The initial public offer of Caliber Mining and Logistics Ltd witnessed a sharp surge in investor demand on the second day of bidding, with the issue being subscribed 23.37 times as of Monday, after receiving a modest 1.21 times subscription on the opening day. The Caliber Mining IPO subscription will close on 21 July.
The company has fixed the Caliber Mining IPO price band at ₹402-424 per equity share. Ahead of the public issue, it raised ₹135 crore from anchor investors, indicating strong institutional interest.
Caliber Mining and Logistics Ltd, incorporated in 2014, provides integrated mining services, including overburden removal, coal extraction and coal logistics. The company operates across Maharashtra, Madhya Pradesh and Chhattisgarh, offering end-to-end mining and logistics solutions on a contract basis without owning any mining assets.
The Caliber Mining IPO lot size has been fixed at 35 equity shares and in multiples of 35 shares thereafter.
Under the issue structure, up to 50% of the net offer has been reserved for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs) and at least 35% for Retail Individual Investors (RIIs).
According to the tentative schedule, the Caliber Mining IPO allotment is expected to be finalised on 22 July. Refunds are likely to be initiated and shares credited to successful applicants’ demat accounts on 23 July, while the Caliber Mining share price is scheduled to debut on the BSE and NSE on 24 July.
Caliber Mining IPO GMP today
Caliber Mining IPO GMP today is +94. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of the Caliber Mining share was ₹518 apiece, which is 22.17% higher than the IPO price of ₹424.
According to grey market trends observed over the past eight sessions, the current GMP of ₹94 indicates negative sentiment. Throughout this timeframe, the GMP fluctuated between a minimum of ₹80 and a maximum of ₹117, as noted by specialists.
Caliber Mining IPO subscription status
Caliber Mining IPO subscription status was 23.73x on day 2. The retail portion is subscribed 16.13x, and NII portion has been booked 71.21x, QIBs portion received 1.42x bids.
The company has received bids for 18,59,55,595 shares against 78,35,821 shares on offer at 17:00 IST, according to BSE data.
Caliber Mining IPO subscription status was 1.21x on day 1. The retail portion is subscribed 1.58x, and NII portion has been booked 1.59x, QIBs portion received 29% bids.
Caliber Mining IPO Review
Anand Rathi Share & Stock Brokers has assigned a “Subscribe for Long Term” rating to the IPO, citing the company’s strong order book, diversified client base and robust execution capabilities, which provide long-term revenue visibility and business stability. The brokerage noted that while leverage is expected to remain relatively high even after the IPO, debt levels should improve over time. However, it flagged project concentration, execution-related challenges, and mining operational risks as key monitorables.
Angel One has also recommended “Subscribe” from a medium- to long-term perspective. The brokerage said the IPO is valued at 17.5x FY26 earnings and 3.5x price-to-book at the upper price band of ₹424, which it considers attractive compared with listed peers. It added that the company’s ₹9,550.9 crore order book provides strong revenue visibility, while the fresh issue proceeds earmarked for debt reduction and capacity expansion are expected to strengthen the balance sheet and support future growth.
Swastika Investmart has recommended “Subscribe” for medium- to long-term investment, while also seeing potential for listing gains. The brokerage highlighted the company’s ₹9,500 crore-plus order book, reasonable post-issue valuation of around 17-18x FY26 earnings, and 24.38% return on net worth (RoNW), the highest among listed peers. It also noted that nearly 89% of the IPO comprises a fresh issue, with proceeds primarily intended for business expansion rather than promoter exit. However, Swastika cautioned that a large share of the company’s revenue is generated from Western Coalfields (WCL) and Northern Coalfields (NCL), both subsidiaries of Coal India, making customer concentration a key risk.
Kantilal Chhaganlal Securities has recommended investors “Apply” to the issue with a long-term investment horizon, citing the company’s robust operating performance, healthy order pipeline, planned deleveraging and favourable long-term growth prospects.
BP Equities has also assigned a “Subscribe” rating for the long term. The brokerage said that at the upper price band of ₹424, the IPO is valued at 14.4x FY26 diluted earnings per share, which it considers reasonable. It believes the company’s integrated mining and logistics business model, healthy order book, improving profitability and favourable industry outlook provide strong long-term growth visibility.
Caliber Mining IPO details
The IPO consists of a fresh issue of 94 lakh equity shares, aggregating ₹400 crore, and an offer for sale (OFS) of 12 lakh equity shares, worth ₹50 crore, by existing shareholders. The OFS includes shares being offloaded by promoters Mohit Satishkumar Chadda, Anuj Krishanlal Chadda, Manish Krishanlal Chadda and Rahul Roshanlal Chadda.
The company plans to utilise the net proceeds from the fresh issue to reduce debt and enhance its manufacturing capacity. Of the total proceeds, ₹175 crore has been earmarked for the repayment or prepayment of certain borrowings, while ₹200 crore will be invested in capital expenditure, primarily for the purchase of machinery. The remaining amount will be used for general corporate purposes.
DAM Capital Advisors Ltd. is the book-running lead manager to the issue, while KFin Technologies Ltd. has been appointed as the registrar to the IPO.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
