Coal India IPO - The Mother of All IPOs

Code : INB0012

Year :

Industry : Mining

Region : India

Teaching Note:Not Available

Structured Assignment :Not Available

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Indian Coal Industry The Indian coal industry contributed to the generation of electric power and hence was a key input for the power industry. It was also essential for industries such as cement, fertilizers and chemicals, steel, etc. The Indian Coal Industry was the third largest in the world in terms of production and fourth largest in terms of reserves as of 2010. With abundant coal reserves, a growing demand from industry, and the support of the government, coal production in the country was expected to grow at a compound annual growth rate of 8% during the period 2010 to 2013...

Company Background The GoI, in order to meet the growing demand for energy in the country, nationalized coal mines in 1973. As a result of enacting the Coal Nationalization Act on June 14, 1973, a private company was set up under the name "Coal Mines Authority Limited. On November 1, 1975, the Department of Coal, GoI, for the purpose of integrating and streamlining the structural set-up of the operations, re-organized "Coal Mines Authority of India" into "Coal India Limited" along with its subsidiaries - Central Coalfields Limited, Bharat Coking Coal Limited, Eastern Coalfields, Western Coalfields, and Central Mine Planning and Designing Institute Limited...

Issue Details of the IPO For the launch of the IPO, CIL filed the Draft Red Herring Prospectus (DRHP) on August 9, 2010. Surprisingly, in just 40 days (it generally took a longer time), on 20 September, 2010, SEBI approved the DRHP. After the approval from SEBI, CIL got clearance for the IPO prospectus from the Registrar of Companies (RoC) on September 29, 2010. Subsequent to the required approvals, CIL came up with the IPO on October 18, 2010, and this closed on October 21, 2010...

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