Draft documents dated Monday revealed that the state-owned miner Coal India's subsidiary, Central Mine Planning and Design Institute Ltd (CMPDIL), had submitted an application for IPO.

Reports indicate that the company is expected to submit IPO papers of its units "soon," Coal India said in a statement last week that activities relating to listing CMPDIL and Bharat Coking Coal Ltd (BCCL) "are in progress."

Coal India has yet to submit papers for BCCL to the public.

In the offering, CMPDIL will not issue new shares.

The draft prospectus stated that Coal India intends to sell up to 71.4 million shares, but it withheld other information, such as the size of the initial public offering.

The company is the biggest coal and mineral consultant in India, according to its prospectus, and provides consulting services for mine planning, coal, and mineral exploration.

The IPO's book-running lead managers are SBI Capital Markets and IDBI Capital Markets and Securities.

 

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Despite a successful 2024 IPO, many IPO aspirants have postponed or scaled back their ambitions to go public in 2025 as investor mood was dampened by global uncertainties and pressure was placed on Indian markets.