Central Mine Planning And Design Institute IPO Price Band Out

Central Mine Planning & Design Institute, a subsidiary of Coal India Ltd., on Monday announced the price band for its upcoming initial public offering which is entirely an offer for sale. Investors can bid for 10.71 crore shares on offer in the range of Rs 163 to Rs 172. The lot size is 80 equity shares, requiring a minimum investment of Rs 13,760. The total IPO size is Rs 1,838 crore based on the upper price band and the company will be valued at Rs 12,281 crore. Since there is no fresh issuance of shares, the company will not get any proceeds from the offer. The money raised will go to the promoter. The Coal India arm is offering a 35% portion of the Net Offer to retail investors, while 50% has been reserved for qualified institutional buyers or QIBs. The subscription will open on March 20 and close on March 24. The anchor bidding round will be held on March 18. The allotment for the Central Mine Planning IPO will be finalised on March 25. The stock will list on the BSE and NSE on March 30. Established in 1974, CMPDI offers consultancy and support services across the entire spectrum of coal and mineral exploration and mine planning and design. IDBI Capital Markets Ltd. and SBI Capital Markets Ltd. are the merchant bankers to the IPO. ALSO READ: IPOs This Week: GSP Crop Science, Coal India Subsidiary CMPDI To Issue Shares On D-Street