New IPO Alert: SEBI nod for Coal India arm Bharat Coking Coal, Aequs; what investors need to know

BCCL approached the Securities and Exchange Board of India (SEBI) with its draft papers in June, while Aequs filed through the confidential pre-filing route in the same month, seeking to raise around $200 million.

Both firms received SEBI's observations for a public issue between September 18 and 19. In regulatory terms, SEBI's observations are equivalent to clearance for launching a public issue.

BCCL's issue will be entirely an offer for sale of 46.5 crore shares by its parent state-owned Coal India Ltd (CIL), with no fresh issuance component.

BCCL, established with a mandate to mine and supply high-grade coking coal, plays a pivotal role in fuelling the nation's steel sector, which relies heavily on the company's coal for production and manufacturing processes.

Aequs' public issue will comprise both a fresh equity issue and an offer for sale. According to people familiar with the development, the company is planning to launch an IPO worth $200 million.

The company has steadily scaled operations with promoter support and has also attracted marquee global investors such as Amicus Capital, Amansa Capital, Steadview Capital, Catamaran (the family office of Infosys founder N R Narayana Murthy), Sparta Group, and the investment office of Desh Deshpande.

Aequs provides a vertically integrated precision manufacturing ecosystem for the aerospace and consumer sectors, operating across India, France, and the USA.

It also runs three manufacturing clusters—Belagavi, Hubballi, and Koppal—in Karnataka, giving it strong supply-chain capabilities to cater to global clients across industries.

CIL, another arm Coal Central Mine Planning & Design Institute Ltd (CMPDIL) had filed draft papers with SEBI for its initial public offering this month.

Coal India accounts for over 80% of domestic coal output.