ECM

Mahanadi Coalfields Pre-IPO: First Look

05 Nov 2026 By Ke Yan, CFA, FRM
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Abstract: Mahanadi Coalfields, an Odisha based thermal coal miner, has filed its draft prospectus. SBICAPS, Axis Capital, BOB Capital, IDBI Capital and IIFL Capital are the book running lead managers. We look at the company's core operation: non-coking coal mining in the Talcher and Ib Valley coalfields. We then look at the company's financial profile, falling operating profit and investor backing.

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Research on Hong Kong and A+H equity offerings, from the first filing to the aftermarket. Coverage includes pre-IPO early thoughts on the business and valuation, analysis of the final deal terms and cornerstone investors, and updates as new prospectus versions are filed.

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