Mahanadi Coalfields, Sagar Defence Engineering & Arjun Jewellers Receive SEBI Approval for IPOs

Mahanadi Coalfields Limited, Sagar Defence Engineering Limited and Arjun Jewellers Limited have received SEBI observations for their proposed initial public offerings (IPOs), marking a key step in the listing process.

SEBI issued its observations to all three companies on November 4, 2026. They can now proceed with the next stages of their respective IPO processes, including finalising the issue structure, price band and subscription dates.

Mahanadi Coalfields IPO - Issue Details

• Issue Type: Book-Built Issue (OFS only)
• Total Issue Size: Up to 66.18 crore equity shares
• Fresh Issue: Not Applicable
• Offer for Sale (OFS):  Up to 66.18 crore equity shares
• Face Value: ₹2 per share
• Proposed Listing: BSE, NSE
• Book Running Lead Managers (BRLMs): SBI Capital Markets Limited, Axis Capital Limited, BOB Capital Markets Limited, IDBI Capital Markets Limited, IIFL Capital Services Limited
• Registrar: KFin Technologies Limited

About Mahanadi Coalfields Limited

Incorporated in 1992, Mahanadi Coalfields Limited is a wholly owned subsidiary of Coal India Limited and is engaged in the exploration, extraction and production of non-coking coal, primarily from the Talcher and Ib Valley coalfields in Odisha. It supplies coal to power utilities, captive power plants, independent power producers and non-power industries, including cement and sponge iron manufacturers. Its operations include opencast and underground mines, coal handling and evacuation infrastructure, and a coal washery.

Key Financial Highlights 

Sagar Defence Engineering IPO - Issue Details

• Issue Type: Book-Built Issue (Confidential Pre-filing)
• Total Issue Size: To be announced 
• Fresh Issue: To be announced 
• Offer for Sale (OFS): To be announced 
• Proposed Listing: BSE, NSE
• Book Running Lead Managers (BRLMs): JM Financial Limited
• Registrar to the Issue: To be announced 

About Sagar Defence Engineering Limited

Sagar Defence Engineering Private Limited, incorporated in 2015, develops unmanned and autonomous technologies for defence, commercial and scientific applications. Its key offerings include unmanned marine surface vehicles (UMSVs) used for maritime surveillance, ocean data collection, offshore operations and rescue activities. The Company also develops systems to convert conventional vessels into autonomous platforms and has supplied indigenous unmanned marine technology to the Indian Armed Forces.

Arjun Jewellers IPO - Issue Details

• Issue Type: Book-Built Issue (Fresh Issue only)
• Total Issue Size: Up to ₹200.00 crore
• Fresh Issue: Up to ₹200.00 crore
• Offer for Sale (OFS): Not Applicable
• Face Value: ₹10 per share
• Proposed Listing: BSE, NSE
• Book Running Lead Managers (BRLMs): Saffron Capital Advisors Private Limited
• Registrar to the Issue: MUFG Intime India Private Limited

Utilisation of Arjun Jewellers IPO Proceeds

The company intends to utilise the net proceeds from the fresh issue towards:

• Funding of incremental working capital requirements, primarily towards procurement of inventory for its existing retail showrooms and proposed new retail showrooms in Saurashtra, Gujarat ("New Stores")
• General corporate purposes.

About Arjun Jewellers Limited

Arjun Jewellers Limited is a retail-focused jewellery company engaged in the sale of gold, silver, platinum, diamond and precious stone jewellery through its four showrooms in the Saurashtra region of Gujarat. Its product portfolio includes traditional, contemporary, bridal, festive and daily-wear jewellery, such as necklaces, earrings, rings, bangles, bracelets, pendants and chains. The Company caters to customers across different age groups and preferences, offering BIS-hallmarked gold jewellery and certified diamond jewellery.

Key Financial Highlights 

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