bourses on 19th January.