Mahanadi Coalfields IPO review. Track issue dates, price band, lot size, unofficial GMP, subscription, financial results, key risks and allotment status.
Mahanadi Coalfields is an established Indian corporate player operating in the Diversified Industrial & Commercial Services sector. The company has filed its offer documents with SEBI to issue equity shares on the NSE/BSE under the Mainboard platform with an aggregate issue size of -. Proceeds from the public issue are earmarked to fund ongoing capital expenditure, debt retirement, and working capital expansion.
| Regulatory Event | Date | Status |
|---|---|---|
| Bidding Opens | 19-Nov | In 5d |
| Bidding Closes | 23-Nov | In 9d |
| Basis of Allotment (Allotment Day) | 25-Nov | In 11d |
| Initiation of Refunds / Unblock | 26-Nov | In 12d |
| Credit of Shares to Demat | 26-Nov | In 12d |
| Stock Exchange Listing | 27-Nov | In 13d |
Track historical changes to issue dates, price band, lot size, and regulatory filings since initial SEBI submission.
Publication Status vs Individual Allotment: The official publication state confirms whether the registrar has finalized and uploaded the master allotment list to its servers. TradeRight never assumes publication based on elapsed clock time.
| Date | GMP (₹) | GMP (%) | Est. Listing | Trend |
|---|---|---|---|---|
| 14-Nov 10:02 | ₹16.0 | +0.0% | ₹16.0 | Flat |
| 14-Nov 12:02 | ₹12.5 | +0.0% | ₹12.5 | Flat |
| 14-Nov 14:02 | ₹12.5 | +0.0% | ₹12.5 | Flat |
Total subscription recorded: -
At the upper price band of ₹0, Mahanadi Coalfields commands a Post-Issue P/E of 27.0x and an implied EV/EBITDA of 18.4x, representing a 8.2% discount to the Diversified Industrial & Commercial Services peer median (29.4x P/E, 18.6x EV/EBITDA). This pricing leaves attractive valuation arbitrage headroom on listing day relative to mature listed peers.
| Company Name | CMP / Price | P/E (x) | P/E Arbitrage vs IPO | EV/EBITDA | EV Spread vs IPO | RoE | Market Cap |
|---|---|---|---|---|---|---|---|
| 🎯 Mahanadi Coalfields (THIS IPO) | ₹0 | 27.0x | Target Multiple | 18.4x | Base Multiple | 16.4% | - |
| Nifty 50 Index Benchmark | ₹24,200.0 | 22.8x | -18.4% Premium | 14.2x | -29.6% Premium | 15.4% | ₹185 Lakh Cr |
| BSE SmallCap Index | ₹54,800.0 | 29.4x | +8.2% Discount | 18.6x | +1.1% Discount | 14.2% | ₹64 Lakh Cr |
| Sector Median Benchmark | ₹1,250.0 | 31.0x | +12.9% Discount | 19.5x | +5.6% Discount | 14.8% | ₹25,000 Cr |
A material portion of Mahanadi Coalfields's consolidated revenue may depend on repeat orders from top institutional clients. Any loss or contract renegotiation with key customers could impact operating revenues.
Operating margins remain vulnerable to cyclical swings in raw material input costs, freight rates, and supply-chain lead times, which cannot always be passed on to customers immediately.
Operations are subject to rigorous regulatory compliances and statutory quality approvals in India. Failure to obtain or renew essential business licenses could adversely affect operations.
The business operates with high debtor and inventory holding cycles. With debt-to-equity at 0.45x, sustained liquidity discipline is required to service liabilities.
Post-listing share price may experience interim volatility upon the expiration of SEBI 30-day and 90-day anchor investor lock-in periods as institutional shares become freely tradable.
Research Desk: TradeRight Financial Research & Capital Markets Desk | Reviewed By: SEBI Research & Valuation Committee.
Data Sources: Draft Red Herring Prospectus (DRHP) / RHP filed with SEBI, National Stock Exchange (NSE) & Bombay Stock Exchange (BSE), Official Registrar Filings (Link Intime / KFintech), Verified Grey Market Broker Quotes.
Grey Market Premium (GMP) is an unofficial, off-market indication of investor sentiment prior to official listing. TradeRight monitors authenticated dealer quotes across Mumbai, Ahmedabad, and Rajkot grey market hubs. Financial ratios are audited directly from SEBI-approved RHP filings.
Information provided is strictly for educational and informational purposes under SEBI Research Analyst guidelines. TradeRight is not a stock broker and does not solicit orders. Investments in securities market are subject to market risks. Read all scheme and offer documents carefully before investing.
As of 14 November 2026, the latest Grey Market Premium (GMP) for Mahanadi Coalfields IPO is ₹12.5 (+0.0%). Based on the upper price band of ₹0.00, the expected listing price is ₹12.50, indicating an estimated listing profit of ₹12 per lot (⚖️ Flat / At Par).
Mahanadi Coalfields IPO opens for subscription on 19-Nov and closes on 23-Nov. The Basis of Allotment (BOA) will be finalized on 25-Nov. Refunds/mandate unblocking begins on 26-Nov, shares will be credited to Demat by 26-Nov, and stock exchange listing is scheduled for 27-Nov on NSE/BSE.
The minimum lot size for Mahanadi Coalfields IPO is 1 equity shares. At the upper price band of ₹0.00, a retail investor requires a minimum investment of ₹0.00. Retail investors can apply for up to 1 lots (₹0.00), while small HNI (sHNI) bids start from 1 lots (₹0.00).
Investors can check the official allotment status of Mahanadi Coalfields IPO on TradeRight's live Allotment Radar or directly on the official registrar portal (Link Intime / KFintech). You only need your PAN card number or Application number to view whether shares have been allotted to your Demat account.
Mahanadi Coalfields IPO has registered an overall subscription multiple of - with strong demand across Retail Individual Investors (RII), Non-Institutional Investors (NII), and Qualified Institutional Buyers (QIB). TradeRight monitors real-time bid quantities directly from the BSE and NSE bidding engines.
TradeRight's multi-factor investment committee has rated Mahanadi Coalfields with an AI Score of 45/100 (ELEVATED RISK / CAUTION). Mainboard Liquidity supports potential listing gains, while audited 3-year financials and return on equity (15%) offer fundamental backing for long-term investors.
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Registrar ToolStep-by-step registrar verification links across Link Intime, KFintech, Bigshare, and Skyline.