Upcoming IPOs: Two issues worth Rs 11,000 crore likely to open soon; check key details

After a brief pause, the IPO market is set to be back in action, with at least two mainboard issues set to kick off in the coming weeks. According to sources privy to Business Today, the mainboard issues of Mahanadi Coalfields and Milestone Gears, which are expected to raise around Rs 10,000–11,000 crore, are likely to be announced next week. However, the official announcement is awaited.

Mahanadi Coalfields is looking to raise Rs 8,500–10,000 crore through its maiden stake sale, which is entirely an offer-for-sale (OFS) of up to 66,18,36,300 equity shares by its parent, Coal India Ltd (CIL). The face value of each share is Rs 2, and the company received SEBI approval on October 15, 2026.

SBI Capital Markets, Axis Capital, BoB Capital Markets, IDBI Capital Markets & Securities, and IIFL Capital Markets are the book-running lead managers for the Mahanadi Coalfields IPO, while KFin Technologies Ltd is the registrar for the issue. Shares of the company will be listed on both NSE Ltd and BSE.

Mahanadi Coalfields is the largest coal producer in India, accounting for 21 per cent of the country’s domestic coal production in FY26. Its primary product is non-coking coal, supplied in various grades, including washed and beneficiated coal, predominantly to power utilities as well as the sponge iron, cement, aluminium and paper industries, said IDBI Capital in a pre-IPO note.

"Operational efficiencies are underpinned by well-developed 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 coal resource of 40.34 billion tonnes – 9.80 per cent of India’s total coal resource base – with audited reserves of 9,840.31 MT," it said.

Trivesh D, COO at Tradejini, pointed out that Mahanadi Coalfields' revenue from operations declined to Rs 30,550 crore in FY26, while net profit moderated to Rs 10,698 crore in the financial year 2025–26. EBITDA margins declined from 46.41 per cent in FY24 to 41.69 per cent in FY26, indicating pressure on operating profitability despite the company’s scale, he said.

"For investors tracking the proposed listing, the important factors extend beyond production volumes. Coal realisations, mining costs, operational efficiency and demand from the power sector will influence earnings. At the same time, India’s longer-term energy transition presents a structural consideration for coal-dependent businesses," Trivesh D added.

Milestone Gears is the other company set to launch its maiden stake sale soon. The proposed issue includes a fresh share sale of Rs 800 crore and an OFS of up to Rs 300 crore by its promoters and existing shareholders, taking the overall offer size to Rs 1,100 crore. However, official confirmation is awaited, as the company has not yet filed its RHP.

Milestone Gears is engaged in manufacturing high-precision, complex engineered transmission components used across multiple sectors, such as tractors, construction equipment, electric vehicles, locomotives, windmills and other heavy industries. Its products are exported 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 the lead managers for Solan-based Milestone Gears, while KFin Technologies is the registrar for the issue. Shares of the company will be listed on both BSE and NSE.