In India’s PSU landscape, 2026 is shaping up to be the year of value unlocking through subsidiary listings. For retail investors, the most compelling angle within this theme is the upcoming PSU IPOs with shareholder quota. The recent listing of Bharat Coking Coal (BCCL) brought this concept sharply into focus: on 19 January 2026, BCCL listed at around INR 45 against an issue price of INR 23, delivering nearly 96% listing gains.
Earlier, among recent PSU-subsidiary IPOs, NTPC Green came with a mega IPO of around INR 10,000 crore in November 2024. This issue also had a shareholder quota. Within just seven days of listing, the IPO marked an all-time high (ATH) of INR 155.35, translating to approximately 44% returns over its IPO allotment price of INR 108.
In the next section of the article, we will discuss upcoming PSU IPOs with shareholder quotas that are expected to launch IPOs and may also offer a shareholder quota.
PSU IPOs with Shareholder Quota: How This Works in an IPO
- Eligibility depends on the record date: You must hold at least one share of the parent company in your demat account on the specified record date, announced in the RHP or via exchange filings.
- Separate category, separate pool: Where permitted, investors may apply both in the retail category and the shareholder category.
- No guarantees: Even shareholder categories can be heavily oversubscribed, as BCCL clearly demonstrated.
List of PSU Subsidiary IPOs with Shareholder Quota
Central Mine Planning & Design Institute IPO
Parent: Coal India | Status: DRHP filed
CMPDI is a non-coal-producing but strategically critical subsidiary of Coal India, engaged in mine planning, consultancy, and mineral exploration. Crucially, CMPDI has already filed its DRHP with SEBI in May 2025. The IPO is expected to be structured as an OFS, implying stake dilution by Coal India. CMPDI showcased FY25 revenue of ~INR 2,102 crore and PAT of ~INR 666 crore, showing year-on-year growth.
CMPDI’s skill set also aligns with future-facing themes such as lithium and critical-mineral exploration, adding strategic optionality beyond coal. Given the BCCL precedent, investors may reasonably expect a Coal India shareholder reservation—but confirmation will come only with the final RHP.
Mahanadi Coalfields IPO
Parent: Coal India | Status: In-principle board approval
Coal India has granted in-principle approval for the listing of MCL (and SECL), reportedly via a circular resolution in December 2025, subject to government and DIPAM processes.
The company reported FY25 production of ~225 million tonnes, revenue of ~INR 36,606 crore, and PAT of ~INR 10,823 crore, supported by a strong net worth. Mahanadi Coal would provide investors direct exposure to one of India’s largest coal-production clusters. However, valuation will factor in commodity cyclicality, regulatory oversight, and ESG considerations.
South Eastern Coalfields IPO
Parent: Coal India | Status: In-principle board approval
SECL is another core production arm moving along the same listing roadmap as MCL.
The company produces ~167 million tonnes (including underground mining), revenue of ~INR 35,871 crore, and PAT of ~INR 4,648 crore, with a sizeable net worth. The differences in geography, mine profile, and operating initiatives could result in valuation divergence versus MCL. Risks remain similar—commodity exposure, policy changes, and sustainability obligations.
NLC India Renewables (NIRL)
Parent: NLC India | Status: Board approval for listing (January 2026)
On 12 January 2026, NLC India approved the listing of its renewable-energy subsidiary, with up to 25% equity dilution via public offers, potentially across multiple tranches. The pure renewable-growth platform could command a cleaner valuation multiple than NLC India’s legacy lignite business. Structural details—issue size and timing—are still evolving.
NHPC Renewable Energy IPO
Parent: NHPC | Status: Under consideration; medium-term (FY27 indications)
NHPC management has publicly indicated that it is considering the listing of its renewable arm within the next two years, alongside an aggressive capex and pumped-storage expansion plan exceeding INR 80,000 crore. The listed renewable arm could receive a more focused “green” valuation, provided asset quality, PPAs, pipeline visibility, and disclosures are robust.
Read Also: Upcoming IPOs with Shareholder Quota
ONGC Green IPO
Parent: ONGC | Status: No immediate listing plans
ONGC clarified in December 2024 that there are no immediate or concrete plans to list ONGC Green. While the strategic context (energy transition, green hydrogen) remains strong, IPO probability for 2026 is low without a formal policy or board shift.
PNB MetLife Insurance
Parent: Punjab National Bank | Status: DRHP filed in 2018
PNB MetLife filed IPO papers in July 2018 under an OFS structure, but the process stalled due to market and sectoral factors. ICRA reported solvency of ~1.86x as of September 2025, alongside capital support signals. Renewed government focus on PSU subsidiary monetisation could revive such latent candidates.
LIC Mutual Fund IPO
Parent: LIC | Status: Low IPO visibility
LIC Mutual Fund presents a business-growth story rather than near-term IPO readiness. Reports cite AUM of ~INR 38,000 crore and management ambitions to scale towards INR 1 lakh crore. No recent DRHP or regulatory step is visible. Capital infusions by LIC indicate platform support, not necessarily imminent listing.
In conclusion, PSU IPOs with shareholder quota are emerging as a powerful value-unlocking theme, offering retail investors preferential access to high-quality PSU subsidiaries. While listing gains can be attractive, outcomes depend on valuations, oversubscription, and policy clarity, making informed and selective participation essential.