Coal India Units Split on IPO Timeline

South Eastern Coalfields, a Coal India subsidiary, is targeting a draft prospectus as early as December for an IPO that could raise up to $800 million, after appointing four investment banks to run the deal. Its sister unit, Mahanadi Coalfields, is already further along the same path: Coal India filed papers in September to sell 661.8 million shares, a 10% stake, through an offer for sale that leaves the company's own balance sheet untouched. Both listings sit inside Coal India's broader plan to float its operating units via $COALINDIA.