Coal India Subsidiary Central Mine Planning Unit's IPO Sees 4% Subscription on First Day

Central Mine Planning and Design Institute (CMPDIL) IPO Update

The Rs 1,842-crore Initial Public Offering (IPO) of Central Mine Planning and Design Institute (CMPDIL) has received a subscription of 4% as of the first day of its share sale in the primary market.

According to the National Stock Exchange (NSE) data, the IPO has received 27.97-lakh bids against the offered 7.97-crore bids. The subscription pattern for the IPO shows that the Non Institutional Investors (NII) portion has been booked to the tune of 2%, while Retail Individual Investors (RIIs) have seen a subscription of 5%.

The price band for the IPO has been fixed at Rs 163 to Rs 172 per share, valuing the company at around Rs 12,280 crore at the higher end. The company had previously raised Rs 469.74 crore from 22 anchor investors on March 19.

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Grey market activity suggests that the shares of the company are commanding a premium of over 2% in the unofficial market. Investorgain has quoted a Grey Market Premium (GMP) of Rs 4.25 for the shares of the company, indicating a listing gain of 2.47%, while IPO Watch has quoted a GMP of 2.33%.

The company's maiden public offering is scheduled to conclude on March 24. Central Mine Planning and Design Institute (CMPDIL) was incorporated in 1975 as a wholly-owned subsidiary of Coal India. The company offers a range of services, including consultancy and support services for coal and mineral exploration, mine planning and design services, infrastructure engineering, environmental management, geomatics, and management systems.

The allotment of shares is expected to take place by March 25, with the proposed listing date set for March 30.