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05 Apr 2026
CMPDI IPO Listing: Grey market hints at limited upside amid weak sentiment
Central Mine Planning & Design Institute, a subsidiary of Coal India, offered shares in a fixed price band of ₹163 to ₹172 for its ₹1,842-crore IPO, implying a valuation of ₹12,280.8 crore at the upper end of the band.
By Meghna Sen
Shares of Central Mine Planning & Design Institute, a subsidiary of Coal India Limited, are set to debut on Dalal Street on Monday, March 30. Early grey market indicators suggest a listing with moderate gains.
The stock is currently commanding a grey market premium (GMP) of around 3%. However, grey market trends are speculative, and the actual listing price may differ.
The IPO received a muted response from investors, with an overall subscription of 1.05 times, driven largely by strong participation from qualified institutional buyers (QIBs).
The issue saw bids for 8.37 crore equity shares against 7.98 crore shares on offer. The QIB portion was subscribed 3.48 times, while the non-institutional investor (NII) and retail portions were undersubscribed at 27% and 33%, respectively.
The company offered shares in a fixed price band of ₹163 to ₹172 for its ₹1,842-crore IPO, implying a valuation of ₹12,280.8 crore at the upper end of the band.
CMPDI is a 'Miniratna' subsidiary of Coal India, and the IPO was entirely an offer for sale (OFS), with no fresh issue component. As a result, the company will not receive any proceeds from the issue. Earlier, the company raised ₹470 crore from anchor investors.
CMPDI provides consultancy and support services across coal and mineral exploration, mine planning and design, environmental and laboratory services, coal beneficiation, and mine closure solutions.
It also serves as a key consulting partner to Coal India and its subsidiaries, while supporting the Ministry of Coal in strategic initiatives.
In an interaction with CNBC-TV18, the management said that around 67% of its revenue comes from Coal India, with the rest contributed by other PSUs and some private sector clients. The company aims to increase the share of non-Coal India revenue to around 35%, while retaining the PSU as its anchor client.
CMPDI is also diversifying into critical minerals and renewable energy. Management added that as Coal India explores overseas opportunities, CMPDI plans to participate alongside it.
The IPO, which was open for subscription from March 20 to March 24, is listing at a time when global markets remain under pressure due to geopolitical tensions in West Asia.
Weak sentiment has also weighed on India's primary market, with seven of the 11 IPOs launched so far in 2026 listing below their issue prices.
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