Shares of Central Mine Planning & Design Institute Ltd dropped over 10% on their debut, despite the IPO being fully subscribed. The IPO aimed at offloading 10.71 crore shares by Coal India was priced between Rs 163 and Rs 172. Central Mine provides extensive consultancy and support for coal and mineral exploration.

Central Mine Planning's IPO Dips Despite Full Subscription

Central Mine Planning & Design Institute Ltd, an arm of Coal India, saw its shares fall over 10% below the issue price upon their stock market debut. Despite a fully subscribed IPO last week, the shares opened with a discount and ended on a notably weak note.

The IPO, which comprised solely an offer for sale of 10.71 crore shares by Coal India, fetched Rs 1,842 crore at the higher end of its price band of Rs 163-172 per share. This initiative saw no fresh share issue, indicating Coal India's strategy to monetize its existing assets.

Incorporated in 1975, Central Mine provides a comprehensive range of services in coal and mineral exploration, focusing on consultancy, mine planning, design, and environmental management within the sector, supporting both Coal India and other industry players.