Central Mine Planning’s initial public offering (IPO) received a tepid response from investors, managing to sail through on the final day of the bidding process on Tuesday, March 24, thanks to heavy subscription from the qualified institutional investors (QIBs). All other categories remained undersubscribed.
The IPO of Central Mine Planning & Design Institute, a subsidiary of Coal India, had opened for bidding last week on March 20 and was subscribed 25% by the second day of bidding on Monday.
Central Mine Planning IPO subscription status
As per BSE data, Central Mine Planning IPO received bids for 8,37,13,200 shares against the total offer of 7,97,89,500 shares.
The QIB segment saw 3.48 times subscription, while the retail individual investors quota was subscribed 33% of their allotted portion. The non-institutional investor (NII) category was subscribed 35%. Lastly, the employee and shareholder portions were booked 21% and 36%, respectively.
Central Mine Planning IPO GMP
The grey market trend for Central Mine Planning IPO remains weak. According to Investorgain.com, Central Mine Planning IPO GMP today is ₹0, down from the peak of ₹24.
At the current levels, Central Mine Planning IPO listing price could be the same as offer price.
Central Mine Planning IPO details
Earlier, the Coal India subsidiary raised ₹470 crore from anchor investors last Wednesday. The ₹1,842-crore IPO has a price band of ₹163– ₹172 per share, valuing the company at approximately ₹12,280 crore at the upper end.
Central Mine Planning IPO was entirely an offer-for-sale (OFS) of 10.71 crore shares by Coal India, with no fresh issue component. Investors could apply for the offer in lots of 80 shares, resulting in a minimum investment of ₹13,760 at the upper end of the price band.
The investors will now look forward to Central Mine Planning IPO allotment status, expected to be finalised on Wednesday, March 25. Shares of the PSU stock are slated to list next week on BSE and NSE.
Central Mine Planning provides consultancy and support services across coal and mineral exploration, along with mine planning and design. Its offerings also extend to infrastructure engineering, environmental management, geomatics, specialised technology services, and management systems, primarily catering to the coal and mining sector.
IDBI Capital Markets & Securities and SBI Capital Markets are acting as the book-running lead managers for the issue. KFin Technologies is the IPO registrar.
